 Daniel Dianou, thank you very much for being with us. You're the former finance minister of Romania and a member now of the Board of the Central Bank. The euro is another euro crisis inevitable and if so How can it be remedied? It may be that we will experience any episode of crisis of recession in the global economy And that's going to have an impact on on the European Union on the euro area We I think Economic recovery is not proceeding at the pace we are been hoping for and but there is sort of an economic recovery On the other hand one has to acknowledge that it's taking place against the background of unconventional policies So it's not like we're almost permanently low interest rates and very low interest rates ultra low interest rates unconventional policies practiced by the ECB but other central banks in the Union and We can't just say we are we have seen the light at the end of the tunnel because these unconventional policies are prevailing and They One cannot say they do epitomize the new normalcy when it comes to What should be done? We do it because we have where the ECB has to do to practice it But there is already a mounting a mounting a quantity of easing as well as that it's not just no interest rates It's not it's not only ultra low interest rates and in addition ultra low interest rates are not Do not have the main driver in the central banks policies They are driven in the main by structured trends in the global economy. They are linked with demographics with income distribution with Productivity gains the dynamics of productivity gains this why we're talking about secular stagnation and but but central banks have been trying to avoid deflation the very bad combination of non growth and As inflation a Japan crisis basically exactly that's that's the lesson from when you come here to our policy conference And you talk about these problems Do you find it useful now that it's very useful because we not only that it's not about meeting old friends or new friends It's about discussing hot topics and it's useful Because we are still sailing into uncharted territories that we're still looking for the Royale and and and This is the way To try to find the optimal the optimal path the optimal path forward as I said People have to acknowledge that we are still in the realm of unconventional policies It's not like we have an economic recovery on the way and that's it. No, that's not accurate We are slow. Let's hope that we find a way some with Thanks to people like you to a happy destination. Yeah, and hopefully and hopefully we'd be able to maintain relatively open global economy because the rise of protectionism and that could fragment terribly the global economy and could Further further diminish The power of economic recovery then you're done you thank you very much indeed