that they have given themselves very little an a lotom, there is of excitement.ting qe is world telegraphed on its way out. extent they take into account the periphery and changing the tone of their statements and at the language around growth given we had a pretty soft start to the year. making the end of summer more likely than later down the year. >> i would agree. it is mostly about the balance sheet decisions going forward and forward guidance. next year we will have someone new in charge with the ecb. that is a wildcard as well. ask might not be a german area >> that is surprising because we all thought we were going to get a german and now it is up in the air. it is less predictable. >> that might be positive for risk. >> a german might be too tight. that is obviously a big event. that ecbis a feeling policy is on autopilot. do you share that feeling? >> they endeavor to be boring for the near term. our taper tantrum was not a lot of fun for the marketplace. it was a change. the ecb is investing in their effort to avoid such an outcome. they don't want to