moody's saying it will be crucial in terming whether the new president is able to achieve his policy plans. macron's policy plans are positive. and dead consolidation and one last nine, france's general governing debt of 1.5% of gdp. unlikely to decline materially before the end of the decade. so i guess there's a dose of a bit of a reality check in there, coming from the statement from moody's. but many are hoping that this will be the major turning point for france. the lack of competitiveness when if comes to its standing within europe and in the world as, you know, a great industrial nation. do you think this is it? >> i think it's definitely the best hope we've had in decades, that we can finally overcome these issues that have been plaguing the french economies for some time. but, look, remember in the '90s, the french actually outperformed germany. so this is labor market competitiveness. it's really a role of one in 2000 and the last decade that needs to be addressed. emmanuel macron has courageous ideas to do. as far as the public debt goes, i think the real issue is public

and director of moody's around the desk. let's talk about the first quarter. i spent a lot of time talking ubs and the numbers and being very bullish. we see this, given seasonality, how much of the strength was se seasonality and how much is strength? >> well, we do expect that the markets will remain volatile. so we're not saying that one quarter necessarily makes a trend. but it was a good quarter for the european investment of funds and the market revenues with the exception of barclays. but really, what we saw was that capital markets revenues pulled the revenues for the quarter. because as revenues overall were relatively flat. and that's really reflecting, you know, weaker results in some of the noncapital markets where low interest rates continue. >> much of 2016, i feel like we talked about the fact that u.s. banks were gaining markets here at the expense of the european rivals. do you feel with that strong first quarter, european investors are able to claim back the risk markets here or is it too early? >> i think