participants to our exit and large benefit to reassure people that we have the tools in place to exits mobley when the time comes. -- to exit smoothly when the time comes. the reason why we tell people this is not because the exit is near at hand but because we want people not to be worried about our ability to do so. inflation expectations are well- anchored. is important we continue to work on that. >> you have spoken previously about harmonization about regulatory reform and you touched on the importance of global coordination in regulatory matters. there are efforts going on with u.s. policy makers. to what extent is it likely that the fed will follow the deliberations of different plans to tax >> ? >> the fed is very conscious of this across geographic jurisdictions. if you do now haveharmonization of standards, that will lead to arbitrage and a brace to the bottom as everybody starts to lower their standards because they need to help their institutions located in their jurisdiction. we're supportive of that. house support of we are of a particular proposal depends on what they depend --