is much cheaper than it would be if the moon to spank was regulate -- if the bone this bank -- bundesbankregulating it. it's an acknowledgment of the crisis at the moment in the planning europe is to wait for the crisis to go away and then go back to it. at the moment there's not a federated europe. it in sup being -- we've been talking about monetary policy and boosting growth by cutting rates or having growth by increasing rates. they get around that by -- the money beings and on support at the moment is phenomenal. some 700 billion euros in terms of support and relieve at the moment. you don't have to cut rates in order to promote growth by creating more money within the financial system, just give it to countries and cash with all these programs. at the moment that seems to be the plan. the third one, they are just hitting it with money. the question is, how long is this going to go on? up until recently, the view has been that it will last until the winter and maybe the spring. i think people are readjusting and talking about a long war in ukraine which will continue to struggle with

the ecb has its roots in the bundesbank and its inflation targeting the central bank with no dual mandate. they don't have much wiggle room, they need to go aggressive and they signal that they are on pace of 50 and the fed is slowing and will continue to go at 50 and that could be for the next two or three meetings. then they will take the rate in europe at restrictive territory. lisa: how much do you price and the downturn you could see as a result of a tighter ecb policy as well as some of the more negative measures coming in, revealing themselves more directly? >> it's been a very interesting situation around growth in europe area we've done incredible business from the effects of tightening but we have had barely negative gdp. now the prices are lower including natural gas prices. it's essentially back to before the ukraine invasion. there is a number of the tail risk factors that we are concerned about that have receded. we obviously have monetary tightening in the pipeline but some of the other factors are abating and we have the china reopening and some -- and that will affect som

i got the impression with president lagarde it felt like the bundesbank was back in charge.the most hawkish i had ever heard her in a news conference. what did you make of that? simon: that it was going to be data-dependent. it was hawkish, but as always -- this is far too clever an audience to fall into the belief these are conditional statements. for years one policy was left to the zero bound, we were talking about when we were going to leave that. now we are talking about a platform through to an eternal right, it was conditional to how the data evolves. the fact that we have now in davos this week different takes on that data, is that there is a turf war going on as to how you interpret that stickiness of inflation. jonathan: there was a phrase that echoed in december. it was sufficiently restrictive. if you had asked me what was sufficiently restrictive for this ecb a year ago i would say they would struggle to get to 1%, 2%, not 3%. i thought this market would collapse under the weight of what they are doing. that hasn't happened in the way many people anticipated. wh

and deutsche bundesbank involvement in money for the russian in moving money for the russian regime asoming to power actually fundamentally enabung power actually fundamentally enabling that to happen , which enabling that to happen, which is one of the reasons i believe gerhard schroeder in the position as chairman of position he is as chairman of nord stream. the pipeline is nord stream. the gas pipeline is german chancellor and he's one of best mates. fallen of putin's best mates. fallen it's it is appalling and i think you know that's i know from when i was chief planner for common security and defence policy for ukraine was blocking or vetoing any of the usual particularly effective anyway but any potentially effective move by the european to deter further russia. when we look german fear therefore because arguably given therefore because arguably given the proximity of their relations they know what putin's capable of, like no one else. and there is this idea that there's to be mission creep . the russians are mission creep. the russians are already sort of sabre rattling , alrea

and we've got the bundesbank now back in control of policy.think europe, despite the fact they spend a lot more on pr than us , the british always sort of us, the british always sort of the whipping boy . we are quietly the whipping boy. we are quietly doing very well and we haven't even unleashed brexit yet. so i think we made the right decision. i'm very comfortable with that and i hope that eventually our leaders will see sense and actually do what they were told to do . the british were told to do. the british people , and respect the vote , people, and respect the vote, deliver brexit and ultimate leigh, britain can still play a part in europe, but we'll play that part as an independent, democratic sovereign nation. well amen to that. i voted remain 2016, but unlike many i accepted the result, the very next day and i see colossal opportunities that brexit has brought and will continue bring. and you're right to raise concerns about the eurozone of possible sovereign debt crisis in the offing and lots of other problems , including a lack o

and we've got the bundesbank now back in control of policy.think europe, despite the fact they spend a lot more on pr than us , the british always sort of us, the british always sort of the whipping boy . we are quietly the whipping boy. we are quietly doing very well and we haven't even unleashed brexit yet. so i think we made the right decision. i'm very comfortable with that and i hope that eventually our leaders will see sense and actually do what they were told to do . the british were told to do. the british people , and respect the vote , people, and respect the vote, deliver brexit and ultimate leigh, britain can still play a part in europe, but we'll play that part as an independent, democratic sovereign nation. well amen to that. i voted remain 2016, but unlike many i accepted the result, the very next day and i see colossal opportunities that brexit has brought and will continue bring. and you're right to raise concerns about the eurozone of possible sovereign debt crisis in the offing and lots of other problems , including a lack o