First, we will be offering extraordinary liquidity like we did in the pandemic only in extreme market-wide situations, when the entire financial system faces funding constraints. Second, as I touched upon earlier, penalty pricing should be built into our extraordinary actions whenever possible to make the program unattractive once financial conditions improve.
And third, when penalty pricing is not possible, we will ensure that our programs are appropriately structured, both in terms of size and duration. We will set a pre-  5 The Bank of Canada carries out market operations with a designated set of primary dealers.