jim mccaughan is still with us in the studio. it was fascinating watching the ecb, rather than national central banks out there buying corporate bonds, everybody wondering what they will buy. wideninghope you have, qe to really deliver benefits to the european economy? jim: i think it is marginal. i think you're at the benefit, gone from diminishing returns to perhaps close to zero returns. and that is because of the imbalance in policy. i think, as i talked to european political commentators and politicians, to me the interesting thing is structural reform is what the germans want to do. it is what the northern europeans fall in line with, things like improving the working of the labor market, improving the working of the labor system through capital infusions. and the spaniards have done quite well in this. they have seen a pickup in the economy. and i think that is the gl. if you do a bit of structural reform along the lines, that the germans in particular are urging in europe, perhaps following that, ease up on fiscal policy