francine: thank you so much, ralf preusser and bob janjuah.he fed isn't the only central bank with an inflation situation. we will talk about ecb. we also have some minutes being unveiled later on. this is bloomberg. ♪ francine: this is "bloomberg surveillance." the euro area economy is in focus with july's inflation data out in just over half an hour. it is expected to come in at 1.3%, below that target. a few hours later, we will get insight into mario draghi inking. still with us, bob janjuah, client advisor at numeral international, and ralf preusser, global head of rate strategy at merrill lynch. bob, how much more difficult is it, or how much more likely is it to have a policy mistake from the ecb than it is from fed? bob: entirely possible. -- the onege here is i'm focused on, which is probably different from what ralf is focused on, is the risk in the eurozone. we must talk about the italian election. francine: it could be next year. why worry now? bob: if we start scaling back on the balance sheet, and let's say you get a five star no