In another meeting we had—I think it was not the last one but the previous meeting—one of your colleagues, another economist, pointed to the fact that we've had in Canada a period of excess borrowing. Households borrowed excessively, starting in the aftermath of the financial crisis of 2007-08, when interest rates went way down. Then the same thing happened again after the pandemic. What do you make of that, of the excessive borrowing? If that's the case, whose fault is it? We're not in the business of blaming anyone, but is access to credit too lenient in Canada? Did interest rates stay, perhaps, too low for too long? Could you address that?
