. >> all right, robert. >> really nice to see you. >> again, sir. >> what happened. >> to the robert holtzman to know who was quite a hawk and who was very concerned about all those rate cuts as well, of all those factors that i was over a year ago, robert, we sat outside, we were chatting in davos as well, of all those factors that led to you being more hawkish, have they dissipated now? >> they have not participated. on the contrary, with the arrival of this threat of tariffs, they reemerged there before they were somewhat dissipated because we looked like. >> moving slowly. >> towards lower rates. what we have now is the threat of higher inflation rates. and for this reason, we have to be careful. >> governor, we've. >> had a lot of. >> discussions with governing council members like yourself about the prospect of a 50 basis point rate reduction that perhaps the ecb is behind the curve. i know you're sounding very hawkish, but not all members see the situation that way. they're very concerned about the growth profile. if you're wrong and if inflation doesn't materialize and growth is a gre