one of the key focuses of the press conference is that neednt, saying we don't it.hings could change. >> this phase of using interest rates as one of the jewels has effectively come to an end. what about the decision to buy corporate debt? not predicted by many. has that taken you back? is that a game changer to some extent? >> we are not surprised. it came a bit soon. logicalht it is a extension of placing the -- closing the gap on interest rates. i would push back a little bit on this view that monetary policy is running out of ammunition. there is a lot that can be done in the credit easing space. once you start purchasing bonds, it is not a far step to go in equities in the future, if that were to ever be needed. pushing aario girardi panic button or putting pressure to spend? >> i think it represents a very tailored approach to the problems facing europe. the real issue is getting credit drawn through to borrowers. that is what is essential to get your back on track. he has done that by this matching of negative to positive rates. that is what is necessary to g