dr. bergsten. >> mr. chairman, i'll try to give you basis for a few more. i want to make a few points that will not repeat, but rather complement what the earlier panel discussed and my colleagues here. i think the most important role for the g20 summit this cannes is to inject renewed impetus for world economic growth. we're not going to so the european crisis, whatever financial engineering is done, unless they can get more growth going. yet the strong countries in europe led by germany, but holland, austria, the sand nave yas, they should rather be at least stopping their tightening of policy, rather expanding. moreover, the european central bank should cut interest rates substantially. they're the only major central bank which is considerably away from the zero bound. unless europe gets growth, none of the financing is going to work, and it needs to be emphasized. unless the u.s -- you this congress and the administration -- can get together and provide some new stimulus to the u.s. economy, the world is going to continue to wallow as well. the good new

dr. bergsten's first perscription. what do you think chances are that could happen? >> i will focus on europe. if i am china or india, why would i want to finance this european experiment that has been struggling since 2009? why would i want to invest in a system that is not going to work? what have a fiscal unions -- we are not going to get fiscal unions in europe. we have a monetary union that is not viable. are the chinese going to invest 500 billion euros in trying to turn greece into germany? it is not going to happen. while the chinese certainly in view of their aggressive political ambitions will want to appear to be stepping in here where the u.s. is not able to do so, i would be surprised if they would be bling to commit many resources. >> can i ask one thing here? >> it would be nice. >> i understand the point, the direct assistance. i want to come back to your question. the more macro-agreement that there could be coordinated growth policies across emerging nations, but in their currencies depreciate. is that realistic? >> what have we been doing since 200