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I think that we should continue to analyze the monetary policies on the basis of the various economies

concerned and of the various cycles.

As you know, the cycle in the US is not at all like the cycle in Europe only because if you look at unemployment you have

full employment in the US and we still have very close to 10% unemployment in Europe.

So we are in different situations and it's normal that depending on

their own chart and legislation or treaty the various central banks are doing what is

appropriate in their own environment.

So I have full trust and as you understand there is a meditation at the very moment in

Frankfurt so I cannot comment in the meditation that takes place.

But if I take the principle that they have to follow their own legislation

entity, I would say it's normal that they don't take the same decisions because they are

...