The Legacy of Quantitative Easing in Japan

I think it's interesting to see Europe obviously is try to adopt fiscal rules and try to get its fiscal hustle order. Do you have any particular thoughts about the European experiment with the euro and having a monetary union but not a fiscal union? Well I think they have a decision to have a single currency. It was a good one. They had to mean rein in certain countries and have sort of a common policy of all. And so ultimately I think that's a good way to think about how the world will work. These are countries who are quite different, Italy and Germany for example. But the idea of bringing them together with a common framework always seemed to me to be good.