Mr. Macklem, I'll ask my question again.
As you said, the first victims of this invasion are the Ukrainian people. All our thoughts are with the Ukrainians, with whom we stand in solidarity.
I'll come back to my question. Are you concerned that the invasion will significantly increase the risk not only of inflation, but also of stagflation?
I should point out that, according to Nouriel Roubini, the impact is likely to be higher than what occurred during the two crises in the 1970s.
What are your thoughts on this?