side and the turkish side following this meeting but we did hear from sharp michele the european council president and on the line the european commission president mr michel well he said that this was a step forward that had been taken in relations between the e.u. and to that these talks were important in establishing progress in the short to medium to long term and he said that the slack would now be taken up by yourself by l.b. high representative for foreign affairs who'd be working closely with the turkish foreign minister to try and get well come to a solution to the current impasse over the 2016 e.u. turkey refugee deal he also said that there would be called the contact over the coming days between the e.u. side and president one of turkey. on the line for her part she said that it was important that there was lines of communication still open pretty much that's where we are at the moment they're happy that they're still able to talk to one another face to face very diplomatic language used by the european commission president as you would you'd really expect essentially saying

might it be a sharp v in the united states because of that question about consumer confidence and whether there is some residual dampening of that? michellesolutely. i think it is a hard case to make for a v-shaped recovery. i think a u is still very possible. there is a recovery on the other side. once we get the fire is under control, people will be willing to go back out, but it will probably take time. the other critical thing to monitor, to understand the shape of the trajectory is the financial system. what could be a shock to the economy as a result of the virus in pinching economic performance could ultimately lead to a financial market crisis. when you have a shock in the financial system, that amplifies ther shock you have to the economy. they are trying to make sure the financial system is still up and running so that the recovery can take place when the time is right. david: there's a lot of talk of recession, whether we are inevitably headed for recession. some people suggest we might be in one right now. is it matter if we are in a recession even as we speak? michelle: i'm not sure it does. i think what we can all agree on i

michelle and michael are with us neither of you expect a recession in the united states both expect potentially what's calleded a v shaped recovery in other words, a sharp bounce off the bottom when ever that bottom may be. why do you feel this way >> we're looking back at the data and previous viruses like sars, swine, bird flu, r and you have a move down in regards to the market then you get a move high er a year later. the s&p in all those cases were up anywhere between 10 to 30%. so we're just looking at the pass as a guide and of course history doesn't repeat, but it rimes. >> in those cases, did the market fall off as significantly as it has this time though >> i don't think so. now keep in mind, we're coming off an extremely strong market in 2019. valuations were getting a little stretched, so probably the market was a little due for a correction and one would argue last week, yes, i think coronavirus was on our minds, but also the surprise of bernie sanders probably a part of that sell off so i think it's just multifaceted >> so michael, you say in all likelihood, no reeducation, but you must give it some probability of possibility how much >> w