madame lagarde: at the imf we don't look at the last two weeks. i'm a little bit too embarrassed to comment on the last two weeks. if you do not mind, i would like to go back to the basics. it is a fact that depending on how you calculate gdp, the largest or second-largest economy is going through a list of transitions. you have indicated that as well. industry to service, export to conception, lower investment. i think there is another one happening, which is also the governance change. that is probably going to continue to deal with the anticorruption fight as one of the key proposals. that has to trickle down. this is a management change. it has to be taken into account by chinese authorities and chinese operators. so that risk can be apprehended and taken in spite of this happening. i would say also that, given those massive transitions that are undertaken pretty much at the same time and accepted as such, there is a communication issue. which, you know, is something that markets do not like. uncertainty -- not knowing what the policy is, exac

madame lagarde: at the imf we don't look at the last two weeks.'m a little bit too embarrassed to comment on the last two weeks. if you do not mind, i would like to go back to the basics. it is a fact that depending on how you calculate gdp, the largest or second-largest economy is going through a list of transitions. you have indicated that as well. industry to service, export to conception, lower investment. i think there is another one happening, which is also the governance change. that is probably going to continue to deal with the anticorruption fight as one of the key proposals. that has to trickle down. this is a management change. it has to be taken into account by chinese authorities and chinese operators. so that risk can be apprehended and taken in spite of this happening. i would say also that, given those massive transitions that are undertaken pretty much at the same time and accepted as such, there is a communication issue. which, you know, is something that markets do not like. uncertainty -- not knowing what the policy is, exactl

i've got to give you credit for madame lagarde for nailing the mediocre call.e new rules for emerging markets? what is the rulebook for the filipina central bank? what is the rulebook for chill a chile? emerging-market group is a very different group. you have commodity exporters, --orters good countries importers. countries which have bigger and smaller policy buffers. there is something it's is coming across many emerging markets, which is the corporate sector in many emerging markets has increased tremendously their indebtedness. tom: i've got interrupt. this is so important. this is the money question of the morning. that emerging-market corporate adeptness, will that rebound back on deutsche bank and other developed banking systems? do we go back to a crisis that francine does not even in remember? do we go back to a good all-american emerging-market crisis? -- jose: think the situation is different now, compared to the time of the last important crisis. if you look at emerging markets, it is true that they are challenged now by a low commodity in oil pric