joachim fels still with us.alley that mario draghi has in the ates by which he is governed the moment. how far do you think mario draghi has pushed the rules? how near the edge of what was originally conceived for the ecb is draghi or as he gone further than that already? >> i think he is still within the rules. the ecb is conducting monetary policy, not fiscal policy. of course, there is different interpretation of the rules. so let say some german economist and german lawyers may have a different view, but i think he is firmly within the rules. he is conducting open marchers ofopen market purchases bonds. he is not lending directly to the government. perspective,legal he is firmly within the rules. i think from an economic perspective, he is doing the right thing. the ecb was a little late to the game, but that is because of the resistance that you mentioned. tom: where is the resistance right now? i look at the synnex say, let's go. what is the immediacy today? immediacy right now because the economy is doing

fels will joachim discuss the bank of england decision to hold rates. ♪ jpmorgan stock is up over 2%-than-expected earnings. the call began 50 minutes ago. julie, what have we learned so far? financial chief officer has been speaking and looking at some notes, she is going through what we already no. the details of the company's earnings. she is going through, group group, sector by sector within the bank. she is pointing out we're up 16% and fixed income trading rose by 35%. talking about some of these details. she also made some comments on the u.k. vote. she did note that there was uncertainty heading into the vote and volumes were higher in the immediate aftermath. the market function quite well and the systems were stable. she says they continue to work on plans for the full range of outcomes. so she is not talking about any speculation that we might see a migration of employees away from london that she does say they remain fully committed to supporting european and u.k. clients. as i from that, she did mention that the capital return plan on jpmorgan was approved by the u.s. f