wouter: that's right. in terms of the driver behind euro weakness, the monetary policy side, we are at the end of that driver. we think the ecb is really tapped out here and christine lagarde will not change the monetary policy mix materially from here on. she will be much more focused on getting the fiscal policy stimulus going and getting a banking union set up or supporting a banking union set up, helping set that up. we think that negative force on the euro should be waning. the next phase will come in, which is, what is the fed want to do next -- going to do next? that is pretty tricky. can they maintain that hurdle when the inflation side of the u.s. outlook continues to be so weak? nejra: what does that mean for the dollar? the dollar side of that euro trade crucial. where does the dollar go in 2020? wouter: we think there is a risk weakness. if we are right that the inflationary side does not come through and the fed will therefore be pressured both by interest rates and on the curve and by inflati