Euro-Air Inflation Forecast: 6.0%

We have quite a lot of survey data as well we have German IFOs, consumer confidence data from Italy and France. We expect Sweden to really be hit very heavily by higher interest rates particularly the housing sector so we're not very optimistic on the growth out look for Sweden. The bigger question for us all is whether this crisis of confidence that started in America has spread to become a European one too but George for you in the macro space my main question is given the title financial conditions we have do you think that this could hit the growth and the inflation data numbers that we get for March and indeed April?