thank you adam and athanasios and nathan and nell. [applause] c.tanding in front of the 1905 right back fire three the world's first practical airplane. this was the third and final experimental airplane that the wright brothers built and today survives is the second oldest of their airplanes today. this airplane which orville wright considered the world's first practical airplane was constructed and flown in less than six years time between the time that they have built their kite and the success of this particular airplane. this is also plain that was built less than two years after their first flight at kitty hawk north carolina on december 17, 1903. what's interesting to think about is that the wright flyer and kitty hawk flew four times, just four times on one very historic day. they were four very important flights and they very much for the proof of concept of heavier than air flight. the airplane behind me, the 1905 wright flyer three was capable of repeated takeoffs and landings, repeated flights of not just for a few seconds at a time but

i agree with athanasios and nathan. that doesn't mean he did qe at any and everything would be solved. that's not my point. but just the discussion that central bankers have allowed this, to get into the rhetorical trap, start apologizing, we are using unconventional policy. i wish we weren't getting our hands so dirty. but i'm with him on what he said about the crisis, the idea is to get the job done. that are more or less political populace to do it but get the job done. and qe roughly speaking is getting the job done. >> i be happy to continue to ask questions but i want to let a couple of you. i think we have microphones around the room that can be passed. and if you get by, first of all, please wait, raise your hand if you want to ask the question. right here. if you could just identify who you are. >> can you hear me speak with the is spent my question is about a simon johnson 13 bankers question. in the u.s., part of the strategy seemed to include the steps where banks were allowed to consolidate and get larger.

athanasios, we have argued our central banks. last resort.he the only thing worse than the central bank being the crisis fired is not being the last resort given the framework that we have to have. it'll would be great if the euro developing these. they step back. that is too dirty for us. we do not want to get our hands into that. hazard.es a moral i think europe would have been better served if they had been more aggressive. >> even going back to the first question, what are central banks doing? there.re the question is how do you do being asked tore shift resources from one country? i do not think they had the -- the legitimacy to ask this. whether you take the taxpayer money and shifted to brazil or argentina when they have a crisis. this is an equivalent. if they agree to this, the federal reserve would be able to do this. >> ok. let's get back to reality. the first point. the ecb is the most independent central bank in the world. it has no parliament that sits over it. they can ignore it. they have no power to change the mandate rules p