So my name is Justin Fignani, and I work in Chrome on things like web components, Polymer, and Lit.html, and right now I'm going to talk about the virtue of laziness. Next slide, advance. Today is the day. That happened? Yeah. Okay. So we're going to look at how to do less, be lazy, and take breaks, and end up with a better web application for it. And when I say better, I'm really talking about four overlapping goals here. We want to deliver great user experiences, and we want our apps to be fast and to respond quickly to input and changes. And more than just making fast apps, we're making it possible to build fast apps. We want to make this easy, so easy, hopefully, that it's the default, because this is going to make our users happy, our developers happy, and happy developers will make better user experiences in the long run. So with these four kind of general goals in mind, I'm going to walk through several techniques for leveraging asynchronous programming for building better UIs. So we're going to look at batching work for better performance and developer experience, keeping our UIs responsive with non-blocking rendering, managing async state for a better user experience and developer experience, and then finally coordinating async UIs once we have all this asynchronicity throughout our application. And this makes for a handy little talk outline right here, so I'm going to give some background and then jump right into it. But first, a quick note, this is day two of the Dev Summit, so it's a little more future forward-looking, you know, and the stuff I've made here, the demos and helper code, is a little bit experimental, but it's only using current browser features, and so all of these techniques still work today. So now for a little background, I mentioned that I work on web components and I'm going to call it HTML, so we're going to use these things as the basis for the demos and the talk. So if you haven't used web components before, web components let you define your own HTML element tags. So it really refers to two specs here, custom elements and Shadow DOM, and combined they let you define your own tags with custom implementation and UI. So to create a custom element, you simply extend from HTML element, a built-in class, you add your implementation, and then you register your class with a specific tag name with the browser, and from there you can use this element in that tag name anywhere you can use HTML, so in your main page document, inner HTML, document create element, even in other frameworks. So next, Lit HTML. So Lit HTML is a way to write declarative HTML templates in JavaScript, and we use tagged template literals to write them. This is a feature that came out in ES6, and these are strings that are denoted with backticks instead of quotes, and they can have a template tag in front of them, and we're going to use the Lit HTML template tag here, which is just going to allow us to process this template to make it more efficient, and then inside of our template, we can have expressions, and these are just plain JavaScript expressions. Once you have a template, if you want to render it to the DOM, you simply pass it to the Lit HTML render function and give it a node to render to, and it's going to make that DOM appear there. And the nice thing is that if you call this render function multiple times of the same template with different data, Lit HTML is going to take care to only update the expressions that changed. It will never update the rest of the DOM in the template. And then finally, if you take web components in Lit HTML and combine them together, you end up with Lit Element. So Lit Element is a convenient way to write web components, because this is day two and a little more forward looking. I'm using some future JavaScript features here, like decorators and class fields, and Lit Element really gives you two features. One is the ability to declare observable properties. So these decorators here are going to create getters and setters instead of a field here, and the setters are going to recognize when this property changes and then tell the element that it needs to update. The other feature is that it lets you write a render method that returns the Lit HTML result. And so when the element knows that it needs to update, it's going to call this render method, take the result, and render it to the shadow root of this custom element. And then finally, we give you a little helper here, so you can use a decorator to register the element. So once you do that and you create your element, then you can use it anywhere you would HTML, and it will render as you expect. So that brings us to our first technique here, which is batching work. And if we go back to our element definition, we'll see in the render method here, this is called force automatically by the lit element base class. But the question that comes up here is when is this method called? So to look at that, let's take a look at a little example here. We're going to use this element imperatively, but this also applies if you used it in the main HTML or if you used it with a framework. So we're going to create an element instance, and then we're going to set a property. So the question is, should we render now? We could render now, but we don't know that we're not going to set another property right after we set this property here. And if we did render after every property set, we would be rendering multiple times potentially for every element as we update the data. We don't want to do that, so instead, we're going to enqueue a task. And then in the future, that task is going to run and actually render the element. And so that we know when the element has rendered and when it's complete, we add this promise hanging off the element here called update complete. And this is going to resolve when the element has rendered, and if you wait for it, you know that you have a fully rendered element. And the way that this works is we have an asynchronous update pipeline under the hood and lit element. So when a setter is called for a property, it's going to call this request update method. That's going to schedule an update task, but it's only going to schedule one if there isn't one existing. If there is one, we're just going to use that same task, and that's how we get the batching. When that task runs, it's going to call the update method on the element, and that's where the actual work is done to render to the DOM. So we do this for two reasons. One is performance, like I mentioned, and the other is developer ergonomics. So if we go back to the template here, we see that this template renders two different properties in the same template. And it's much easier to reason about these templates if we don't have to worry about the order in which these properties are set or whether or not they've both been set together or not. So we'd like to take all the changes that are incoming for an element, batch them together, and then let you write a simple declarative template to render your element. And so an interesting implication of this is that lit element rendering is always async. You never opt into being async, and you can't opt out to being a synchronous. And when we explain this to people, sometimes we get a question, won't the UI partially update? And the answer is no, and I built a little animation here to try to show this. So here we have a tree of elements. Let's assume these are all lit elements and they're passing data down the tree via properties. And so that's our component tree. And then right here we have the microtask queue. So hopefully in other talks they've talked about this, we have a queue of microtasks that the browser runs through to completion before it will paint or handle user input. The yellow box here is our current microtask. And so if we have some code that runs that's gonna set a property on A, that's gonna cause its microtask to be in queue. And then when A gets to run, it might set some properties on B and C, so their tasks are gonna be in queue. And B is gonna set some properties on D and E, C is gonna set some on F, and so forth. And we get to run through this entire queue until it's empty. Once it's empty, then the browser can paint. And to show this with a demo, I made a demo here of a tree of elements and each one takes an artificially long time to render. And so normally, you might expect, if you don't know how the microtask queue works, that these might paint in individually. And we'll see here that if we click the render button here, that they all snap in at once. So even though each one takes 50 milliseconds and the whole thing takes 750 milliseconds, we don't see the intermediate states. And this is great if your UI is painting fast, if it's not taking 750 milliseconds. But if your UI, if you have a very complex tree and your UI is rendering slowly, then we've just introduced jank, which we don't want. So this brings us to the next technique, which is non-blocking rendering to keep a responsive UI. So we just saw that we can have async rendering, but still block paint and input. And we know we can have complex UIs that take a long time to render. And we know we need to render in less than 10 milliseconds to keep our 60 frame per second target. And one way to look at this is that we have all these microtasks here in the blue rectangles and they kind of fill out a complete task and this task blocks rendering. And as long as the complete task fits within our 10 millisecond budget, we're fine, right? But as soon as the task exceeds the budget, we're gonna introduce jank. So our technique here is to break this up so that instead of having a whole bunch of microtasks in one long task, we just give a task per component to render. And now these will hopefully fit in under 10 milliseconds and we will get smooth updates. So the way we're gonna do this is we're gonna tap into this asynchronous update pipeline that LitElement has. And we're gonna customize the schedule update task step right here. So that brings us to our first experimental helper that we're calling for the moment, lazy LitElement. The way that this works is that under the hood in LitElement, there's a method called schedule update. And by default, this thing just waits for a microtask and then it calls validate which does the work of rendering. And so what we do in lazy LitElement is we override this and instead of waiting for a microtask, we wait for a promise that's resolved on set timeout timing. It's a very simple thing to do, but it lets the browser paint and handle input before we render. So now if we go back to this demo here, we can turn on lazy rendering. And now everything's gonna render on set timeout timing and you can see that we paint the intermediate steps here as we go. And so we've reduced shank and by showing some intermediate state. And so a lot of frameworks have been working on asynchronous rendering over the years and especially React recently. And they have created a demo that I quite like which is a Sir Pinsky triangle demo. And the way this works is that you have a large tree of components here and each one of these has also been written to take an artificially long amount of time. And they all have a label and this label represents data flowing down the tree. So to update the label on all the components is gonna take a little bit of time. And while we're updating the label, we're gonna animate the size of the tree and we want this animation to be smooth and it's driven from JavaScript. So if we take a long time to update the tree, we're gonna get jank. This is a nice demo because it highlights some subtleties that you need to take care of when doing asynchronous rendering. So we have an expensive sub tree to render. We want this continuous script driven animation to be smooth and then on top of that we have these high priority inputs that we also wanna handle. So I implemented this here with regular element that uses the microtask queue and you can see that as the triangle updates in size we get some jank in the middle there and we wanna avoid that. So it's very simple to re-implement this just by changing the base class to lazy lit element and now you can see that we get a smooth animation even as we update the labels here. But next I mentioned we wanna have these high priority inputs. So this brings us to the idea of urgent updates. If you defer rendering, it's possible that you have situations where you wanna render sooner than you've scheduled yourself to be rendering. And so with these urgent updates, what we've done is we've created in lazy lit element, we don't just override the schedule update method, we add a new method on here called request urgent update and that's gonna be called and make your element render sooner. And it's a very simple implementation, I wanted to show it because it's a little bit interesting. So instead of waiting for a promise that resolves with set timeout, we still do that, but we also store, let me go back here. Maybe not. We restore the resolve function on the instance of the element when we schedule an update. And then we can go back and we can call that resolve function which will cause our promise to resolve earlier than it was scheduled to. So in essence, we're kind of jumping from the task queue over to the microtask queue and we're gonna render as soon as possible. Okay, so this is how you would use it. So we have a partial implementation of our dot element here and these are some event callbacks that might be called from on mouse over and on mouse out and they're simply gonna set the state that our rendering is based on and then they're gonna call request urgent update to kick us to the faster timing. And so once we do that, you can see that we have our smooth animation, our labels update and we get a fast hover over effect here by calling request urgent update. Okay, and let me talk real quick about scheduling. So in that demo there, I did a very simple thing. I said instead of using a microtask, we're gonna use a full task. And I actually didn't expect that to work as well as it did when I made the demo, but it did work very well. The browser ends up doing a very good job of kind of executing as many tasks as it can before it has to paint a frame. But it's pretty naive and it leaves off a lot of features that we would like like different priority queues, the ability to cancel work, the ability to coordinate long chains of tasks that are all related together. So that schedule update method is exactly where we would like to plug in to a native platform scheduler API like Shuby and Jason talked about earlier. So the important point is that with web components, we don't have a kind of overarching framework that can coordinate and schedule our components for us and we might get components from different vendors. So being able to plug into a global platform-vendored API for scheduling is gonna help us tremendously here. Okay, there we go. Let's move on to talking about managing async state. So so far we've talked about being asynchronous on a per component level. So yielding to the browser and letting it paint in between components. But sometimes we need to manage data that itself is asynchronous. And let HTML rendering is synchronous by nature. When you give the render function a template, it's gonna do all the work immediately to render that. So what do we do if we wanna render asynchronous data inside of a synchronous template? So we can look at how we handle data normally here and if we have a string and just kind of a plain reference to that string, it's pretty easy to use. We just use it in a template and we get the rendering that we wanted. And if we change this instead to load off the network, it turns out that let HTML handles promises already. And so what we'll get is a blank screen here and then when the promise resolves, we'll render hello world. So this is kind of nice. We get some behavior that we might expect right out of the box. But we might not wanna render a blank screen as our initial state. So this brings us to the idea of directives. And these are functions that are a little bit special and they're able to customize how templates are rendered by let HTML. And one of the more useful directives that let HTML ships with is called until. And what until does is it takes a promise and it will render the result of that promise when it resolves, but it will render a placeholder until that promise does resolve. So we can use that here and you see that in the template, we call the until directive with our promise and the loading placeholder and that's gonna show first and then when it resolves, we're gonna render our content there. So this example is a little bit too simple because it assumes that we have this promise available already that we wanna use. And a lot of times, instead we wanna run some task when we need to render and we might have some operation that's dependent on some instant state. So in this version of the example here, we have a file name property and we wanna fetch some data based on that file name. Now we might be tempted to call fetch inline with the template so that we'll fetch the correct file and then render it. And this does work, but it has a problem where every time we render this template, we're gonna call fetch and we might be rendering the template because some other properties change. And in this case, we're gonna flood the network with lots of fetch requests. And we also might show an alternating kind of loading and resolve state in our UI. But it's almost the mental model that we want, right? So what we really wanna do is we want to be able to run a task that's dependent on some data only when that data changes. So that brings us to the next experimental helper here that we call run async. And what run async does is it performs an async operation but only when the data it depends on changes.  So the way it works is that you give it an async function that takes some data and produces a result and it returns to you a directive that you can use inside your lid HTML template. So if we wanna reproduce the previous example here using this fetch, we can just create a fetch content directive by passing run async a function that takes a file name and calls fetch for us. And when we go to use it, we can just use it inside of our template and we pass it the file name here and then we pass it another template that's gonna render when we have successfully resolved that promise. So this lets us get part of the way to our goal here. We can render some asynchronous data but it turns out that asynchronous data can be in a number of different states. For any async operation, you can be an initial state which means you haven't started it, you can be pending, it can have successfully completed or ended in failure. And so it really helps us if we model and think about all of these states explicitly so that we make sure we handle them. We can see that our directive actually takes templates for all of the different states that our UI can be in. So we have a success template, pending template, a initial state template and the error template. And to make this a little bit more realistic, I made a demo that searches the NPM package repository. And this is a basic kind of searches you type live search result demo and it has a simple UI, we just have a search box and a results panel down here. Okay, so we're gonna build this demo in two parts, hopefully. So first we're gonna define a search package's directive using run async. And so here's our initial starting point for this directive. Our async task function here is going to generate a URL for the NPM search service here and then get the results by fetching it. And then here we're gonna handle the response and just do a little bit of due diligence and make sure that we have a 200 response and return that, otherwise we throw the message we got back. And I wanted to make this task able to kind of trigger that initial state template. And the way we do that in async is that we throw, in run async, we throw an initial state error. So here I'm just gonna check to make sure we have a query we can execute and if not I'm gonna throw this error and run async is gonna render the initial state template. And then it turns out that the NPM registry is a little difficult to get it to trigger an error. Usually it just returns empty results. So to be able to show the error state template, I just do some pre-validation here of the query and make sure we don't start with the dot or underscore. And then finally to make this even more realistic, if you're doing a search as you type UI, you're gonna have a lot of requests that you initiate where you don't care about the results because you've typed in a different query by the time the result gets back. And so the Fetch API is able to take something called an abort signal so that we can cancel the requests. And so run async will generate an abort signal for you and then you get it in this options argument here and you can forward this on to the Fetch API. And so this is our entire search packages directive here built with run async. And so next we just need to use it. Here's a little snippet of the demo UI. We have an input element here which just simply displays the query and updates the query on input. And then down here we use the search packages directive. And so we use it by passing it the query and then we give it a success template. Here we just iterate over the results and display little cards. And then we give it the pending initial and error state templates here. And so when we go to use this demo, we see that we have the initial state template rendering, sorry that's small, it says enter a search term. When we type it turns into loading and then we get our results back. And if we were to go back and enter a query that starts with an invalid character, you're gonna see the error template there and that even updates as you type. And if you realize your mistake and go in and type in a new term, you're gonna get all the intermediate async state templates as you type. So that's the demo and now you really did see most of the implementation there so it was quite easy to do with that directive. And the key takeaway here is that we wanna explicitly model our asynchronous operation state. If we do that, we're more sure to take care of all the states that we can be in. And if we build a UI for each state, then we're gonna accurately let our users know what is going on with the application and they're gonna have a better user experience. Okay, so finally, once we have an application and a UI built up of all these asynchronous components, we might need to coordinate them. So if you have a lot of async children in your page, how do we ensure a consistent UI if you want to? Or how do we avoid a sea of spinners? And so I added to demonstrate the sea of spinners problem, I added to the demo a little feature here where when you search, the cards are gonna do their own query to bring up the disk tag of your MPM packages. And you can see there that we saw a lot of spinners on the page and this can be kind of a distracting UI so we wanna give developers an option to not have to deal with a sea of spinners. And the way we're gonna handle this is that we're gonna coordinate the components here with events. So what we're gonna do is we're gonna fire a promise carrying event and that promise is gonna resolve when some work is done. So an async child component creates a promise, fires this event and then resolves the promise.  The container is gonna handle the event and wait for that promise and then the children when their work is done, they're gonna resolve the promise and finally, when all the promises have settled, we're gonna update the UI. So that brings us to our last experimental prototype here called pending container and pending container kind of takes care of all this plumbing for you. And it's a class mix in so you can apply this to a super class like lit element and this has two features too. We have a has pending children property so this indicates whether or not there's async work happening below you and when this property changes, it's gonna cause a re-render of the element and then we have an event listener that listens for the pending state event and then triggers the bookkeeping so that we know if we have any extra work pending below us and to use it, you can just apply this mix in to the super class here to lit element and once you do that, you get available the has pending children property that can use in your template and so now we're gonna add a spinner and this is a top level spinner to the UI that's triggered based on whether or not there's any pending children and so the run async helper is gonna fire these events for us and this container mix in is gonna capture them and so what we're going for here is a UI where we have a spinner and it happened again. There we go, okay. Might just be a faulty button here. So what we wanna add here is a spinner at the top of the UI that's gonna be going whenever there are pending search results coming back from the server or we have children that need to update. So now you see we get the spinner as we type. We don't get the spinner on the children but we can see the top level spinner is still going and then the results come in and the spinner stops and so that's the UI we were going for and it was pretty straightforward to build with these directives. So when you have an asynchronous UI there's a lot of different options that you have for how to handle this. You could try to block the UI while you have pending work. You could show the raw incremental updates. You could have individual spinners on your page or you could try to replace that all with top level placeholders and spinners. So what you wanna do kinda depends on the UX and the UI that you're trying to build but the key here is to provide the plumbing and the framework and the nice API so that you can build whatever you choose to build. And that went two slats for it. All right, well this is my wrap up. So we're very excited about some additional work that's gonna be done in this area. So Jason and Shuby talked about the native scheduler API which we're extremely excited about. Display locking is a new proposal where you're gonna be able to lock an entire portion of your screen so that you can update it incrementally and then flip it to the new version and Gray talked about virtual scroller which is gonna let us handle large amounts of data as well. And then on our end we're gonna be working on more libraries and examples of how to do things like lazy load components, background rendering and viewport based visibility rendering so that things only render when they show up on the screen. I have a few links here. These would probably be easier to get to from the video. And then I'm gonna be over in the ask Chrome area doing Q and A after this if you'd like to ask any questions. Okay, thank you.


Tommy Chong is more than a comedian. He is an entrepreneur. He's a businessman. He is all over the cannabis industry from one end to the other. And his latest endeavor is called 8th Icon. It's which his comedian partner. And now you guys are moving into dispensaries. Let's talk about that because you already had the Tommy Chong cannabis company. So what made you decide to do the dispensary business as well? Well, a couple of reasons. You know, Cheech and I together, the Cheech and Chong brand is priceless. You know, it's it's been around longer than most people. And we we hesitated getting in early because it was too early. You know, it was hard to see where things were going. And now that we see where things are going now, it's time for us to come in and do it right for everybody. You know, because you know, when you do anything just for the money, it's not going to last. But because Cheech and I, you know, our love has always been the weed. And we've always fantasized on how we would sell it. You know, one of our movies, we had a pot cafe in Amsterdam. Another movie we had a ice cream business that we're selling weed on the side. And so we've been sort of waiting for the right combination of people to come in and do it right. And now we got it. And what we're doing, we're opening up in in Cheech and Chong territory, which is LA and San Francisco. And then we're going to start with San Francisco, work to LA, and then we're going to conquer the world. We're going to weed is going to save the world. And it's going to be the Cheech and Chong dispensaries that spearhead everything. And it sounds like the dispensaries are almost an homage to your comedy past. It sounds like you're going to have things there merchandise and maybe even perhaps some movie props. Absolutely. Absolutely. It's, it's, it's one of those things. What we did with up in smoke was with all the, with everything is sort of like timeless and priceless, especially up in smoke. Because, you know, visually we, we, we sort of like educated the world on, on the, the, the, the beauty and the humor of, of not only marijuana, but the marijuana culture. Yeah, we're going to be selling merch and we're going to be selling the product itself, but more than anything, we're going to keep reminding people of how spiritually inclined this plant is and how it should be treated with that reverence that you do give anything sacred. So do you think that approach is going to make you more successful with this endeavor than some of the other celebrities that have endorsed cannabis? Because we've certainly seen a few other celebrities endorse cannabis and put their names on products. And maybe they had something to do with it. Some of them had very little to do with it and just kind of slap their name on a product. And so there's been a little bit of a backlash within the industry towards these, you know, endorsements or these licensing deals, really. Do you feel that you're bringing a little more authenticity to the brand than maybe? Well, for sure. The thing is, see, Cheech and I, we staked out our claim. We were our marijuana. There's no doubt about it. You know, when you say Cheech and Chong, it's synonymous with the plant itself. The other celebrities, although, you know, they smoked it. You know, they didn't make their living like we did. You know, they had songs. They had their singers. They were musicians. You know, they were singing. Yeah, sure, Bob Marley, you know, in the ganja. But they're still, their main thing is singing and playing music. Well, Cheech and Chong, we played music. But what do we sing about? Marijuana. Right, right. And everything was geared, really, to opening people's minds to the culture. Well, I think you're very brave in doing that. Like, you owned it. You embraced it. And you weren't ashamed of it. You said, this is who we are. This is what we're doing. And I think that that is the authenticity that people in the industry respect. Because, you know, during the Reagan years, and they just say, no, you continue to be who you were. Yeah. I can't wait until we can travel again. And I can come to a Cheech and Chong dispensary. Oh, you're going to love them.  Because we're not just going to sell the best product in the world. We're going to turn people on to the best lifestyles. But it's been a wonderful experience for me, a wonderful journey. And it's not over. It's still going. Absolutely. I can tell you've got a long ways to go. Thank you so much, Tommy. Again, I really appreciate you taking the time to speak with me and to give the time to green marker report. Well, you've got my number. So anytime you need me, I'm here. Thank you.


ಶಾಣಿವತ್ Throw ಒಾತ್ ಗಿನ ನಾ ಎಬು ಗಳ ಆಘನನೆ ಅವಂಭ ನುತಿ ಬ Daten ಮಾಂ ದು ಲ್ಸಿ ಇ� enthusi liquidity of fold recommend to those bersule to examine the working of the Zener diode, the student will be able to draw the VI characteristics of the Zener diode and the student will be able to state the applications of the Zener diode. The diode is a specialised electronic component with two electrodes called anode and cathode. The Zener diode is the type of semiconductor diode that permits current not only in forward direction but in a reverse direction. So the Zener diode is the specialised device which is designed to operate in reverse breakdown voltage. The symbolic representation of Zener diode is like this. It consists of terminal anode and cathode. The symbol of Zener diode is similar to PN junction diode only change that there are bent edges at this bar. The real appearance of Zener diode is like this. The breakdown voltage of Zener diode is controlled by the doping level of impurity. So doping means what? To add the impurity into pure semiconductor material. So the Zener diode is heavily doped. Heavily doping means the high amount of impurity is get added into P and N type semiconductor. So due to this higher amount of impurity or heavily doping the width of depletion region is small or thin as compared to PN junction diode. In forward biasing the positive terminal of external DC supply is applied to the anode and negative terminal of external DC supply is applied to the cathode. When battery connected in this way the positive terminal is connected to the P type semiconductor. Then the majority charge carriers that is the holes which are from P type semiconductor these are the positively charged. So these majority charge carriers from P type semiconductor which are positively charged will repel towards the junction. Similarly the majority charge carriers which are negatively charged from N type will repel towards the junction due to this negative terminal. So here as the this external voltage increases the width of depletion region decreases and at one particular voltage this depletion region will get completely collapse. And this majority charge carrier after that can cross the junction easily. So due to this movement of majority charge carrier through the device the current flows through the device that current is called as a forward current. So these are the forward VI characteristic of Zener diode. The forward voltage is on X axis and forward current is on Y axis. After forward voltage is very small the forward current flowing through the device is also small. After one particular voltage that is after the curtain voltage the current flowing through the device increases exponentially. So these characteristic are similar to the PN junction diode characteristic. In reverse biasing positive terminal of external DC supply is applied to the cathode. Negative terminal of external DC supply is applied to the anode. Then whenever the reverse voltage is small the current flows through the device. This current is due to the minority charge carriers that is electrons minority charge carriers which are present in P type semiconductor and holes minority charge carriers which are present in a N type semiconductor. Due to this minority charge carriers very small amount of current flows through the device that current is called as a leakage current. Now width of depletion region in a Zener diode it is very thin as compared to PN junction diode. So due to this as the reverse voltage increases the strong electric field is generated across this depletion region. And due to this Zener breakdown takes place. Let us see how this Zener breakdown takes place. So whenever the reverse voltage increases the depletion region across its electric field becomes very strong. This depletion region consists positive and negative immobile ions. So these are the electrons which are present in the orbits of these atoms. So these valence electrons which are present in these ions these electron gains a higher energy due to the strong electric field. And these electrons knock off from this atom that is they will breaks the covalent bond with its parents atom. Now these electron becomes free. So these free electrons are now available for a current conduction. So as the reverse voltage increases large number of electrons will breaks the covalent bond and becomes free. So due to these free electrons the current flowing through the device increases suddenly and this mechanism is called as a Zener breakdown mechanism. The reverse vi characteristic of Zener diode here on the y axis there is a reverse current and on x axis reverse voltage. So whenever the reverse voltage is small the very small leakage current flows through the device. That current is due to the minority charge carriers. Whenever the reverse voltage becomes equal to the Zener voltage the current flowing through the device increases sharply or rapidly. So that at that voltage this voltage is called as a Zener voltage. Now question what is the basic difference between PN junction diode and Zener diode. In the previous lecture we have seen the PN junction diode. So from that find out the difference between the PN junction diode and Zener diode. First the video for a while and think the PN junction diode and Zener diode its difference. First in PN junction diode the current flows in only in forward biasing mode that is in only one direction. And in Zener diode the current flows in forward as well as reverse biasing mode. So current flows in both the direction. The doping level of PN junction diode is moderately, PN junction diode is moderately docked and Zener diode is heavily doped. The breakdown voltage for PN junction diode is higher as compared to Zener diode. The one of the application of PN junction diode is rectify and for a Zener diode it is used for a voltage stabilizer. So these are the some more applications for Zener diode. Zener can be used as a regulator, comparator, limiter in power supplies. This is the one of the application of Zener diode. So Zener diode can be acted as a voltage regulator. So voltage regulator means it provides the stable voltage across the output. This is the circuit diagram for voltage regulator. Here the input supply is applied across the Zener. This resistor is used for a current limiting purpose. To the Zener diode is connected in a reverse biasing mode. The load is connected parallel to the Zener diode. So whenever the input voltage varies, the current flowing through the Zener diode that is the IZ also varies. But the voltage across the Zener that is the VZ remains constant and the same voltage remains present across the load. So any variation in the input voltage, the voltage across the load remains constant. So in this way the Zener diode act as a voltage stabilizer or voltage regulator. Advantages of Zener diode, its power dissipation capacity is very high. Its accuracy is high, small in size and low in cost. These are the references. Thank you.


Thank you. Thank you very much. Thank you. Thank you. Good night. Ladies and gentlemen, the Vice President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today's meeting of the Governing Council, which was also attended by the Commission Vice President Mr. Dombrovskis. Based on our regular economic and monetary analysis, we today conducted a thorough assessment of the strength and persistence of the factors that are currently slowing the return of inflation to levels below but close to 2% in the medium term and reexamined the degree of monetary accommodation. As a result, the Governing Council took the following decisions in the pursuit of its price stability objective. First, as regards the key CB interest rates, we decided to lower the interest rate on the deposit facility by 10 basis points to minus 0.30%. The interest rate on the main refinancing operations and the rate on the marginal lending facility will remain unchanged at their current levels of 0.05% and 0.3% respectively. Second, as regards non-standard monetary policy measures, we decided to extend the asset purchase program. The monthly purchases of 60 billion euros under the asset purchase program are now intended to run until the end of March 2017 or beyond if necessary and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its aim of achieving inflation rates below but close to 2% over the medium term. Third, we decided to reinvest the principal payments on the securities purchased under the asset purchase program as they mature for as long as necessary. This will contribute both to favorable liquidity conditions and to an appropriate monetary policy stance. The technical details will be communicated in due time. Fourth, we decided to include in the public sector purchase program euro denominated marketable debt instruments issued by regional and local governments located in the euro area in the list of assets that are eligible for regular purchases by the respective national central banks. Fifth, we decided to continue conducting the main refinancing operations and the three month longer term refinancing operations as fixed rate tender procedures with full allotment for as long as necessary and at least until the end of the last reserve maintenance period of 2017. Today's decisions were taken in order to secure a return on inflation rates towards levels that are below but close to 2% and thereby to anchor medium term inflation expectations. The latest staff projections incorporate the favorable financial market developments following our last monetary policy meeting. They still indicate continued downside risk to the inflation outlook and slightly weaker inflation dynamics than previously expected. This follows downward revisions in earlier projections exercises. The persistence of low inflation rates reflects sizable economics lack weighing on domestic price pressures and headwinds from the external environment. Our new measures will ensure accommodative financial conditions and further strengthen the substantial easing impact of the measures taken since June 2014 which have had significant positive effects on financing conditions on credit and on the real economy. Today's decisions also reinforce the momentum of the Euro areas economic recovery and strengthen its resilience against recent global economic shocks. The governing council will closely monitor the evolution in the outlook of price stability and if warranted is willing and able to act by using all the instruments available within its mandate in order to maintain an appropriate degree of monetary accommodation. In particular the governing council recalls that the asset purchase program provides sufficient flexibility in terms of adjusting its price, composition and duration. Let me now explain our assessment in greater detail starting with the economic analysis. Euro area real GDP increased by 0.3% quarter on quarter in the third quarter of 2015 following a rise of 0.4% in the previous quarter most likely on account of a continued positive contribution to consumption alongside more muted developments in investment and exports. The most recent survey indicators point to an ongoing real GDP growth in the final quarter of the year. Looking ahead we expect the economic recovery to proceed. Domestic demand should be further supported by our monetary policy measures and their favourable impact on financial conditions as well as by the earlier progress made with fiscal consolidation and structural reforms. Moreover low oil prices should provide support for households real disposable income and corporate profitability and therefore private consumption and investment. In addition, government expenditure is likely to increase in some parts of the Euro area reflecting measures of support of refugees. However the economic recovery in the Euro area continues to be dampened by subdued growth prospects in emerging markets and moderate global trade the necessary balance sheet adjustments in a number of sectors and by this laggy space of implementation of structural reforms. This outlook is broadly reflected in the December 2015 Euro system staff macroeconomic projections for the Euro area which foresee annual real GDP increasing by 1.5% in 2015 1.7% in 2016 1.9% in 2017. Compared with September 2015 ECB staff macroeconomic projections the prospects for real GDP growth are broadly unchanged. The risks to the Euro area growth outlook relate in particular to the heightened uncertainties regarding developments in the global economy as well as to broader geopolitical risks. These risks have the potential to weigh on global growth and foreign demand for Euro area exports and on confidence more widely. According to Euro stats flash estimate Euro area annual HICP inflation was 0.1% in November 2015 unchanged from October but lower than expected. This reflected somewhat weaker price increases in services and industrial goods mainly compensated by a less negative contribution from energy prices. On the basis of the information available in current oil futures prices annual HICP inflation rates are expected to rise at the turn of the year mainly on account of base effects associated with the falling oil prices in late 2014. During 2016 and 2017 inflation rates are foreseen to pick up further supported by our previous monetary policy measures and supplemented by those announced today by the expected economic recovery and by the pass through of past declines in the Euro exchange rate. The governing council will closely monitor the evolution of inflation rates over the period ahead. This broad pattern is also reflected in the December 2015 Euro system staff macroeconomic projections for the Euro area which foresee annual HICP inflation at 0.1% in 2015 1% in 2016 and 1.6% in 2017. In comparison with the September 2015 macroeconomic projections the outlook for HICP inflation has been revised down slightly. Turning to the monetary analysis recent data confirms solid growth in broad money with the annual rate of growth of M3 increasing to 5.3% in October 2015 from 4.9% in September. Annual growth in M3 continues to be mainly supported by its most liquid components with a narrow monetary aggregate M1 growing at an annual rate of 11.8% in October after 11.7% in September. Loan dynamics continued the path of gradual recovery observed since the beginning of 2014. The annual rate of change of loans to non-financial corporations increased to 0.6% in October up from 0.1% in September. Despite these improvements developments in loans to enterprises continue to reflect the lagged relationship with the business cycle credit risk and the ongoing adjustment of financial and non-financial sector balance sheets. The annual growth rate of loans to households increased to 1.2% in October compared with 1.1% in September. Overall the monetary policy measures in place since June 2014 have clearly improved borrowing conditions for both firms and households and credit flows across the Euro area. To sum up the lack of the outcome of the economic analysis with the signals coming from the monetary analysis confirmed the need for further monetary stimulus in order to secure a return of inflation rates towards levels that are below but close to 2%. Monetary policy is focused on maintaining price stability over the medium term and its accommodative stance on economic activity. However, in order to reap the full benefits of our monetary policy measures other policy areas must contribute decisively. Given continued high structural unemployment and low potential output growth in the Euro area the ongoing cyclical recovery should be supported by effective structural policies in particular actions such as this environment including the provision of inadequate public infrastructure are vital to increase productive investment boost job creation and raise productivity. The swift and effective implementation of structural reforms in an environment of accommodative monetary policy will not only lead to higher sustainable economic growth in the Euro area but will also raise expectations of permanently higher income and accelerate the beneficial effects of reforms thereby making the Euro area more resilient to global shocks. Physical policies should support the economic recovery while remaining in compliance with the fiscal rules of the European Union. Full and consistent implementation of the stability and growth pact is crucial for confidence in our fiscal framework. At the same time all countries should strive for a more growth friendly fiscal consolidation for a more growth friendly composition of fiscal policies. We are now at your disposal for questions. Thank you. Please have a microphone in the front row. Brian Blackstone with Wall Street Journal with your deposit rate cut today are you at the lower bound or is there more room to cut that rate? And my second question is it seems like what you've done is a little bit on the low end of the range of what the financial markets had expected in terms of your stimulus package today. It seems like the initial reaction in the financial markets bears this point. Why didn't you do more given how much you've warned about the risks of low inflation? Why didn't you raise the monthly purchase amount? Why didn't you cut the deposit rate more? Thank you. Thank you. Well, let me tell you how we came to take the decisions we've taken. In the last governing council we decided to assess whether the degree of monetary accommodation that we had achieved until then was adequate or needed to be recalibrated. And this exercise basically showed three conclusions. The first is that we are witnessing a continuing recovery gradual but continuing recovery driven mostly, as I said a minute ago, by consumption. The growth rates in this year have been 0.4, 0.4 and 0.3% over the last three quarters. The drivers to this recovery are first are commodity monetary policy, second less fiscal headwinds to our fiscal policy, and third very importantly is the oil prices of course, which are supporting real disposable income. But also our policies have been effective also on the inflation front because if you observe, especially in the last month we've observed that for one, I wouldn't say the first time but certainly after a long time, the correlation between our inflation expectations measures and the current inflation of the oil prices has decreased or has just disappeared. So overall the conclusion about our policies was that they've been effective. Let me also, well I can dwell on that later to show, to give you a few figures of how effective these policies have been in improving the credit conditions in improving the financial markets conditions and in supporting what we have seen so far happening in the real economy. The question then was have they been effective enough for us to be confident that we would reach our objectives about inflation within the horizon that we have planned and the answer we gave ourselves was not enough so we have to do more. So let me say this very clearly we are doing more because it works not because it fails we want to consolidate something that's been a success and why did we come to this conclusion? Well we said that the last macroeconomic projections implied that downward revisions in inflation vary small but they're still there now this downward revision comes after a long series of downward revisions in inflation. Also the projections contained the effect of our policy communications in the last month already and in spite of that they had a downward revision. Also after the cut of date we had another data on inflation which was likely lower than expected. So for a variety of reasons we decided that our monetary policy accommodation needed to be recalibrated so as to have a faster convergence of our inflation objective to our 2017 horizon. Now what did we do? Well we took several decisions that I've just illustrated but one of them comes pretty new, namely the reinvestment of principal payments of principal payments. Now that is a quite important measure because it basically says that we intend to maintain the degree of monetary accommodation and favorable conditions for the liquidity longer, for longer horizon than we had been saying so far. Which means that the conditions of a quite abundant liquidity and high excess liquidity will continue for a long, long time. And we shouldn't discount another fact that we have not been discussing so far that there are a series of what we call autonomous factors coming into play in the years ahead which tend to reduce the excess liquidity. And so there are several of these. One is the repayment of the Teltro. Another one is the repayment for banknotes. Another one is the bonds purchased under the S&P program that may come due. So we counteract this reduction and we actually may do even more than offset these reductions. Which means that the conditions for this liquidity will ensure that the bonds we purchased and we are purchasing and will be purchasing will stay on our balance sheet for a long time. So I think these are very significant decisions. We contribute we we are confident that these decisions actually are adequate to achieve our objectives. Well, I said we decided this cut in the deposit rate, we think it's adequate. Mr. Rieg. Johanna Rieg, Market News. You've just explained your reasoning but nevertheless as Brian pointed out financial markets appear to be disappointed. So what is the reason there? Do you think that something went wrong in your communication in the run up to the decision? Did you perhaps overestimate your ability to convince fellow policy makers to decide something even more aggressive? Or do financial markets not understand yet how powerful these measures actually are? No, I think I'm sorry. Excuse me. The second question could you perhaps give us an idea about the discussion on the governing council and whether the decision today was or all the five decisions were unanimous. Thank you. No, they were not unanimous but it was a very large majority in favor of this package. Very large. On the first, no, I don't think so. I don't think our communication was wrong. I think these measures need time to be fully appreciated and we'll see. Mr. Speziale. Thank you. Mr. President you have said many times and today too that QE is working better than expected. At the same time you have also said that inflation is getting back to where you want it to be slower than you thought. So how do these two things square up? Is this because the euro economy works differently than you thought? And my second question is at Alte Oper here in Frankfurt last month you said that you want to bring inflation back to close to 2% in just under 2%. Is this... Can this be read as a sign that you would tolerate some overshoot to avoid the risks of too low inflation for too long? Thank you very much. Now the answer to the second question is that our inflation rate ought to go close to 2% but below 2% over the medium term and one should certainly take into account that it was well below 2% for a long time. On the second point we do say and we just said that our QE has been quite effective. Let me give you a few figures. The market-based financing conditions showed a fairly significant success of our policies. Euro era 10-year government-born yields fell by around 20, 120 basis points between June 2014 and now. We have the same decline in yields on bonds issued by firms, by banks and basically the declines that cuts in the deposit-facility rate have enhanced the power of our transmission channels. But the most important thing is the fall in the cost of credit. The cost of credit for the Euro area for the whole of the Euro area bank lending rates fell by approximately 80 basis points. Just think about that to achieve that under normal circumstances one needs a reduction in interest rates by 100 basis points and the transmission channel of this reduction to lower lending rates has been faster. For so-called vulnerable member states such reduction was to up 140 basis points so credit has become much cheaper. Credit volumes have become much broader and more significant for both households and firms all across the Euro area. Spreads have been going down for between large borrowers and small borrowers and between borrowers in the vulnerable countries or in end in the known vulnerable countries. So all in all all these measures have had an effect on the economy. So let me give you a figure produced by our staff in absence of our measures inflation would be at least half a percentage point lower next year and about a third of a percentage point lower in 2017. But also the impact on GDP is very sizable. Our measures are contributing to raise GDP by almost 1% in the years 2015 2017. So I think we rightly claim that our policies have been effective. Because we calibrated at the beginning in January 2015 we calibrated QE on the basis of certain conditions. And these conditions have changed through 2015 and in particular during the summertime because of changes in the external factors the weakening of emerging market economies the appreciation of the exchange rate and so on all this produced lower inflation. So we had to recalibrate and we are going to do this on and on as the external conditions to risk the achievement of our objectives. Miss Chathadi? Julia Chathalie, CNBC International I think some of the disappointment that we're seeing in the market can be tied to the lack of movement on the size of monthly purchases. Can I just ask you if you did talk about increasing that size and whether somewhere in there we can tie the decision not to to the prospect of diminishing returns given how low sovereign bond yields already are and you did talk about the deposit rate. You said it was adequate at this moment but can I ask again are we at the lower bound for the deposit rate please? We have a menu of options fortunately our monetary policy has many tools. Our asset purchase program is flexible we can always adjust its horizon its size its design and we are not going to be I would say hampered in doing this by technical issues as a matter of fact we are going to revisit or review some of the technical parameters of our program in the spring. This time we decided that the extension of the horizon and especially the introduction of the reinvestment would be the right thing to do and the new calibration was achieved after that would tell that we would be able we are confident to reach our objectives within the horizon as we planned which means basically we are not excluding the use of all other instruments if we were to decide that they were the right ones to do. I said before that the count we decided today is adequate period. Clare Jones Financial Times you've noted on many occasions that QE has had quite a big impact on lending conditions on credit markets yet we've seen very little change in core inflation since January is that what you would have expected when you first announced QE and if not why do you think it's happened and why will what you've announced today address this well seem in contrast between the impact of QE on credit markets and on the real economy? Well there are many, many factors that affected the core inflation projections as we had it since January 2015 the most important ones I've just mentioned is the oil prices and the situation in the emerging market economies what we've done since then is to create a very favorable financial condition and credit markets condition so that firms and households even though burdened by these external factors could find credit easier to access and more abundant and we've seen this especially mainly through higher consumption and higher real disposable income and the interesting thing to see is that for now for the first time this year the recovery is becoming broader and is actually driven mostly by consumption rather than exports and the other interesting thing to see is that consumption and real disposable income move together namely the savings rate is flat which is also a good sign so we see that gradually our QE is translating itself into improvement, into improving economic conditions in the euro area Ms. Abbasald? Yes, Abbasald, no, you're too much at Zeitung at the last meeting you told us that expert groups were analyzing the functioning of APP to tell us something on the outcome so especially what channel worked best so the portfolio rebalancing or expectation? Yes, the measures that the governing council decided today had been discussed quite in a quite detailed fashion by all the relevant committees and basically our decisions do reflect their discussions and we analysed different responding to the question that was asked before why have we chosen to widen the horizon why have we chosen to introduce this reinvestment factor also this was analysed by the committees and that we basically followed their views in taking these decisions Mr. O'Donnell? Could you quantify the impact of your purchases in the municipal bond market just how big this market really is for the ECB and in the future there are many other securities which are potentially there to be bought could you perhaps shed some light on other potential areas where the asset purchase program could be extended to for example in the area of non-performing loans there would be the possibility of extending asset-backed security purchases to instruments that would include at least some element of non-performing bonds in the future perhaps I would say first it's too early to say what's the extent of our purchases in the original bonds that I've just stated in the introductory statement it's too early to say but it's also too early to say in which direction we're going to extend if we'll ever need to extend because so far we don't have to we have the overall situation it's been said several times that we wouldn't be able to buy the bonds and in fact bonds are there to be bought in good supply so it's just too early to project further extensions it would be also premature Mr. Malin Dave McQAP I'll take Mr. Malin afterwards sorry Mr. Draghi my first question is Jan Malin from Handelsblatt my first question is on the deposit rate what is the main intention behind this lowering the experience seems to be quite mixed in countries like Switzerland is it supposed to push down the exchange rate of the euro and that my second question is on the unfi agreement between ECB and national central banks some national central banks seem to have bought quite large amounts of assets during the past years while others have not is that a cause for concern for you well on the second question look, unfi purchases are entirely a matter for national central banks they decide their investment policy in complete independence often it's very hard to understand what what are the purposes why they buy certain bonds often for example very often is for their pension funds I would exclude completely you didn't say that but you may have said that you may have thought about this in your mind I would exclude completely any possibility of monetary financing they are not buying from the primary market and their investment policies are pretty broad based so it's a question that I think you as far as you should ask them on the first point we simply observed that cuts in the rate on the deposit facility vastly improves the transmission of our monetary policy vastly improves the transmission of our monetary policy for example some of you ask or is about to ask why we left the MRO unchanged mainly because all the short term interest rates now follow the rate on the deposit facility which has become really the driver of our monetary policy and then this will have consequences positive consequences on the real economy thank you Mr. McHugh the level of ECB accommodation the level of ECB accommodation you or so has put some pressure on the central banks in other countries Switzerland, Denmark, Sweden just wondering the extent to which ECB considers the plight of its neighbors when it's doing monetary policy and what if any communicates to them more this is a very important question that we ask ourselves all the times not only with respect to other countries here in Europe but also with respect to the monetary policy and the central banks of emerging markets and we really have to think and to reflect that we are bound by our mandates our mandates are national mandates are based on our own national jurisdictions this holds for the ECB holds for the Fed, holds for the Bank of England and holds for central banks but would this mean that we don't talk to our colleagues no, certainly not and with the so there is a fairly extensive I would say habit of consultation of discussion of explanation more than consultation of explanation of the reasons why we do certain things and we have what we call the spillovers and the effects of these spillovers in mind certainly but as I said we are bound by our mandates Mr. Lacour Thank you Jean-Philippe Lacour Mr. President by increasing the asset purchases until 2017 we must have in mind that then the balance sheet of the ECB could reach roughly 40% of the global eurozone in GDP is it a level or is it not a burden that at one level could be too heavy to bear and that could play a role in the discussion when you decide to extend or not the amount of this program and secondly can you explain us the rationale behind this answer you gave today to the ombudsmen of the European Parliament a quiet period for all governments one week before a meeting like today thank you Thank you On the first point is the balance sheet of a central bank is an instrument as such it should be used to reach the objective which is price stability as we have defined here so there isn't a size that is better than another size the only gorge to this is to reach the objective of price stability but I would say the other part of your question is if need be would we be able to sort of drain this liquidity in do we have the instruments the answer is yes we have the instruments we have the instruments on the other question about the now the it's not the ombudsman of the European Parliament there is an ombudsman and then there is a question by the European Parliament so we have updated our guiding principles for external communications to clarify and amplify what is already discussed during the quiet period there will be no discussion of monetary policy with representatives from financial institutions so the exact text which was updated on the 3rd of December now reads the members of the executive board reaffirm their adherence to the quiet period principle whereby speeches and public remarks in the 7 days prior to each scheduled monetary policy meeting of the governing council should not be such as to influence expectations about forthcoming monetary policy decisions similarly the members of the executive board will not meet nor talk to the media market participants or outside interests of monetary policy matters during that period so we greatly appreciate the constructive dialogue we had with the ombudsman on all aspects of transparency which we value highly and by the way we just received a letter from the ombudsman a highly congratulatory letter so Mr. Conti Domenico Conti of ANSA news agency Mr. Draghi said that the public asset purchase program would go on until March 2017 or further if necessary now how close is this commitment to basically open-ended asset purchases how close is this commitment this statement to actually doing open-ended asset purchases as long as necessary means that this group go on and on right not really no there is a date but it's also a condition and the condition is and it's part and parcel of our foreign guidance is that until we see a sustained convergence towards our objective of a rate of inflation which is below but close to 2% so we give a date and then we say if that is not enough we can continue and we said with today we are going to reinvest the goals of the bonds that we purchased it's quite important to understand that this reinvestment may start before March 2017 but will certainly continue after March 2017 so the bonds will stay on our balance sheet after March 2017 Mr. Perez this is Claudio Perez from El País Spain, last year in Jackson Hole you advocated for a policy mix with monetary policy reforms, investment and fiscal policy and today you have emphasised the role of fiscal policy do you miss more stimulus in countries more stimulus, fiscal stimulus in countries with margin like Germany for example and do you consider that the neutral fiscal stance that the European Commission is advocating for the Eurozone as a whole is adequate now in a sort of liquidity trap at this point in time by the way we had a brief exchange on this issue and our conclusion now is that first of all the answer should be given by the Commission the second point is that we will continue reflecting on this and we will have a view on whether what is the degree of appropriateness of the fiscal stance whether we have a view about the aggregate fiscal stance what is the degree of compliance with existing rules whether the flexibility which has been exercised before all the terrible happenings of this year so before the recent terrorist attacks but also before the refugees act the refugees events whether that flexibility would be justified so there are lots of factors that are playing all together how do we assess the fiscal stance today in presence of the previous flexibility the refugees the need for security of the Euro area it's a very complicated question so we are going to reflect on that Mr Draghi I would like to come back to the issue of the securities purchases by national central banks you just mentioned I mean there have been some calculations been published in a German Sunday newspaper that the Italian central bank bought up to 100 billion and the also had a similar volume of securities purchased under the ANFA and you mentioned yourself it's very hard to understand these purchases how can you be so sure that they are not bordering to a money financing of the states if they are so hard to understand and my second question why don't you publish these documents of the ANFA to make it more clear to every observer what they are about as I said you should ask them that's the answer but I can exclude completely any monetary financing that's for sure because they would be so there's no monetary financing in these purchases other than that the national central banks decide their investment policies based on their needs and it's their competence and their autonomy if you some of them communicate by the way some others don't you have central banks that don't tell anything about ANFA so you wouldn't be able to know how many bonds they've purchased so the question that you may have about ANFA should be asked to the national central banks and when I said it's very hard to understand I'm sorry I don't want to be misunderstood it's very hard to understand what is the investment policy of the national central banks because each one of them has an investment policy it's not that we are trying actually we have a say in their investment policy we don't have a say in their pension funds for example thank you I have two questions on grace is the conclusion of the first review the only precondition for the reinstatement of the waiver and the inclusion of grace in the QE and how easy could be to close the first review since the pension reform is already raising fears for political instability do you share those fears? My second question some politicians in Greece say that the share holdings of the greek state and the pension funds in greek banks have become worthless because of the capitalization method imposed by institutions what is your view thank you very much well on the pension issues really this is an issue for the institutions to discuss with the government as part of the review in January and I have nothing else to add on the recapitalization of the banks let me just I'll give the floor to the vice president so let me just say that all those decisions have been decisions by the banks themselves and the government to some extent please be to her thank you on this there are of course investments public investments in the banks they have been done for instance in the previous round of recapitalizations with the shares with limited voting rights but with full economic rights meaning the same rights to dividends as any other so there is in that respect not a problem of valuation of those public shares they participate of course in the economic results of the banks but they are limited in terms of their voting powers and this time as you have seen in the case of two banks they were able to fill shortfalls with private investors money and there are other two that were not able to do so they were able to do so in what regards the shortfall for the baseline stress test and asset quality review but not for the adverse scenario and for that they will require some money which will be public money which may be invested into the banks in a proportion of 70% to 30% 70% in cocos and 30% in shares which of course will benefit from any profits or dividends that the banks will get in the future so that's the situation so the statement that those public investments are worthless is not correct regarding the policy that we have regarding the two things so in what regards the waiver the main condition is that the governing council will be satisfied that the government will be satisfied that the government will be satisfied that the country under a program is complying with the program and that could even happen before the conclusion of the review if we would be close enough to that end of the review and we would be convinced that the review would become successful so it's not a date it's an assessment of the compliance with the program regarding the participation in QE it's more complex and it does not depend only on the successful completion of the review Mr. Akagawa Mr. Akagawa, Japanese Nike you said a large majority of the members of us have the new measures did you discuss this time the side effects or risks of the additional measures in the governing council if yes, what kind of and how can you avoid those risks is there also discussed in the governance council thank you No, this time I wouldn't say that we've discussed side effects it's a discussion that we have ongoing anyway we are closely monitoring these risks we are aware that these risks may be there so that's why first of all try to know and learn as much as one can about these risks all the times second, do we have evidence about these side effects no, so far we don't have evidence especially the growth in credit accompanied by leverage by leverage the phenomenon that we've seen pre-crisis we don't see that as I've given I've just given to you figures about credit credit is picking up, it's coming back but it's very very subdued yet and we don't see especially systemic risk we may have localized risks in different parts of the financial system and they should be addressed by macro prudential policy measures not certainly not by changes in monetary policy thank you Mr. Merli Alessandro Merli of Il Sole 24 you've alluded to the recent terrorist attacks I wonder if the possible effect if there are any of the terrorist attacks the economy were already included in your macroeconomic projection or what is your assessment of that my answer to this frank answer is we don't know we certainly have in mind that the situation ahead is full of geopolitical risks and that's why we have to be alert that's why we have to be certainly continuing our effort to pursue and achieve the price stability objective well aware that the surrounding conditions may actually get worse because of these geopolitical risks so there is I should say that in the present measures the measures we've decided today there is confidence but there is no complacency the last question to Mr. Ewing please Jack Ewing, New York Times one of the side effects I think it's very clear from your measures has been that the euro has lost value against the dollar it's getting could get close to parity pretty soon I know that the currency rate is not a policy goal but it does seem to have been effect and my question is is there a point when the euro gets so low against the dollar that the negative effects start to become a concern is there a point when the euro would lose so much value that you would start to worry about it thank you thank you and I've said this that for us the exchange rate is not a policy target but of course it's important for price stability and for growth so when we decide our monetary policy measures we have in mind as objectives the inflation the path to our objective at the same time it's quite clear that whatever we do and whatever everybody does in the world every central bank does in the world affects the exchange rate and this in turn will have effects on price stability and growth so it's very difficult to respond to your question whether we have in mind a level of the exchange rate we have in mind only our objectives of inflation and to the second extent growth thank you very much


So, what does believe mean? To believe means to discover the world. To not always understand what's happening. To stay strong even though we feel like giving up. To do the things you're passionate about. But also spend time with our loved ones. To believe means to hold on to the wonders of this world. For me, to believe means to create, to inspire, and to make the world a better place. Ugh, just a little bit of water to clear up my throat. What's up folks? So the video you just saw was entirely shot using Artgrid's stock footage. The great part is that I didn't have to leave my home and I was able to edit together a cinematic sequence that looks pretty awesome. Artgrid recently reached out to me and asked me if I wanted to make a video about their service and I thought it would be a great opportunity to show you guys what stock footage is and how you can use it to your benefit. If you're a filmmaker or a content creator, this might be useful for you. So what is stock footage? Stock footage is basically b-roll footage, usually less than a minute creators may use for their video projects. I use stock footage to fill in the gaps where I don't have enough video material to help tell the story. More important is the content of your video and the message you're trying to convey to the audience. There are many marketing campaigns out there using only stock footage to promote their business and it can really be used in a variety of video production styles. Using stock footage is often cheaper and easier solution. Maybe you don't have the time or money to travel to a location to get a specific shot for your commercial video. In this case, using stock footage would be the better solution since it's ready to use at a fraction of the cost of your own shootings. Let's now look at ArcGrid's intuitive website and how you can use their stock footage to your benefit. So ArcGrid uses high quality stock footage captured by professional filmmakers. They also have done a really good job organizing the clips, which makes it easier for users to find. From my experience, other stock footage services organize videos individually by themes where ArcGrid additionally has the option of stories, which basically are groups of associated clips shot from different angles. So you can review these stories in the filmmakers section. Here you can see high quality videos made by professional filmmakers such as Brandon Lee, who is one of my biggest inspirations. Now going back, you're also able to choose video themes, shot types and people. So for example, in the video shot type section, you're able to choose the framing, the camera movement, the time of day and other options to find the shot you need for your video. When clicking on the video, you will have the option as well to choose a variety of clips of the same video. This makes it easier to piece together clips to create a sequence making your video more dynamic. Really choose clips that are consistent with the look of the rest of your video, otherwise it wouldn't make it credible for the viewers. Really pick the right angles to avoid mismatching as well as the right lighting, otherwise the viewer may quickly get distracted. For example, the establishing shot at the beginning of the video had to be color graded to match since it wasn't part of the story sequence of the kid with the astronaut outfit. I also added the moon to make it feel more realistic and another part that I find transitioned well is the part after the UFO sequence where I cut over to the woman putting on her boxing gloves. I think it matches well since both scenes take place at night and have this bluish color tone. Now I also added a voiceover of my own voice to the entire video to tell the story better. I mean I don't have the best voice but I think for this example it worked pretty well. Another way to make the video more engaging and look more seamless is to add sound effects. It helps deliver the information and increases the production value of your video. I encourage you to really take the time to layer the clips with sound effects to bring it to life. So let me show you how it sounds when playing the clip back just with the sound effects on. As you can see, it gives the video more weight and helps the viewer understand what's happening. Music choice also plays a huge role since it evokes emotion in people and can elevate your video dramatically. You want to make sure to choose the right piece of music to match it with the mood of your story. All music and sound effects used in the video are from Artlist. Now choosing the right music isn't always easy. I know that if you have difficulties make sure to check out my video on how to find the right music for your video. I will link the video up here somewhere. So let's now talk about Artgrid's pricing. In order for you to use their stock footage depending on your needs, you can select three different subscription plans. The Junior HD for $24 per month will grant you full access to HD clips. This is great if you are using it for social meter purpose since it handles HD video much better. The Creator 4K Plus for $39 per month is the most popular one and allows you to download 4K up to 8K clips in ProRes Raw format. So you get really high quality resolution clips that you can easily incorporate into your projects. The Pro Raw Log for $49 will give you the best formats such as Raw and Log clips which allow for more flexibility in post-production when color grading your footage. Now all of the subscription plans cover personal and commercial use for your projects without having to worry about copyright issues. I think using Artgrid's stock footage is a really great way to save time, money and resource. You can use stock footage to add b-roll or even create an entire video with it. If you're interested and want to check out Artgrid, I have a link below that will give you two months for free on an annual subscription. So guys, hope this video was helpful. Let me know if you have any further questions. If you're new to this channel, make sure to subscribe so that I can keep creating awesome tutorials for you guys. Follow me on Instagram at Ben & Grace and if you want to learn more about mobile filmmaking, make sure to check out these two videos right here. Thank you so much for watching and I will see you in the next video.