eric lonergan from m&g investments is still with us.had ecb officials commenting, the general takeaway is they are ready to add stimulus but not when or how. , how are backdrop you positioning around european fixed income? eric: my perspective would be, the value that did exist in peripheral bonds is gone. if you go back to a year ago when you have the concerns about populism in italy, preaching of the fiscal rules, the bond market discipline to the italians, now the spreads have effectively reversed. i don't think there is any opportunity left on the long side. on the short side, it is compelling to be shorting b unds 10-year and 30 year at similar levels. the last time you were at similar yields post-brexit 2016 come you saw aggressive reversals. q lost years worth of capital soue in german bond markets the idea you can't win short in german bond market is a dangerous perspective to have. manus: with that in mind, the question would be what does it take to get bunds back to zero because if you look at the five-year swap, inflation swa