setting nonimous in for when to discuss changes.he last thing that the governing council wants is for n unwanted tightening of the financing conditions. jonathan: joining me around the table, the cohead of global portfolio management fixed in and a columnist for bloomberg gadfly, and the chief investor at hyman capital. let's begin with you, mike. yesterday and threw two today, this interesting dynamic for the first time in a number of years. a europe stronger, a periphery bid. can that continue? >> i think the euro is the currency that is very hard to invest in. you have had the situation where win, andin, taleils i that doesn't last forever. you need to look at the fundamentals of the european economy, and what is the result of the ecb? the bottom line is that the resolve of the ecb in terms of maintaining financial conditions is significant. the market was safe a month ago in terms of the ecb moving more hawkish with accommodation. it's not likely to happen when you have an inflation currently running in europe at the path of the