The important point here is that monetary policy does operate with long and--as Milton Friedman said--variable lags. With monetary policy you have to look ahead, as far as the trends that are at play in the Canadian economy. You have to look out one to two years in terms of the actions you take today influencing the economy through that period. That's why it's critically important for us to have a view as to all the factors that are at play influencing the Canadian economy, not just today but over the medium term. So in taking monetary policy decisions, one needs to have that medium-term perspective.
I believe the framework we have in place has served the Canadian economy very well. Our explicit inflation target, which is a joint agreement with the government, has served Canada very well in maintaining a macroeconomic framework that has given us an economic performance over the last 15 years plus that really stands out when you look around the world.