jacob frenkel is here with us now.talked about the to this crisis of 2007 that we are still living in. what i find interesting is that so much of the world is looking at economics in a vacuum as opposed to linking it into the banking system. meeting something to be aware of with the realities of good banks, less good banks and ugly banks? jacob: it is indeed the case. the role of the financial sector has become more important. but i want to mark this in a specific way. of interestent rates that are low or negative impacts specifically and adversely specific sectors -- insurance companies, pension systems, inking systems. now, if this environment takes place for a long time, it necessitates a new business model. and owned to clarify up. questiono, there is no that there is an environment with a negative impact on this, the most important channel to reach monetary policy, transmitting the effect to the economy. you weaken the effectiveness of monetary policy. and rather than the only game in town being monetary policy, y