i'm here with two special guests i'm here with jacob frenkel, the vice chairman -- excuse me chairmanf jpmorgan international and holds the lifetime record of attending jackson hole 33 years in a row. and then catherine mann chief economist for the oecb jacob your reaction to janet yellen's speech. what did you take away from it >> it was a very thorough speech it provided us with good historical background of why are we are where we are. how dangerous the system was in. and how much the fed has done in order to strengthen the system from my perspective it was a speech that says, ladies and gentlemen, i remember very well from where we are, from where we came and we are determined not to allow this kind of thing to happen again she also reminded us that excess is part of the scenery and we should watch for them. but for me i also saw there implicit statement for monetary policy because basically she said the system is now much stronger than what it was before >> she can go ahead -- >> therefore if we really want to raise interest rates on the way to moneyization it should not slow us

go. , do you look at markets think these markets have understood the risk from jb -- the risk jacob frenkelre risks in markets as we go to jackson hole today? wolfgang: clearly we have seen months,er the recent the global volatility environment is coming to an end. you have to look at the various markets. we see different reactions there. depending of the market to look that,d having said jackson hole is expected and looked at very widely. people are very focused on it. the markets have been very focused on events on the geopolitical -- geopolitical level and the micro and macro level. a market time dealing with, the m&a market, a lot of transactions this year are healthy activity, but the large transactions have been missing compared to other years. one of the reasons is a level of volatility as to the geopolitical agenda and the events there and the actions by regulars in the question -- by regulators and the question of how you can handicap that. a very active -- how the of midsize transactions. healthy midsize transactions. we probably won't hear much from mario draghi on the strength o

financial stability and raising this question could be raising the question that jacob frenkel raisedp. the chairman of morgan chief international. he said rates have been so low for so long, you run the risk of excesses in financial markets. a chair told us that he -- that if you were back at the fed, he would not be voting to raise rates now. there is clear evidence that inflation is starting to rise again. if janet yellen sent any signal that could be connecting the dots of risk of financial instability to some sense of a reason that, even with inflation low, the fed to be considering one more rate increase this year. we shall see. anna: it'll be interesting to see whether it is the bread and butter. in terms of the european conversation, mario draghi taking to the states. if you ready to send a strong policy signal? does he tried more carefully? carefully?tread more >> european inflation is halfway to its target. there is a mixture of growth rates across the euro area. he has won monetary policy to deal with all of this. there is some expectation that he will underscore that by se