Is the Exchange Rate the Release Valve?

Gordan, i want to tease out the potential cases that you lay out in your most recent note. I think 95 to 90 is non linea ar what breaks? Well, i think credit channels would be much more o the area where things break. If we have gas rationing outside a covid that's one of the biggest economic shocks we've ever seen. The bunders bank in germany have already done the analysis. They expect that of five sent hit to german g d p. It could lead to higher wages, and that makes life pickier for the central banks.