tom: david gura, thank you so much.imple -- celebration of a modest level two to three hours ago. futures up 15, the 10-year yield as you would expect, better. 2.46 percent. my major focus is on foreign exchange, and the euro shows it. yes, a stronger euro for a bit, and then we have really given it act as well. -- given it back as well. nymex crude a little bit soft this morning, 52.31. brendan: this is "bloomberg surveillance." tom: there is an agreement, and most certainly it is within the most fractious parties. the divine in europe is tangible this monday morning. sir howard davies is chairman of the phoenix group. he joins us from london. not only a student from the european experiment but he has lived it at the london school of economics, and of course with his new duties of coming at the royal bank of scotland. sir howard, good morning. is the european experiment broken this morning? sir howard davies: yes, this is not a good outcome. this was a plan put together by president hollande of france. one good decisio