for some insight we've invited back john authers. investment editor of "the financial times." >> good to be here. >> we heard how a number of nations in europe, basically, are trying to deal with their economic downturn. some of them are resulting the stimulus programs, others are making budget cuts. the european countries, though, have been criticized that they still have not done enough. why is that? >> i think, particularly in the case of germany, it's because they entered the crisis in a different way. in the case of germany, house prices there actually fell slightly during the worst years of the housing bubble here in the states. consumers weren't overextended ey were here.d in the way that and so there isn't the same need for an aggressive stimulus. the other thing you've got to remember, particularly in the case of germany, is that they have a cultural aversion to inflation for very good historical reasons, which is much -- goes much deeper than does in other countries. they really don't want to risk a return to higher inflati