francine: is that fair, fair criticism, stephanie flanders? trying to defend teresa may here. you can read her speech. i share some of the concerns about the prime ministers talking about central bank policies. but you could read her speech and it's actually making the same point that mark carney would make and mareo draggy would make in that central bankers can't do everything and the longer we continue with the extreme policy, the more there are negative side effects and we ought to be thinking of other policies to support demand and includes primarily fiscal policy which by the way doesn't have the same kind of redistributive question marks monetary policy has brought. it's better for poor people we didn't have another great depression but if you're going to support the economy, you can -- it is probably more of a -- in terms of being progressive versus regressive, it's probably more progressive and better for the lower half of the income scale to do that through fiscal policy within limits. i think you can read her as being part of a broad

joining us now is stephanie flanders. mr. draghi in focus once again.would be your first question? you have rightly said that economists look at inflation and say you are not yet on a path where you should be talking about tapering there's other reasons why they might want to change the way they are doing the bond purchases. they hate having low rates on the long end. financials from institutions about what that's doing to their long-term return. they have these technical problems that if they do carry on, they were run out of german bonds to buy. those problems of superlow long rates go away if you start to taper and say job done, the successes there. it's the catch 22. if they wind up changing how they buy bonds, you see yields wind up backing up. they need more easing from the ecb. what's the way out of that circle? stephanie: the more conservative members of the governing council really don't like the idea that there's going to be this almost open-ended support for the markets, which they see also as tting governments off the hook. --cuts interest s