Concerning your fourth question Nick, you started by saying that "The whole point of having flexible exchange rates and an independent monetary policy is supposed to be that it allows the Bank of Canada to set aggregate demand for domestic objectives regardless of what happens in the rest of the world." I am not sure this is in fact the reason we have either flexible exchange rates or monetary independence (such as it is in Canada). But in any event, if there is a need to offset real shocks hitting us from the rest of the world, and these happen quite often, can the Bank contribute to this stabilization while pursuing an inflation target defined as that target is now? Stan