With your permission I'll reply in English.
You referred to the study that we published in January. We did this jointly with the Office of the Superintendent of Financial Institutions, and the objective was to look at how climate change could potentially impact stability in the financial sector. Our number one job as a central bank, as the governor said, is price stability, but part of that job is looking at the overall stability of the financial sector. This is why we look at climate change.
The key message for us that came out of that study is that for an economy like Canada, particularly an economy that's dependent or has a large fossil fuel sector, there will be major structural changes regardless of how we deal with climate change. We're already seeing some of those effects. If you lived through last summer, you could see the effect of climate change on the Canadian economy, and it came at a time when we were facing other pressures.
The bottom line of that study is that there are structural changes that need to happen. The longer the runway we can give ourselves to deal with those changes, the less destructive they will be. If we delay policies, if we delay work to deal with those structural changes, they will become increasingly disruptive and have a negative effect on financial stability.