so let's cross over now to our financial correspondent jeanette lown who is in frankfurt headquarters of course of way the e.c.b. is ginnell you just heard from the european central bank you've been listening in tell us more about what they had to say. well you know nobody actually really priced in a rate hike or a change to our the withdrawal of some of us today so the fact that the broader policy has remain unchanged hasn't really come as a surprise but now investors are really focusing on that paragraph that was dropped from the forward guidance the forward guidance of course being the part of the policy that deals with the future direction of monetary policy at the e.c.b. so you can view this as kind of a long coming victory for the governing council's hawks the since the policy statement no longer contains this reference to widening stimulus in case the economy worsened so that is of course an end to what they call the easing bias or this bias towards quantitative easing now that's also a sign of course that the e.c.b. is slowly showing stimulus to the door at a time where the eu