Thank you.
When we talk about inflation, there are certainly those who would like to say that government spending is the only determinant of inflation, so I talked a bit earlier about some of the other factors that we might see.
Looking internationally, there are as many unique examples as there are countries in the world, but Japan is a country that operates with a debt-to-GDP ratio that's astronomically higher than Canada's. It's in the region of about 250%. They've been cited by some other parliamentarians sometimes as an example of low inflation, although usually the debt-to-GDP ratio isn't included in that reference.
I wonder whether you've done some thinking about that and what lessons we might draw from comparisons with a country such as Japan, which is clearly operating its economy in a very different way from Canada.