down to 5.5%. we've done this while reducing the deficit by two-thirds primarily because the economy grew much faster. it's been my view with the respect to europe that it's not an either or situation. sometimes it gets framed with what's the right answer for europe? is it austerity or structural reform? my attitude is yes, you need structural reforms. if labor markets are stuck, it's hard to hire particularly young people. if there's too much bureaucracy to start a new business business gos elsewhere or talented entrepreneurs start business somewhere else. i think prime minister renzi's government is on the right track