is, youwith jeff, which have these for nearly policies right now, but you can make the same case for fed five years after we no longer have an emergency, they are just now started to take those out. the ecb will be similar. but there several years behind. jothan: i am wondering if the ecb will have a harder time backing from the acid purchase program -- tacit purchase -- asset purchase program. >> when you withdraw from policy accommodation that you get much more financial condition tightening. by --r crossing the river i call it crossing the river by killing the stone. they will do it very small and then stop and look around. that anybody panic? your point is well taken. >> there are two things different between the u.s. and , the problem is that has is the opposite of the problem they had a few years ago is financial conditions are too easy. they were so worried about financial conditions tightening back then, so they tightened, but they did not do it. now financial conditions are easier. i think they will push the envelope because they want financial conditions to tighten. europe