. >> barry wood. hong kong. mr. blanchard, i would like to address what you call in your introduction the holy grail. take the case of spain where you have austerity, you have commentators on the right and least calling this insane. with house prices declining, there's a lot of forecasts that say the fiscal problem in spain is going to worsen. so is it correct for the ecb and other european institutions to insist on further austerity when growth is not even on the radar screen? >> i shall let jorge start with answers specifically aimed at spain and then make comments after this. >> there certainly is a need for fiscal adjustment in spain, but the deficit is very large and reducing it is more akin to a marathon than a sprint. we feel the spanish government has struck thing right balance. at the same time, it willing be very important to do something about reforming the labor markets. again there the government has tabled some strong plans and the key is implementation. finally there's the financial structure that nee