i doubt it. we know the ecb has talked about further ltro's, and we will see more credit buying likely, but i'm wondering where this goes. can you stimulate growth in europe in a meaningful way? jonathan: that is what was interesting this week, krishna, finally some cracks in the central bank. the path to inflation will be shallower. the ecb will need to adapt. that is the most acknowledgment i've heard of the slowdown in europe from an ecb official for months and months. is it too late, do they have enough to do enough? krishna: we talked about at the last time i was here, specifically on this. ecb has no choice but to ease, as aggressively as they can. they will kind of move away from that as long as they can, but from a structural standpoint, michael is absolutely right. europe has a far bigger problem than the u.s., for sure, and has less tools than china. being on the wrong side of policy is risky for europe.