we sat down with angel gurria. >>> there is a newfound sense of hope which i had not seen for many years here. in japan, typically there was a deflation of the expectations. now i think there is an inflation of expectations. what you have in japan this year, perhaps, is loose monetary policy. and a fiscal policy, okay? this is okay for one year. then you really have to move into control. is your question of credibility. we have to remember 20% debt to gdp and still growing. >> how concerned should we be about that? >> it is by far the highest. the average is about 100%. so it's more than double the average. it is so high that it's like going to mount everest without objecti oxygen on your own. you can, but you do not function. so the same thing has happened when you have such a very high debt to gdp. it's a constraint. because what you can do with inflation, what you can do with a level of growth, if it is reflected in higher interest rates, it will effect immediately the amount that you pay on the debt. we are in rather unexplored territory at this level of debt. i think it's that you'r