We do have a policy framework that would allow us to intervene in the unlikely event that it’s needed. That could happen under two scenarios. The first would be a market breakdown with extreme price volatility. Buyers or sellers would be increasingly unwilling to transact, indicating a severe lack of liquidity in the Canadian-dollar market.
That is not so much the question I want to address today, although I will say something about it, but rather, that as policymakers we must recognize the reality that time changes many things. Unintended consequences of policies may become apparent. Over time, there may be new priorities, new perceptions, new paradigms. New constraints. A new generation with new concerns.