conversation , the border between the germany and france and i have a happen map that goes to davide serra's central governor being the right person to the u.s. central bank person. where would that leave the periphery. i imagine when the cart trading in full swing who will replace mario draghi, what will the european countries want? davide: they'd like one ultimately want euro because of the implicit transfer out of the interest rates policy, germany has been the absolute key beneficiary through the exchange rate. let's be clear, the fact germany can issue at negative rates it means they can finance the government without the european scombizzing it -- small businessesing it is what it -- subsidizing it. and you consider they have the highest debt in the euro zone, which is the largest between private and public, you're talking five trillion europe and borrowing hundreds below where they should, paid mainly by the higher credit rating to had and the subsidy germany with the interest rate. as a result of what they want is the fact it's been recognized and start this rhetoric of only looking