Our path toward the reinvestment phase has been gradual, and we will continue to proceed in measured steps guided by our evolving assessment of the macroeconomic outlook and the strength and durability of the recovery. Eventually, the reinvestment phase will end, and we will stop purchasing bonds to replace the ones that are maturing, so our holdings of Government of Canada bonds will decline.
Beyond the policy interest of determining how credit affects aggregate demand, a clear understanding of what motivates the private sector to seek bank credit enables the industry to react in a timely manner. And by identifying constraints, it can propose modalities for overcoming them. At the top in this agenda is to link it to investment. Is our investment constrained by credit?