welcoming christina cooper -- kristina hooper with invesco.t is a first quarter slowdown, not different from what we have had in the u.s.. no suitably a factor, but my view is growth will pick up in the second quarter. david: what about the strength of the euro? will it curtail growth? kristina: only if it gets out of control. it is an a place where growth can continue and get more robust , but if it gets very strong, it can be problematic. david: germany said part of the problem was trade where they were hurt. what would have caused that? kristina: there are a variety of factors. germany may be looking to focus specifically on trade to narrowly, but there is concern about what happens to germany in a world with the trump administration in charge with the united states. much of what was expected and relied upon is now uncertain. ist we know about history that economic policy uncertainty doesn't create an environment where business investment floor shows. .hat could be -- flourishes that could be a problem because of trade policy. julia: on the