torsten slok is with us.lk about a number of european countries. do you worry that separatist movement have to have an impact on ecb policy? the ecb policy is complicated by the fact that there are so many different countries and different things going on. i think they honestly look at this and ask if this is a risk to financial markets. so far, markets have been relatively on impacted by the events in catalonia and the vote that is going on. there must be some sigh of relief in the ecb is my guess. modelskets and building and predicting what the outcome will be an models where there will be political outcomes is quite a challenge. i think that is also the case for the ecb. francine: how should we look at political risk? put in thests have back of their minds and could it come back with a vengeance? is, here is issue what we know and here is macro data for your area and for the u.s.. there are risks in directions of north korea here there is political risk in the u.s. and also in europe. it often becomes a fu