mr sobel, mr. kamin, mr dudley. >> let me address the question of the single most important thing europe can do and i think that it is clear that europe needs to pursue a comprehensive strategy to overcome the crisis. what i think needs to be done in a nutshell is companies -- countries have to reform. they have to stick to their reform plan. it is about implementation. it won't be easy. that is a first prerequisite for restoring confidence. secondly, at the european level there needs to be further progress and strengthening of foundations of the euro zone. we saw that last week, steps with regard to the fiscal compact. and third, mr dudley was suggesting a minute ago it takes awhile for reforms to take hold. they need to get from here to there. this is where the issue of the european firewall comes into place. firewall that has to be strong and credible and it needs to be there to ensure countries have access to affordable financing for rates. and it is important that banks in europe have adequate