First, because the total amount of debt carried by Canadian households is so large, we know that it will be with us for a long time. Second, a large share of this debt is with highly indebted households.
In the Eurosystem, we are rapidly scaling back our asset purchases. When net asset purchases come to an end – possibly in June – I see the time for an initial interest rate hike soon afterwards – possibly in July – as having come. This could be followed in a timely manner by further interest rate moves.