Julie Dickson: I think the concern is simply when a flood of money flows into an industry, there can be impacts that we, as a prudential supervisor, would not find helpful. Again, we have not seen this in Canada. It is something that people are starting to focus on globally, probably more so in Europe.
I think if that does lead to underpricing of risk because of the amount of money sloshing around, then that’s going to be an issue. That’s in part why unwinding the monetary stimulus and getting back to a more normal situation is so important, because the unintended consequences of the impacts of this could be quite important.
The longer it goes on, the more people can start to think this is normal and it’s not normal, it’s very, very far from normal. I think that’s the big concern that I would have right now and I think there are many others who feel the same way.