wolfgang: it has.understanding in inflation, the inflation dynamics. alwaysnow looking at -- looking at core inflation obviously, and they are basically telling the story all along. the ecb never managed to get one struggledabove 1% and throughout the entire period. it is weak. tom: the granularity of your ,otes for 12 to 15 years about we have to clear markets, why are we still unable to clear markets and move on from what happened 12 years ago? carl: we are clearing markets. let's focus on the labor market. the unemployment in europe is two percentage points higher than 11 years ago, outside of germany. there is slack in the labor market. germany imports labor transparently, so even though the domestic unemployment rate is very low, the unemployment rate that matters is the total pool of all of europe. there is no wage pressure in germany or in europe, nor can there be because europe never 2007, 2008, 2009. monetary policy has not been transferred to the bank. francine: what are the lessons we should