with us, james sweeney. e chart -- broader europe, the chart is the five year forward inflation in europe with declining expectations. james: i think the confidence of the market that europe will get out of 1% inflation is probably gone. tom: the confidence as gone but it is also gone on fiscal solution. i know there are subgroups you are better at, but the basic idea of debt and deficit to the rescue is not really there as a framework for those leaders. james: my colleagues in london published a report that the stimulus in germany targeted at electric vehicles would be one thing. tom: what is the likelihood of getting that through? james: he thinks that could happen. if global growth continues to tumble and the trade war continues, there could be the need for change. tom: i can see the headline -- tesla in germany. francine: on a more serious point, when you look at the ecb what worries you about europe? war.: it is the trade wouldk the auto tariffs have such a significant impact on global growth that it is