unlikely to respond. jay powell has been pretty clear. he was clear in may. does the ecb have a role to play? to what extent do you think the situation threatens the ecb's ability to roll forward with its plan? >> at some point, that will be the problem. if it does affect the banking system, they clearly can't withdraw more liquidity. when the banking system in europe is under stress. that would be -- that just would not happen. i think at some point they have to be having discussions already. with the banks in europe to try to make sure that they -- their funding lines are open and i would assume they are reaching out to turkey to try to come up with some sort of interim solution to stabilize the situation. >> that is the problem. kathleen, do you think there is something on the radar for the ecb here that changes expected policy moves in the coming months? >> yes. i think she is exactly right.