so what happens with the bundestag? economy that showing signs of weakness, but on the other hand has what sounds like inflationary pressure built into it. richard: they are probably not ready for stimulus yet, and central bankers are fighting that case pretty hard. the south still needs to be prepared in europe, and i think we need loose monetary policy to achieve that. there could be differential inflation between germany and the rest of europe, and that would be a great benefit. i don't see anyone in a hurry to do stimulus, but there are certainly fiscal tools available in germany if the slowdown becomes more serious. tom: i look at the german experiment, and they are in a leadership that is tied around the bundestag. what is the relationship of the bundestag to the ecb? that has slipped off the radar with all that has gone on -- is it supporting a miracle, and other dominant at the ecb? richard: i would suggest that the bundesbank, along with others, is that economic reform is vital if they are going to work as one