let's carry on the conversation with james athey.ere having, on their and in the break, is this issue of inflation and whether or not it is leading central bankers down the wrong path. draghi is whether making a mistake on the downside. inflation is going nowhere; let's put that debate to one side. what does it mean in terms of the reaction function for central banks? how does a deal with it? all of the soft data, survey data is pointing me in a strong direction, yet i've got this inflation number going nowhere. how delay price those contradictions into the bond market? >> is quite difficult. to your point, consistency would be appreciated making a mistake by looking at inflation and reacting to that. if the fed were to slow the they wouldkes, be narrowly focusing on inflation. saying, fed is we think the q1 slowdown is something we don't need to worry about, we think the data is all right. yellen is looking at the labor market. -- we ecb specifically can't ignore the fact that there are concerns above and beyond the traditional mand

now and james athey still with us.icult or easy it may be to get things done at this kind of summit. guess i have been on both levels. toave been a note taker, and be honest, a lot of the work is already done in the lower levels. ambassadors and diplomats take care of it. then about 5% on the top level. the problem with the top level is it is always linked to the media and statements. so it is not easy. this one started quite well, i think. jonathan: how do you expect immigration debate to evolve from here? herprime minister put proposal forward to keep 3 million e.u. citizens in the country. is that an area where you can foresee conflicts? alex: probably in the long run, but it was a generous offer. they need to sort out the issue of free movement of people. it next issue is how much will cost. finally, to have a look at who will decide jurisdiction at the port. but we are so far from a deal. it takes a long time. alix: obviously having some video issues with skype, but we still have audio. you mentioned a generous an