john ryding, spare capacity is the big issue.they to the pressures we see in the united dates -- states? you have to ask what monetary policy can do in europe in terms of further stimulating the economy. the economy is not being stimulated by monetary policy. unlike the u.s. where there is no action on the fiscal front, the ecb had to do something. when rates got slightly negative, they interviewed on the qe path. but the oil story is common to both countries. law oil prices is not bad for inflation. you cannot have it both ways, you cannot worry about the way -- when oil prices were down at $25 a barrel and then you say, $50 a barrel, we don't need it. in the concrete terms of the fed, when they meet at the march meeting, they will have inflation close to 2.5% on the cpi. they already have core inflation near 2. that is the difference. u.s. inflation is more pervasive. europe has a big relative value problem. prices in the production cost are still too high relative to germany. how can you fix that with monetary policy when they