thing -- >> germans have been very clear, and it's part of the coalition talks, they will not have the ecm used as a backstop for banks. they're just not going to approve that. >> well, we know it has been used for spain, so it's still there, but so far, it's a loan to the national government. the national government won't lend to the banks. the original deal was, once we have the single provision mechanism, so the ecb's fully in control, then the esm will be used to directly recapitalize banking systems. i think the compromise will be that first there will be a degree of bailing in of bondholders, obviously, of stockholders in those banks. then there will be a level of national intervention, if needed, in extreme cases, and only as a third line of defense, there may be a european intervention. so, you know, in order to support the banks. so, that i think, he's outlining, in my opinion, a possible compromise, which is a bit different from what was decided in 2012 in very general terms before the spanish bailout. >> okay. that's banking. just very briefly, update on what policy happens next