The fact that the conventional estimate of spare capacity is based on the unemployment rate reflects an implicit assumption that if you have a job you are pretty much fully employed. In decades past, this might have been a reasonable assumption. But it is not a realistic assumption in today's modern flexible labour market.
Financial literacy I also want to take a minute to talk about our efforts in the area of financial literacy. Financial literacy has to be an integral part of financial inclusion and consumer protection. In the Reserve Bank, we treat financial inclusion and financial literacy as twin pillars.