europe for clues. that is the bloomberg business flash. francine: let's continue our conversation with lorenzo bini smaghi, the chairman of society jenna ralphou look at some of the concern -- of societe generali. when you look at some of the concerns, how will the crisis change governments forever? how much more present will there be? how much more of a safety net socially will i citizens want from this? abouto: well, if we think the guarantees, for instance, that governments have made available to the banking system, to the banking system, to ,uarantee loans by companies and if things do not go as expected, probably the governments will turn out to be a major lender to companies, and possibly even shareholders of companies. as you landscape, mentioned, will be quite different once the crisis is over. bethe other hand, there will savings around and at some point, some privatizations will have to happen, but somebody will take losses. and we will see who will be able losses, whether it will be the public sector or whether shareholders will have to bear the cost. societaly, some questions will have to be addressed. in a way that may not be fu