The initial response to the pandemic seems to have been reasonably well calibrated to the crisis. In retrospect, we might have overdone it a little in those early months, but everybody clearly remembers how frightening it was and what it was like to be confronting the virus for the first time, not knowing how contagious it was, how lethal it would be and so on.
What is susceptible to some criticism is the degree to which both the fiscal and the monetary stimulus continued at the scale that it did. The evidence for this is that we have very high inflation. We have it in Canada. It's also evident in the United States, the U.K., Europe and many other places. A lot of jurisdictions made the same mistake. It's done now.
My comment now will be very much along the lines of what I said earlier, that it's time to restore our fiscal capacity. The worst of COVID appears to be behind us. We have to bring the economy's productive capacity up and restrain spending to bring them into line. I think the initial response was perhaps a little too big, but I think we can give people a pass on that. The difficulty is that it's gone on too long.