for now, i want to bring in andy lynch. the ecb talking about the potential for this to ripple through the european economy. i spoke to peter a couple days ago. there is concern about what this can mean. at this point, you just can't make the call, can you? andy: it is far too early. this is ongoing and developing. i think one interesting thing is what mr. hollande and mr. valls did say, that france is going to increase spending. they are not going to be constrained by the european stability pact because as they put it, this is a case of war. national priorities now trump european complications. what we could see, coupled with , quite a bitnding of fiscal stimulus. actually, there could be a bit of a tailwind in the european 2017my going into 2016 and if we see public spending picking up. jonathan: we've had two real big .ush backs out of the weekend one is geopolitics. the other is what you mentioned, the boost to the budgets. which is more significant for you? andy: probably for europe it is the budget. at a more global l