 Can I, Davish, you are former Minister of the Economic Affairs in Turkey now a senior academic at the Brookings Institution It's a simple question. Are we in a permanent low-interest environment? And if so, what does it mean? There are two main reasons I think for the interest for the low interest rates one is monetary policy of course of the big central banks trying to bring the recovery about strengthening it, but there's another one which is chronic lack of investment compared to desired savings Despite very high profits in the corporate world and of course despite the low interest rates themselves. These interest rates are anomalous at the end of the day Financial sector interest rate and real returns on capital don't equalize rapidly But an interest rate exists because there is a return on real investment That needs to be financed, intermediated So this gap between the real return on capital and the monetary interest rate will not last forever But because of the underlying weakness of the world recovery I think we are not and of course the low inflation We are not looking to a rapid rise certainly not in the next I would say two three years Mm-hmm. And does that mean there will be a difference between United States in one hand and Europe on the other hand because one thinks that perhaps will be a rate-raised rise quite soon in the States, but we can't see it happening in Europe at the moment There may well be a rate rise in the States, but it will be very small. It's I think already priced in to expectations So I do I think whatever divergence You know one could expect because of it Has already happened in a way the dollar has strengthened and so on. What about the WPC? I mean you come here each year I think and what do you find is useful about well policy conference They choose the into the topics. I think in a very intelligent way in a very appropriate way There's real substance, but there's also friendship that Evolves over the years and I like the size Yes, it is not a very small conference, but it's not a huge one So one gets to discuss things in some depth not just during the sessions, but also during social moments And I actually like the fact that it lasts two and a half almost three days Again one finds the time to enter into some depth a lot of panels and conferences are Squeezed so much in time that you know one goes for sound bites. There is more scope here for real discussion But the wish thank you so much for being with us. Thank you John