bigger financial sector can be justified by the wider range of services and a more -- >> hi, i am jeremy dodge and. i have a follow-up question on cyprus. i am a central banker. do think it was appropriate or fair to impose a levy on every bank deposit in cyprus, even those insured by the european union? >> i have not been involved in those conversations. i do not necessarily know of the details. i know they are grappling with the difficult problem. i think the issue they face is that there is a big financial hole in the sense there is a fiscal issue and a bank recapitalization issue. they're looking for resources where they can find them. i think everybody understands there are certain risks with that, besides the equity issue of taxing lower income people, there is the issue of setting a precedent that might reduce confidence in banks in subsequent periods. that being said, it is a very tough issue. finding the resources to solve the problem, there is probably no easy way to do it. we are going to keep monitoring that. i do not envy them that particular challenge. >> thank you. there has bee

hi, i am jeremy dodge and. i have a follow-up question on cyprus. i am a central banker.was appropriate or fair to impose a levy on every bank deposit in cyprus, even those insured by the european union? >> i have not been involved in those conversations. i do not necessarily know of the details. i know they are grappling with the difficult problem. i think the issue they face is that there is a pretty -- pretty big financial hole in the sense there is a fiscal issue and a bank recapitalization issue. resourcesoking for where they can find them. i think everybody understands there are certain risks with that, besides the equity issue of taxing lower income people, there is the issue of setting a precedent that might reduce confidence in banks in subsequent periods. said, it is a very tough issue. finding the resources to solve the problem, there is probably no easy way to do it. we are going to keep monitoring that. i do not envy them that particular challenge. thank you. there has been the trend in the last couple of years where the economy jumped out of the gate in the