the fed has spent $4 trillion on qe and still the inflation rate here is 1.1%. when they've dong that was the result. what can you do so late? >> well, there are several aspects. one is that the financing of the economy in the first on theive of monetary policy as in all economies is to insure the flattening of the yield curve. that's why the federal reserve has used qe. we have obtained the same flattening of the suv, barriers, other okays, including long-term refinancing of banks. our guidance and various interventions to fuel liquidity into the market. never forget that in the euro zone, about 80% of the economy's financed by the banking system, whereas, in the u.s., it's mostly financed by number market. so the fact that historically, i mean, during the last few years, the two central banks have used different kind of tools as just an image or a reflection of that difference. >> we have to let you go. i know you have a conference, the euro class conference with wall street. when they gather round and go vision noyer, have you gotten this after it's over, in a word, what do yo