jeremy stretch and marija veitmane are still with us.d what madame lagarde can do, is it only fiscal that she can push? marija: i think fiscal would probably have the most impact. she talked a lot about it. it was interesting yesterday, european commission elections. yes, it is about environment, climate change and digital economy. those things can garner the need for spending and investment. that is probably one of the things that the government can get behind. maybe we don't want to particularly spend but spending on environment is ok. i think that is quite optimistic. francine: jeremy, what happens to euro? jeremy: i think the euro is cheap.emarkably you can argue that the downturn we have seen in the euro zone economy this year has been reflected in terms of the valuation of the euro. i think we see a slightly weaker dollar environment and some improvement in the metrics in terms of growth trajectory. we see increasing debate about the longevity of that budgetary ball seat in germany -- policy in germany. i think we can and will see