dominates sara -- davide serra is with us.rsation today about where we are going. to me, the backdrop is lower nominal gdp. if -- is the united states becoming a europe? are we getting not so much the negativity and euro sclerosis, but since the dampening effect of lower sustained growth? plateaus indp productivity, growth cannot diverge massively. you see that with china. today everyone percent of china growth equals 2.5% 10 -- today every 1% of china growth equals --provide percent growth there are interconnected inevitably. hence i would expect the global to growth to normalize similar levels in the next two years, particularly because of monetary policy's massive intervention. francine: it is incredible what we have been through. china volatility, the greeks. would you be buying, and that what discounts? davide: the answer is no prayer and we are one of the key players in italy. in italy, it is a staggering 20%. we will invest in italy, not in greece. tom: this has been wonderful. thank you so much. dominique -- davide ser