It's a difficult question to answer.
Let me back up to the first part. I would agree—we're already seeing it—that the more climate events we have.... One of the places where those will show up most directly is in food prices. We've seen more volatility in food prices and more variability in harvest depending on what the weather is in different parts of the world. That is causing more volatility in food prices. That's probably not going away.
We do not have climate effects built into our main models at the moment. We have done some work. The senior deputy governor is closer to this, looking at the potential financial stability implications of climate change if there is a big repricing of assets and how that would affect the financial system.
We are now starting to work on building climate change into our main macro models so we can start to evaluate those types of questions. I have to say, this is a large undertaking. We are putting our heads together with other major central banks on how to do this. In a world where there is potential for more supply disruption, this is something we'll need to understand.
Monetary policy has neither the mandate nor the tools to address climate change, but this is going to be a major force in the economy, so we're going to have to understand what that means for the economy and for inflation.