i'd like to welcome my guests former ecb president john claude trichet.ay. thank you for joining me $17 trillion of negative interest rates, corporate securities joining that sub zero fray my question is easy. should mario's bazooka be fired again? has it missed the target and how should they deal with the ha handoff considering a slowing economy, maybe a germany recession and the frayed infractions affecting the globe? >> well, first of all, you're right. we are experiencing exceptional times. the amount of debt standing that is in negative rates is gigantic and it is not only in europe it is also in japan as we know in europe it's not only the ecb but also quite a lot of other countries like switzerland, sweden and so forth. i will not say what the ecb governing council should do or not from now on. i would only say that i trust they will do exactly what is appropriate in the circumstances and the circumstances are very special in practically all advanced economy because you have a level of inflation which is very abnormal in comparison with the previou