mr. hildebrand: i still struggle with the term currency war.eing extreme monetary policy, not all at the same time. as a result we have seen comfortably -- as a result we have seen, productively, robust currency moves as a consequence. i don't think this is a matter of a currency war. it is uncomfortable on the other side. the term war is the wrong description. where do we go from here? at the moment i would say europe faces an almost perfect environment for a pickup in growth. you have the significant weakening of the currency, you have the oil price the banks have been recapitalized. very importantly the general cyclical recovery. my sense is that europe should be well positioned at a minimum to get a fairly strong cyclical upswing and that probably puts some limitation on how much further the euro could weaken. manus: it would be wretched if we did not talk about the swiss currency. dramatic move and to a certain extent the dollar-swiss has moved much more there is more relief than there is in the euro-swiss move. where are we in that fair v