for me for the first half hour is derek halpenny. derek, great to have you on the program.t is been quite a week. we are getting inflation figures. how much more pressure issue putting on draghi to put the -- to do more? derek: that is one element of the implications of what yellen spoken about. i think also you have to take it the beginning of the year, the markets were bracing themselves for the fed to tighten in march. what they have done is eased monetary policy through for the guidance in terms of cutting the dots. at the press conference and in new york this week. we've had a substantial easing of policy compared to at the beginning of the year when the markets thought there was going to be a rate increase. that is a big change. the implications of that could be positive for europe. how that plays out is questionable. commodity prices were to hold up better because the dollar doesn't strengthen. if equity markets held up in general as capital improves, economic -- are favorable. they are trying to limit the risks of china becoming unstable once again. trying to help o