Rear rear end, with that, youll back the balance of my time to the chair. Thank you. Thank you, alex. Thank you for that explanation. What i want to talk about is europe. I would like to say that theres a great sense of complacency about the european prospects amongst the european policymakers and in fact, at this weekends meeting it was part of this meeting that was dominated with very little mention about the problems in europe. I want to do is indicate the remarks as to why i dont share that complacency. This is a liquidity event is being provided by printing and together with the Transaction Program of the ecb but the market has been part of, it is really made people focused on what i think our economic and important fundamentals and i think it is processed as this goes on. I have set previous seminars is there is a fundamental reason i dont think your can work in the end because basically the economics dont make much sense. The idea is that there are two kinds of issues that they