We've built up trust-with Canadians and with each other-and nothing would destroy that trust more quickly than if we stopped treating each other with respect. We have encouraged staff to report harassment when they see it. We want leaders to bring it forward when they hear about it. We can't be so self-assured as to think that harassment can't happen here.
Let me emphasise that the “substitute liquidity” generated during these crisis episodes is not inflationary. It effectively amounts to a replacement once private liquidity has dried up. Risks to price stability would arise if central bank liquidity remained tight during a crisis. In this case, liquidity conditions would remain scarce, leading to a credit crunch with recessionary and deflationary risks.