. >> is europe really likely to deplace? -- deflation? >> as i said, the inflation target which has been the monetary policy decide bid the bank is muchral higher than the inflation observed in that region. although you really have to and go down to the core inflation to see whether that is effectively the case, and it is. so deflation is a rising risk. interestingg some development. spain, for instance, was almost for a short period of time moving into the deflation zone. picked up, it is back in zone.flation so it's a risk, but i would not put too high a probability on that. >> we have questions on probably every con tin nent the globe, time to ask them all. but moving to one other continent, it will soon be a year since japan started implementing their three arrows economic program. share with us your opinion on successful you think that program has been and whether it's had any spillover effects the world. >> there's no question that there has been success as a result of what is now commonly abonomics. as clearly the massive shift in