kevin daly is with us today.ou were telling us that you've changed your forecast on what the ecb is going to do march 10, but also changed your forecast on inflation. are you more uneasy about this competitive devaluation game that seems to be going on? kevin: certainly, the marginal benefits -- i'm not sure i agree that it is entirely a zero-sum game, but the marginal benefits of increased reductions become smaller the lower you get. we are at the point with the soponse of bank stocks and forth with credit spreads, where markets are beginning to question whether there are benefits. our view is that there are benefits. we not quite as concerned as others. the benefits are clearly smaller. for the u.k., given the structural, its banking system, given the existence of mortgages in the u.k., the u.k.'s ability to cut rates is as low as other countries. it certainly can cut if need be from the level of the bank rate currently. their scope to cut rates is more limited. francine: they can't go negative. are negative ra