still with us, james barty. we have run through the process on this selection. much does this matter for markets where the ecb goes? james: not a huge amount. the president role as much more important. we know draghi will set down -- step down. ecb.itive easing by the the next president will have to continue the unwind of that and also have to raise rates. when we had a favorite, there was speculation to move faster awayhe ecb needs to move from this loose monetary policy stance. if he is not going to do it than someone else, potentially for markets it is important. nejra: you said during the break you had sold all your european assets earlier this year. why? james: two reasons. has rollovericator carried european assets tend to struggle when people are coming out of cyclical assets. we use slightly more defensive assets and sold europe by the u.k. and japan by the u.s.. the concern is about italy, as well. now you have seen european assets pullback and like p.m., e --m, they are starting to look interesting relative to the u.s.. one you to get better news the gl