of the l.t.r. oh the three are l.t.r. a three year cheap cash is maybe you could more colloquially call it now i want to mention something that mario draghi said about what the point of this was and what the transmission of this has been to the real economy to households and to firms he said last week in his speech that this is indeed a crucial point that ensuring the e.c.b. these monetary policy continues to be transmitted effectively to the real economy was a key motivation of the governing council decision now after that news came out this week that lending has declined to two consumers and the banks of spent that money on buying government bonds so has the l.t.r. o. met its goals what word schools really in your view. well the goals of the l.t.r. are one not the goals of stabilizing the european economy at least the european central bank can't really say so because it's not in its mandate to do so now the out arrow has achieved some of the bill is ation in the interbank funded markets unfortuna

is to really say to its long term refinancing operations at the l.t.r. as called from. facing the banking sector the european banking sector merely base wearing out the banks to actually buying euro bonds and if the e.c.b. you were to say we will buy any amount of euro bonds and we will buy as many euro bonds as necessary solvent sovereign euro bonds i mean as many as necessary to camp interest rates four percent or less than that would kill speculation and it would kill contagion very quickly ok george i mean george ok i see a lot of nodding heads will it be done can it be done is there the political will to do it surveys are can be done because the. long term refiling sensing operations of the europeans i'm sure won't have seen mario draghi one point two trillion euros so far this year there's no reason why that sort of money couldn't be directed buying solvent directly instead of going into the deposits of private banks so of course it can be done ok do you think that's going to happen do you think i mean what i guess the whole program here is is the germans going to