carsten brzeski is joining us now.to see the euro positively correlated with more qe come up talk to me about that. initially, this is putting a lid on redenomination risk. does that achieve that? carsten: this is a bit of economic policy fireworks we are having. we have the german government within a norma's stimulus package. -- with an enormous stimulus package. thatreally reassures german policymakers from both fiscal and monetary are working together. there's this weird tension central banks are facing right now over delivering, overpromising when there's not the degree of market stress that would necessitate such intervention. we are seeing the fed not even deploy a lot of the firepower they have. the ecb perhaps poised to do the same. can you talk about the logic there, that is signaling -- that the signaling can be so loud that it doesn't necessitate that firepower? do you expect that to be the reality for the ecb? carsten: i think what they've learned from the past, what they learned from the 2008 crisis, you a

carsten, that all the central-bank action has been to stop and economic crisis from becoming a financials. financial markets have been stabilized by the actions taken so far and that's it, really. there hasn't been much impact on the real economy. are we in a position where central banks have done little more to boost asset prices and create a scenario where those asset prices are out of kilter, out of whack with what is happening in the real economy? agustsin: my sense is that the countries, the most important thing is to get the credit channels working again. there they have been working by themselves, often times andiding creative programs households. they are working together with governments providing guarantees. also the cumulative monetary causing many firms to go back to the market. have been increasing substantially, recently. an importants contribution of monetary policy. marketssome asset -- as you you say, say, neutralized. there is some exuberance and the markets have to be prudent. they should realize that the crisis is not over. the virus is not controlled. there are many