let's go to james athey, senior investment manager at aberdeen investment management. ead widening italian -- and german bunds. is that all with their ability to handle the pandemic? james: i think what we are seeing -- to be honest, the conversation is quite similar to the broad market conversation we are having, which is to say that this coronavirus pandemic and the economic stop that it has led to is just exposing existing fragility's, and i think specifically with respect to the they would have met and their darkest moments, and there are serious structural issues that need to be dealt with in the medium to long-term. what we're seeing is just an expose, if you like, of some of those issues. the ultimate end goal for a monetary union without fiscal union, without political union is that they need to go further and deeper or there will be difficult conversations and the market is going to have to increasingly price again the notion of redenomination risk. francine: where does he value, given what you just said, fixed income? james: across the whole fixed income piece