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. Dombrowski. We are pleased on our regular economic and monetary analysis. Today we conducted a thorough assessment of the outlook for inflation, the risks around in this outlook and our monetary policy stance. As a result, the Governing Council took the following decisions in pursuit of its price stability objective. First, the key ECB interest rates were kept unchanged and we continue to expect them to remain at their present levels for an extended period of time and well past the horizon of our net asset purchases. Second, as regards non-standard monetary policy measures, we will continue to make purchases under the asset purchase program at the current monthly pace of 60 billion euro until the end of December 2017. In January 2018, our net asset purchases are intended to continue at the monthly pace of 30 billion euro until the end of September 2018 or beyond if necessary and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. If the outlook becomes less favourable or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase the APP, the asset purchase program, in terms of size and or duration. Third, the euro system will reinvest the principal payments from maturing securities purchased under the asset purchase program for an extended period of time after the end of its net asset purchases and in any case for as long as necessary. This will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance. And fourth, we also decided to continue to conduct the main refinancing operations and 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 2019. Today's monetary policy decisions were taken to preserve the very favourable financing conditions that are still needed for a sustained return of inflation rates towards levels that are below but close to 2%. The recalibration of our asset purchases reflects growing confidence in the gradual convergence of inflation rates towards our inflation aim on account of the increasingly robust and broad-based economic expansion, an uptake in measures of underlying inflation and the continued effective pass-through of our policy measures to the financing conditions of the real economy. At the same time, domestic price pressures are still muted overall and the economic outlook and the path of inflation remain conditional on continued support from monetary policy. Therefore, an ample degree of monetary stimulus remains necessary for underlying inflation pressures to continue to build up and support headline inflation developments over the medium term. This continued monetary support is provided by the additional net asset purchases, by the sizable stock of acquired assets and the forthcoming reinvestments, and by our forward guidance on interest rates. Let me now explain our assessment in greater detail, starting with economic analysis. The economic expansion in the Euro area continues to be solid and broad-based. Real GDP increased by 0.7% quarter on quarter in the second quarter of 2017 after 0.6% in the first quarter. The latest data and survey results point to unabated growth momentum in the second half of this year. Our monetary policy measures have facilitated the deleveraging process and continue to support domestic demand. Net consumption is underpinned by rising employment, which is also benefiting from past labor market reforms and by increasing household wealth. The upswing in business investment continues to benefit from very favorable financing conditions and improvements in corporate profitability. Innovation investment has also strengthened. In addition, the broad-based global recovery is supporting Euro area exports. Risks surrounding Euro area growth outlook remain broadly balanced. On the one hand, the strong cyclical momentum, as evidenced in recent developments in sentiment indicators, could lead to further positive growth surprises. On the other hand, downside risks continue to relate primarily to global factors and developments in foreign exchange markets. Euro area annual HICP inflation remained unchanged at 1.5% in September. Looking ahead on the basis of current futures prices for oil, annual rates of headline inflation are likely to temporarily decline towards the turn of the year, mainly reflecting base effects in energy prices. At the same time, measures of underlying inflation have ticked up moderately since early 2017, but have yet to show more convincing signs of a sustained upward trend. Wage growth has increased somewhat, but domestic cost pressures still remain subdued overall. Online inflation in the Euro area is expected to continue to rise gradually over the medium term, supported by our monetary policy measures, the continued economic expansion, the corresponding gradual absorption of economic slack, and rising wage growth. According to the monetary analysis, broad money M3 continued to expand at a robust pace, with an annual rate of growth of 5.1% in September 2017 after 5% in August. As in previous months, annual growth in M3 was mainly supported by its most liquid components, with a narrow monetary aggregate M1 expanding at an annual rate of 9.7% in September 2017 up from 9.5% in August. The recovery in the growth of loans to the private sector observed since the beginning of 2014 is proceeding. The annual growth rate of loans to non-financial corporations increased to 2.5% in September 2017 after 2.4% in August, while the annual growth rate of loans to households remained stable at 2.7%. The Euro Area Bank Landing Survey for the third quarter of 2017 indicates that net loan demand has continued to increase for all loan categories. Credit standards have further eased for loans to households, while they remained broadly unchanged for loans to enterprises. Next overall terms and conditions on new loans have continued to ease for all categories of loans. The pass-through of the monetary policy measures put in place since June 2014 continues to significantly support borrowing conditions for firms and households, access to financing, notably for small and medium-sized enterprises, and credit flows across the Euro Area. To sum up, a cross-check of the outcome of the economic analysis, with the signals coming from the monetary analysis, confirmed the need to recalibrate the policy instruments to ensure the degree of monetary accommodation necessary to secure a sustained return of inflation rates towards levels that are below but close to 2%. In order to rip the full benefits from our monetary policy measures, other policy areas must contribute decisively to strengthening the longer-term growth potential and reducing vulnerabilities. The implementation of structural reforms in all Euro-era countries needs to be substantially stepped up to increase resilience, reduce structural unemployment, and boost Euro-area productivity and growth potential. Regarding fiscal policies, all countries would benefit from intensifying the efforts towards achieving a more growth-friendly composition of public finances. A full, transparent and consistent implementation of the stability and growth pact and of the macroeconomic imbalance procedure over time and across countries remains essential to increase the resilience of the Euro-area economy. Strengthening economic and monetary union remains a priority. The Governing Council welcomes the ongoing discussions on further enhancing the institutional architecture of our economic and monetary union. Now, we are now at your disposal for questions. Mr. Canepa? Francesco Canepa, Reuters. The first question is about the composition. Did you discuss at the Governing Council meeting the composition of the APP starting from January, so the proportions of the different components? The second question is about the alternative scenarios. What alternative scenarios did you discuss apart from the one that finally made the cut? Thank you. No, we didn't discuss composition. There will be a press release, press communique at 3.30, developing transparency and detailing more about how the asset purchase program will evolve in 2017, but we didn't discuss really the composition. The only thing that I can say about that is that we will continue buying sizeable quantities of corporate bonds in the program, and then you get the rest, yeah. Well, I can anticipate some of the things you're going to see shortly. So as of January 2018, the Euro system will publish exactly the monthly redemption amounts for each component of the APP for the Euro system as a whole for the following rolling 12-month period. So the Euro system, as you know, conducts the reinvestments in a flexible and timely manner in the month they fold due, or in the subsequent two months if needed. Therefore, net purchases per jurisdiction may fluctuate all into the timing of these reinvestments. Reinvestments will take place in the same jurisdiction as principal redemptions with the aim to minimize deviations from the capital key. So you'll get the press release shortly after the press conference. Clearly, the press release will also devote some space to communicate in a transparent way how this reinvestment, which is becoming more and more important, of course, is going to be carried out. We actually didn't discuss alternative scenarios. The discussion was, let me say this, the atmosphere was pretty positive. All the governing council members in their interventions emphasized the better conditions, the growth momentum, as I just said, unabated growth momentum, and the improving labor market conditions, they stressed how this number, almost 7 million jobs in the last four years, is actually continues to increase. The labor market unemployment goes down, and both private consumption and private investment, which is also remarkable because for a long time we haven't seen any significant upward trend in investment, is actually picking up. And they emphasized how the earning capacity of the households is increasing, so the real disposable income is actually increasing, because mostly because of gains coming from greater employment, and how households' wealth is increasing. And this also being supported, of course, by our monetary policy. So on inflation, of course, this positive picture on the growth side is on inflation is different, because inflation is still not at our objective. We foresee 1.5 this year, 1.2 next year, as I said, I think last time too, we foresee a v-shaped profile of inflation, mostly due to base price effects of the oil, of energy. And then 1.5 the year after. So all this in the end converged on the scenario that I've just presented. Of course, there were some difference of views on some aspects of this, but the scenario that was discussed this morning was the one I just mentioned. Alessandro Speciale, Bloomberg News. Mr. President, on the new guidance that you provide on reinvestment, that they will continue for an extended period of time and for as long as necessary, could you explain a bit more of what you mean as long as necessary, and how this guidance interacts with the one on rates? Is there a sequence or are they for the same period of time, more or less? And a second question is on the guidance instead on QE. You said you're still ready to expand in size and duration the program if necessary. Is it still possible to expand in size? I mean, do you still have room to expand the program, or do you foresee that there could be scarcity problems going ahead? In other words, how credible is this commitment to expand the size of QE if necessary? Thank you. Thank you. Now, the guidance on reinvestment is not related to rates. The sequence stays what it is. Namely, the interest rates will stay at the remain of the present, are expected to remain at their present levels for an extended period of time and well past the horizon of our net asset purchases, net asset purchases. However, as we move forward, not only this year, but also in the previous years, the amounts that we purchased, the stock has become more and more important. And this year, as we continue asset purchases, it will keep on increasing. So, the commitment that the Euro system has taken today is that it will reinvest the principal payments for maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases. And in any case, as long as necessary. So, there isn't any specific link with interest rates. So, no, there is no link here. Now, of course, as I said, I want to stress the importance of reinvestment. I'll never forget that in December 2015, in one of my press, Euro Press periodic press conferences like this, we announced series of measures and we also said, look, we are going to reinvest this. And basically, there was no reaction. Not at all, not only that, but it was actually considered to be totally marginal. And in fact, there were many sort of wrong estimates of what these potential reinvestments might be. Now, since then, we bought a lot of bonds. So, this stock now is sizeable and has become an important component of our, as we say here, this continued monetary support is provided by the additional net asset purchases by three elements. The sizable stock of acquired assets and the forthcoming reinvestments. So, the stock and the reinvestments and by our forward guidance on interest rates. So, the three elements interact, act together. Now, on the flexibility, I think, on the credibility on the potential constraints, I think you've been asking, not you, you've been asking this question, will you make it since the very beginning of the QE program, at least the regular intervals, and each time we gave plenty of evidence that both our design is flexible enough to cope with the potential limits and we gave plenty of evidence that the governing council is committed to that. We discussed, we didn't discuss parameters or limits anything today. Ms Weisbach? Madam Weisbach, CBC. I'd have a question also on reinvestments. So, just looking at next year, come September, and the official program might end, I say might, would reinvestments actually make up from the volume side for the normal QE? So, question is, in volumes, how big are reinvestments? I mean, you must have calculated that. But you will get much information in the press release, unless the vice president has a number on that. The reinvestments will be carried out in a flexible way and the modalities of their investment are going to be described in this first press release. Let me adjust one other thing. We'll continue buying these, by the way, according to the present conditions until December. So, as far as any clarification is concerned about the future, we have time until, I would say, December or even earlier. Given the concern in the markets that there are not a lot of bonds left if you come to an end in September, so how credible do you think such a pledge might be going forward, like to have a very flexible extension potentially to QE? No, that's another question. That's the same question as before. So, one thing is our investment, and that is going to be massive, of course. Please, I want to say something on that. No, you will have the numbers, because we announced precisely at half past three, that we will start disclosing the pattern and amounts of reinvestment per month for the following 12 months. So, you will have all those numbers, which are quite sizable per month. I think on average we are talking about many billions per month on average. There are big differences from month to month, because it depends on the dates of when the bonds reach maturity. But of course reinvestment is then sizable, say like 10 billion per month, but it's just to restore the amount of the stock and the amount of the stock in itself produces an effect, of course, on markets, because we are talking about asset markets where the stock is always potentially in play, so the stock is also important for the transmission of monetary policy. Let me just make one point. The press community will not contain a number at 3.30. No, the disclosure will follow. So it's going to be carried out in a way I kind of described before, in a flexible way, and you will get more information in the press community. Now, on the other question, it's the same as before. See, so far you, as I said, all of you have been asking this question on and on, and basically our program is flexible enough that we can adjust. It's size we can adjust, we can carry it through smoothly, and that's been the evidence we've given until now, and the governing council is committed to that. Now, this time, of course, we are also going to have the reinvestments of the existing, of the maturing securities, and we still have our forward guidance. So in terms of our capacity to achieve or to have a monetary policy stance which will support the sustained inflation objective, self-sustained inflation objective, we are well placed. Ms. Jones? Claire Jones, Financial Times. First question, you seem to have emphasised a lot in recent weeks, the forward guidance on interest rates that rates will remain on hold well past the horizon of QE. Would you care to maybe say a little bit more about what is meant by well past? We now have some in markets predicting the first hike is going to be in 2020, so is that right, or would you say 2019 is a more reasonable estimate? For my second question, the Bank for International Settlements has been advanced in the argument that national central banks now have far less control over inflation because wage setting goes more to global and technological factors than it does domestic demand. Would you accept that argument, and if so, how do you adapt to that? Thank you. Thank you. The well past is a concept that is such that it should anchor short-term interest rate expectations in a way that is supportive the achievement of our inflation aim, namely a self-sustained, durable convergence of inflation to our objective of an inflation rate which is below but close to 2%. As far as the second question is concerned, I think I wouldn't rule that out. I wouldn't rule the fact that there are international global factors underlying the inflation development. We all know about the global value chain. We all know the delocalization of certain production centers and more generally the globalization and the different retail networks that are operating today. But our view and our policy is designed and based on a view that looks at the output gap and looks at the unemployment rate defined in various ways. Of course, we are now looking at the broad definition of unemployment and looks at the factors that will cause an increase in inflation as the unemployment rate will decrease and as the output gap will shrink. So our attention today is really more on the factors that are close to us. In other words, there may be global factors but we can do anything about that but we can do a lot about domestic factors. First and foremost is the speed of response of nominal wages to the closing output gap. And that's where our monetary policy becomes essential and that's what our monetary policy has in a sense contributed to create more than 7 million jobs in four years. Mr. Cobb. Good afternoon, Mr. President. Eric Cobb, Live Squawk News. A recent ECB statement seemed to indicate an increased focus on the role of the market. With a reduction plan set to take effect in fewer than 70 days, how is the ECB paved the way for today's announcement through its communications to the public? That's my first question. My second is there's a lot of different views inside the governing council at least according to what some of the people say publicly. Was the governing council unanimous today in its decision with regards to the size and longevity of the plan? As far as the first question is concerned, my understanding, of course I'm with you now, but my understanding is that market reaction was pretty muted to our policy announcement in spite of the fact that it's a policy announcement of a certain importance which seems to say that our communication to the market has been pretty effective. Also we are going to have a communication conference in two weeks time so you're cordially invited to participate there and it's jointly organized with the Federal Reserve. It's going to be here in Frankfurt and I'm pretty sure there will be many interesting insights about communication there. Now on the second point, no, it was not unanimous. It was there were different viewpoints. I would characterize the discussion as ranging between consensus, broad consensus on several issues and large majority on other issues more precisely. Well, first of all, let me step back. I've said many several times that the present situation is a situation that does call for confidence that we will be able to reach our objective. After all, the overall economy, the growth rate, unemployment, the labor market, what I've listed before are all positive indications that the survey data as well show an increase in momentum are all positive indications that we are moving towards a shrinking output gap and an improving labor market which eventually will produce higher nominal wage growth and therefore higher inflation. But this confidence is also tempered by the fact that we know that all this process still relies very much on our monetary policy support. So it's not self sustained yet. And therefore we must be patient and we must be persistent. And basically the discussion today was reflecting different degrees of confidence or of patience, persistence and prudence. So, but excuse me, by and large there wasn't much of a disagreement about the flows or other parts of the program. There were different views about whether it should have an end date being announced or not. But again, the large, and here that's the area where it's a large majority and not consensus, the large majority of the government council members preferred to keep it open-ended. Does a new ACB, European Central Bank Proposal, involve greater provisions for the devaluation of an NPL, no performing loan credits? Doesn't this, against with the accommodative monetary policy and against the startup phase of economy of some countries and the second question, excuse me for direct question, is it true that the Central Bank has a budget expansion ceiling of 2,500 billion? Thank you. Thank you. I will give the floor to the vice president for the first questions. On both questions if you want. No, regarding the first question, let me recall what was the decision that was announced. It's a decision about new loans, new flows of loans and potentially new NPLs that would be formed. And there is then a target for the formation of provisions when new NPLs would emerge so that the formation of provisions would have to go up to 100% of the exposures during two years in the case of the exposures are not secured by any collateral and seven years if they are secured by collateral. So it's this decision that was taken and so it means of course that with a stronger economy and better management of credit risk the levels of NPLs for new loans should be way below what they were during the crisis of course. So we are talking about a total different reality. And the second thing is that at the same time next year enters into force the International Financial Reporting Standard 9 which changes completely the calculation of impairment costs and provisions meaning that from January next year mandatory in accounting terms any new financial asset say the loan that goes into the books of the bank already has to calculate the expected loss during the next 12 months. So there will be some provision charge for any new loan as a result and if after that recognition moment there is some aggravation of the prospect of that asset not performing well then the accounting rules, the new accounting rules impose that the expected loss for the whole life of the asset has to be front loaded and immediately recognized as a cost. So these accounting rules reinforce very much the treatment of new NPLs so go in the same direction and can be meaningful because indeed as I said may lead to a full recognition of losses for the whole life of the asset. So which means that the new rule also the new target for the treatment of NPLs can be more or less already accommodated by what will be the imposition of the new accounting rules. So the thing is not adding perhaps too much to what the IFRS 9 would impose. So which means that the targets as they were defined are important but are at the same time reasonable and in complement with the change in the accounting rules. So that's important to ensure that from now the banks are careful enough in managing credit risk so that there is no further undue accumulation of NPLs. Then there was also the announcement that we are now looking about the stocks but nothing has been decided about that yet and we are looking of course very careful because it's different to deal with presumably the new NPLs and deal with targets for the whole stock. Final comment, the targets that were then defined will the implementation and the compliance with these targets will be subject also to a supervisory dialogue. The banks will have to comply or explain and they can explain that they have done the utmost to comply and could not do it for attendable reasons. So it's in the context of a supervisory dialogue that these new targets will be applied in order to contain for the future this problem of NPLs so that we don't have again an accumulation that creates as we now are seeing problems to the profitability of banks. I'm sorry, I didn't understand your second question. You talked about seeding, what did you mean? Oh, no, no, the answer is no. Second try to Mr. Malin, over there in the middle. Jan Malin, thanks. Mr. President, in the U.S. the Fed has opted for a gradual winddown of the purchases and now the U.S. and the ECB have taken a different approach. Why? And my second question today's decision comes at a time where the Fed has already raised rates and the Bank of England might raise rates soon. So do you think the global monetary cycle is turning now? Thank you. Thank you. The monetary policies of different jurisdictions reflect the different positions they are in achieving their objectives and the different positions the economies have in the business cycle. As such, the U.S. recovery is way more advanced than ours and the inflation developments, because we are concerned about price stability, are way behind. That justifies the difference in monetary policy stance. Our decisions today are consistent with the feedback rule we've been having all throughout. When the general conditions improve and we see that our inflation objective is closer, we've downside as the purchases in the past or we have upsized them in the past as well. And this is very much following the same logic. On one hand, it does reflect an increasing degree of confidence in our capacity to reach a self-sustained inflation objective. On the other, it takes stock of the fact that we are not there yet. As a matter of fact, in headline inflation, if anything will decline in the coming months and our annual projections that I mentioned a moment ago are for 1.5 this year, 1.2 next year, and 1.5 again the year after. So we aren't there yet. We are not there yet. And that explains the difference in our stances, basically. Mr. Therese. Hi, this is Claudio Pérez from our base. The Catalan government sent some emails to the ECB and apparently a letter to you. Okay, but they say that the political instability in Spain will have an impact in the financial stability in Spain and in the Eurozone as a whole. And in fact, we will have seen two banks moving its headquarters and some impact in the deposits. My question is, is political uncertainty in Catalonia now a risk for financial stability in Spain and in the Euro area as a whole? You know, it's very, very difficult to comment about developments that change every day. So it's just very difficult. Of course, we are following what's happening. The importance of what's happening is significant. To conclude now that there would be financial stability risks would be premature. We have to see what's going to happen. But rest assured, we look at that with great attention. Mr. Schroes. Thank you, Mark Schroes, person's item. In the past, you've always stressed when you were buying 80 billion or 60 billion that there will be no abrupt end to the purchases in order to avoid cliff effects. Now, given the new amount of 30 billion, is that still valid? Will there be in any case a phasing out of the purchases or from that level would it be possible to stop them immediately from one month to the other? And the second one, you've also stressed the sequencing between net purchases and interest rate hikes. Is there also such a sequencing between interest rate hikes and balance sheet reduction? For example, the Fed in the U.S. always argued that it would only start reducing its balance sheets once the interest rate normalization was well underway. Is that in pattern you would also follow? Thank you. Thank you. Well, the answer to the second question is we really know. We haven't discussed it. We haven't discussed it at all. And to the first question, I said before that the decision today is for an open-ended program. And I may add, certainly it's not going to stop suddenly. It's not going to stop suddenly. It's never been our view that things should stop suddenly. And so, but it's the open-ended and the large majority of the governing council expressed its preference for keeping it open-ended. And this is because, basically, for a variety of reasons, one, of course, is to reaffirm the steadfast commitment of the governing council to pursue the price stability objective. But also it's due to the fact that there is still a large amount of uncertainty and therefore prudence has inspired many governors to opt for this possibility. So it's basically that's what we decided. Oh, that's right. Well, sorry, you? No, I'm saying the second question. We do have a sequence which is defined and reaffirmed today. No, but the question here was, the sequence about net asset purchases is defined today. The sequence, the new sequence you are pointing at was actually the same question I have received before. There isn't any sequence between the balance sheet, the stock, and the interest rates. We've not discussed that. Mr. Melli? Alessandro Melli with Sole 24 Lora. You've reiterated the well-past, the expression well-past in terms of your sequencing. If I go back again to the example of the Fed, the Fed took 15 months before the raise rates after they stopped their purchases. Is that the sort of timeframe that you have in mind? I mean, of course, you don't like to be compared with the Fed from your previous answers, but the situation may be different. But is that the sort of timeframe that we're thinking of, or is it six months or 12 months? And another point is, were there governors or members of the council that were not as confident as you are about the convergence to the objective? No, as far as the second question is concerned, we're really talking about nuances. The general picture is a picture of a part of the world which is doing pretty well. And growth is growing, and momentum is also growing. The labor market and everything is doing, I mean, we are. I think it's, I can't remember how many quarters of consecutive growth, 17, I believe. And now it's 0.7% growth, as I just mentioned, which is was higher than the 0.6 that was expected. So at the same time, we don't see yet an encouraging sign neither in nominal wage growth nor in underlying inflation. Although one has said underlying inflation is higher than it was at historical trough at the year-end last year. But it's still quite far from any historical average. So it was basically most, as I said, the large majority, if not consensus, was in the end for a solution for a decision which was prudent. The bottom line is prudent, which was both confident but also patient and persistent. Now, the time frame, I think I said it before, we don't have a fixed time frame as we, when we define a medium term concept, it's not a fixed time frame. It really depends on how we are approaching to the achievement of our objective or price stability. And I think comparisons with other jurisdictions are not really appropriate because of, in a sense, what I said before, are, first of all, institutional differences but also different positions in the business cycle, different formations, price formation mechanisms, different labor markets, different speeds of response. So it's, in a sense, our experience with monetary policy has been quite different from what the Fed has done until now. Yanitya, Frankfurt-Argemeine Sonntagszeiten, thank you. The statement says, if the outlook becomes less favorable and I was wondering what if becomes more favorable, would you be willing to decrease the APP in terms of size and or duration? Thank you. Well, this is today's decision. And as up to, this is taken on the base of information we have today, and it's a commitment to undertake these purchases and to have the reinvestment of the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, in any case, for as long as necessary. Then we have the full allotment, the longer-term refinancing operations at fixed rate tender procedures with full allotment. And then we have the forward guidance of interest rates. And this is based on the present information set. This is our commitment. We don't foresee changes now. Mr. Fedas. Thank you, Tom Fedas of the Wall Street Journal. I had a question on the bond scarcity issue. I think you mentioned last month that there might be fresh decisions that will be delayed until December. Is that something that, on the bond scarcity, is that one of the decisions that might be delayed until December that you mentioned last month? Or is that something that the ECB is likely to decide to change over the parameters of QE over the coming months? You mentioned that keeping QE open-ended was to reaffirm your commitment. Wouldn't that also be a... Wouldn't enlarging the parameters of QE also have that effect? The second question was on the full allotment decision. I wondered what is the significance of that? Is there any read across to interest rates? Thank you. Now, the answer to the second question is no. No. It's simply the part of the monetary policy decisions taken today. The decision to ensure adequate liquidity. And so we don't have any relationship between that and the forward guidance of interest rates. On the first, just let me answer, saying that there were two issues that were not discussed today. Well, probably many others, but as far as relevant to our today's decisions, two. One was parameters change, and the other was the sequence. Mr. Ewing? Jack Ewing, New York Times. Some analysts have talked about whether there would be some risks that would be exposed as you start to reduce your quantitative easing. In other words, perhaps asset prices that have gotten too high or companies that have gotten used to low interest rates would have trouble with higher interest rates. I just wonder if that's something you've looked at and whether it's something you're concerned about. Thank you. Well, it's certainly something we are looking at. We are not concerned about that because we, as I said before, will continue, and the press community will have words to this extent, will continue purchasing ample quantities of corporate bonds. So we certainly monitor that development like we do on other developments in various markets, and anything special that one would flag about that. And the final question goes to Mr. Stolf. Back on December, you announced the reduction of the QE, but you insisted it shouldn't be called tapering. Sorry, back on December, last December, you announced a reduction of the QE program, but you insisted on not be called tapering. After this new recalibration, can we assume that the ECB is now tapering with that word? And one more question. Has the ECB bought more Spanish debt than usual in order to contain the recent volatility? Thank you. So the answer to the first question is no. No, as a matter of fact, there was also another thing that's not discussed. We discussed whether it was proper having open-ended or closed-end. As I said, few members would rather have a closed end date or an announcement or some signal that we would go towards debt, but then the large majority of the council preferred to have it open-ended. But there was another thing we didn't discuss, tapering. I don't think this word had been pronounced if I'm not mistaken. In any event, it was not discussed. And so this is not tapering. It's just a down size. As I said before, it's consistent with our feedback rule which we've been using all throughout. Now, the second question, the answer is no because our mandate is price stability and not what's happening in different countries. Thank you very much.


Hello everyone, I am Tanu Saxena, Nursing Educator of Manipal Hospital, Dwarka. I want to say few lines on World Patient Safety Day. So as you all know that every year we are celebrating World Patient Safety Day, which was established in the year 2019 by the WHO, that is World Health Assembly. And the main objective of the World Patient Safety Day is to increase the public awareness and to enhance the global understanding so that we can increase the patient safety and to reduce the patient health. Thank you.


Russians are actually trapped in Bakhmut. Ukrainian troops have advanced more than one kilometer in several sections on the southern flank in the Bakhmut direction. On the northern flank, battles are ongoing, positions have not changed. In Bakhmut city, the enemy is actually trapped. Our troops made it as difficult as possible for the enemy to move and made it impossible to get out. Deputy Minister of Defence of Ukraine Hanomalia posted on Telegram. Shelling from both sides continues. In addition, the Defence Forces continue offensive operations in Melitopol and Burdiansk directions. Intense battles continue everywhere. Ukrainian defenders gain a foothold on the reached frontiers. Take counter-battery fight measures. In addition, our Defence Forces are actually smashing the enemy's equipment and weapons there. Destroying ammunition depots. Striking the places where the Russian military is stationed compactly. Thus significantly reducing the enemy's offensive and defence capabilities. The Deputy Minister added. According to Malia, some Russian units refuse to participate in the battles in the south due to significant manpower losses. The ratio of irreversible losses in the south is 1 to 5.3. That is, the enemy loses 5.3 times more service members in the south than our troops. She said. In the east, Malia added. The invaders continue to advance in Avdeevka, Marinka, Kupiansk, Lyman and Svatov directions, unsuccessfully trying to break through the defence lines. Intense battles are going on everywhere without changes in positions.


So, we're only five months into the year approaching the sixth month, we're in the last couple weeks of May. And this is my vision board journal where I'm going to be creating vision boards all year as inspiration for future works and future artistic journeys. And it already looks like this. So, as much as it pains me to do, I think before it becomes a problem we need to expand the spine on this. Like what I did on my other one. Let me grab it. Hold on. This one. So, I'm hoping to do it to this one before the spine gets all curly and wonky like it is in this one. I mean the pages are holding together, but yeah. So, this was by no means a perfect job, but you know. It is what it is and it is working out okay. And I'm going to be working on the last few pages in this and trying to get this done. But in the meantime, this one needs some help. So, I'm going to do that. I'm going to speed forward through the process. I have a video on how I did the first one. I will come back and do a little chatting and let you know how I thought this one went. I'm really going to try to not stitch the signature. Restitch all the signatures. I really don't want to have to do that. So, we'll see if I can manage. I don't know. Alright, I'll be back. Wish me luck. Every time I do one of these I feel like I get a little bit better at it and I learned something new. What I learned with this one is I do like the idea of cutting away or tearing or scraping away the tissue paper that's gluing the back of the spine and covering the stitching on the signatures in the moleskin journal and loosening up the signatures just a little bit, ideally without breaking the threads or having to re-stitch the whole thing. That being said, do it very carefully. I would recommend, and the next time I do one of these, I will do all the steps I did here, but before I start taping it together or put tape over the spine, I think what I would do is take a little bit of PVA glue or yes paste or something along those lines and glue a new piece of thin tissue paper or vellum or something on the spine over the stitches in their loosened form, loosen them up a lot and then re-glue a new piece of paper then start putting the journal back together. I did separate the stitching and the signatures a little bit with a sharp X-Acto knife or craft knife. I would do it very carefully. I did go through a couple of spots and so I went through the journals. This is some stuff I've just got to glue in here. I went through the journal in certain spots and I put some masking tape over the spots that I accidentally cut through or over the spots where the signature was stitched originally together to hold those threads in place. I just used regular masking tape so I can still see the vision board pieces that I put on or ready through the masking tape so that works just fine. Because it's masking tape, I can write or draw on it in future blank pages and spaces like over here very easily. I think that'll work just fine. I do still think it's going to end up like this at the end of the year but the spine being this thick it will accommodate it a little better than the original I think. So there you have it. I still like using mole skins. I like using the paper. I know it's thin but I do think going forward I will go through on a new one and I will probably take like half of the pages out. So that's probably a thing. Anyway, vision boards. Let's get back to it, shall we? Alright, I'll be back. Don't forget to check out the video description for relevant links. Please like, share, and subscribe. Hit that little bell icon for notifications on future videos and support the free content How You Can by signing up for the class I'm teaching with Bea Grubb and a bunch of other really great artists or shopping at my Etsy shop or joining Patreon or something along those lines. All of it's in the video description and or on my link tree list of links which is also in the video description. Go out and have a great day everybody and do something nice for yourself because you deserve it and I'll see you later. Bye guys.


My people, my people, Nigeria people to talk abeg, waiting concern fans with the age, abe the look of Arthus Frank wife. Arthus Frank, an Hollywood actor, has sent a strong message to fans and those criticizing his wife through his Instagram account, where he said they should leave the name of his wife out of the amount that he did not marry age, rather he married a woman which one is well pleased and to even think that their marriage has been over 20 years and they are still living peacefully together in only matrimony, age is just a number, happiness is the key, fans you don't hear Ramu leave his wife alone. moreover, it is nature and process that has told on this woman, maybe as a result of childbirth and stress over the year, she was not always so comparing the picture before and now, if you are part of those talking about a age, have you thought about how you be in 20 years?


An American 25 cent piece, a quarter, is composed of a copper core and a coating of an alloy made of 75% copper and 25% nickel. What we're going to do here is heat up the coin and drop it into methanol. What I have over here is our safety device in case the methanol flames up, then we have a wet piece of wood that will cover that. Okay, so first thing we're going to do is to heat the quarter. We want it to be very, very hot. It's glowing pink and so hot it's boiling the methanol. Now watch what happens when we think the reaction has come to closure. Our quarter now has a copper coating. What happens is when the copper is coming out of the alloy that is an exothermic reaction and that second set of bubbles you see is the exothermic release of the copper from the copper nickel alloy.


Okay So I'm gonna kick off with a quote from Peter Norvig. He's one of the big AI people at Google We don't have better algorithms than anyone else. We just have more data Now this is an overgeneralization. I'm sure they do have some very good algorithms But there's a lot of truth to what he's saying about having a lot of data if you have a lot of data your The final result of the calculations will be a lot more forgiving of mistakes in your algorithms or bad choices in your algorithms Then if you had less And this isn't always the case, but it tends to be the case where One second it tends to be the case where Rare events have a disproportionate impact on the final result If you have more data, you're more likely to get these rare events a really good example of this would be web indexing so If you're crawling the web and you come across a link for the very first time That link is going to have a bigger impact on your final index Then if you had come across that link for the millions time and real-world data is full of Examples of this kind of Zipvian distribution So let's look at what a system with massive data would look like a modern system I'm Gonna only talk about streaming because that's the direction everything seems to be going these days usually you have a user or an entity out in the world and from that entity you get a stream of events these events get fed into a stream processing engine which Applies some sort of algorithm you end up getting a model from stream processing engine Which then gets put into your serving system, which then the user interacts with to introduce more events and you get a cycle a More concrete example of this would be a music recommendation system so the user is listening to music and We're getting a stream of events of the songs the user has listened to These this stream events is fed into the recommendation a recommendation algorithm in the stream processing engine This produces a listening model for that user and then that's served to the user in the form of Recommended songs which they then listen to and then cycle continues It's important that the user events Contains both live and historical data if a user has recently discovered a new band We want that to be reflected in the songs that we recommend But we also need to take into account that the user has been listening to music for many years and have has kind of Hard to change preferences, so we want the historical Listening preference of the user to be taken into account too And this data can't just be processed once so we have a whole team of data scientists who are Improving on the recommendation algorithms or finding new ways to use this data So we need to keep this data around for a long time so that you can validate that their new algorithms work and If something is good enough to go into production we need to rerun the whole stream of user events against that to give the use of the most accurate and enjoyable experience we can So this kind of architecture where everything is a stream is usually referred to as a kappa architecture But in the real world what we often end up with is something like this It's called a lambda architecture so in this case live events are Separated from historical events and this often happens because Usually your live events will come through some sort of messaging system and a lot of messaging systems just aren't able to grow forever they have a hard limit on how large a topic can grow so After a certain point data needs to be moved over to a different data store some sort of my SQL database or something And then you end up having to Processing pipelines So the historical pipeline which will run once a day or a couple of times a day That's a batch pipeline produces a partial model You also have the live events which are happening as the user is interacting with the system But this only keeps around today's word of data that goes into a stream processing engine to produce another partial model And then you end up combining those models and then serving the user with that This is not ideal for a number of reasons the main one being that you have two pipelines which means that you have to To systems or two sets of systems to debug and maintain you need to hire in the expertise to work on these systems You can't just move load between these systems Easily and it's just a lot more work then You want to do you also need to implement your algorithms in both streaming and batch paradigms which Is double the work So ideally what you want would be a true kappa architecture And that's what this talk is about so With Apache Pulsar you can have a infinite amount of data in a single topic only limited by your accounting department the It also has a feature where older data can be moved to cheaper storage while still keeping the same streaming interface Finally, I'm going to talk about pulsar SQL Which is like it's an SQL layer that you can use to query your entire backlog Without having to write a single bit of code So quickly to introduce Apache Pulsar. It's a messaging system It has both pub sub and queuing semantics Which means it can be used in use cases where you would otherwise use something like rabbit mq But it can also be used in use cases where you would use something like Apache Apache Kafka Originally it came out of Yahoo. It was the Right-head logging and replication layer for their massive distributed database at the school Sharpa internally But it's also called peanuts in other places. So I'm not quite sure on the naming It's been out in the wild for maybe four years now And it's just recently become a Apache top-level project maybe a month ago. I think It's built on another piece of Technology that also came out of Yahoo That's also an Apache project Apache bookkeeper bookkeeper has been around for many years now I started working on it maybe seven years ago, but it was already going three three years at that point Apache Pulsar gives you very strong persistence guarantees so If you write a message to a topic in Pulsar You are guaranteed that any consumer that is reading that topic will see that message In the exact same order with regard to other messages in that stream. So I'll go into that more later the Software has a lot of features, but I'm only gonna concentrate on three today Unlimited topic backlog size tiered storage and the SQL interface so Before we can talk about what how we do Infinite topic backlogs. I'm gonna break down what an actual topic backlog is So when a user wants to publish to a topic it writes a message to the broker Broker then writes that message to a topic backlog. So this is basically a log of all the messages that have been written to that topic each topic has it has one backlog or Indicates of a partition topic each partition in that topic has its own backlog The broker will not reply to the client acknowledging that message until the topic has hit physical hardware So we f-sync on each message right and this means that if you have a catastrophic data center failure You know like power goes out and everything then you're still guaranteed that the message will be there when everything comes back up So once it's guaranteed to be persisted in the topic backlog then the broker acknowledges the the Publication to the client Topic backlog can be broken in is well it is broken into segments and a segment can either have a Open state or a closed state so There's only one open segment in each Topic backlog and that's the current segment that's been written to All previous segments in the backlog are what we call closed and that means they are immutable Nothing can be added to them. Nothing can be removed from them and the position of each message in that in that In that segment is Fixed and this gives us a very nice guarantee So if a client in this case writes a B and C at position X Every consumer that ever comes along and reads forward from position X We'll see a B and C in that order without duplicates and without loss of message And this guarantee is called total order atomic broadcast and it's very useful in a lot of places Each segment is oh Yeah, so you cannot delete anything from a closed segment Which means that if you want to remove part of your backlog because of retention policies or whatnot Then you have to delete a whole segment and that's what pulsar does does as if you do have a retention policy to delete data Each segment in the backlog is independent from each other So they don't actually share anything they don't even know their order with regards to the other segments in the backlog But pulsar does keep track of this in its metadata part of this independence is that Each segment has its own replication specification so in this case segment AB in our second the segment with a B and C is Replicated to storage node one two and three The next segment may be replicated to storage node four five and six and This is how we manage to provide Infinite backlogs the segments can go anywhere on the storage layer without being tied to a single machine so as we As the backlog grows we just keep adding storage So this is what the system usually looks like we have a storage layer and a Serving layer so each topic is assigned to a broker and then that broker as it adds segments to log it decides which storage nodes To put that segment on This separation of serve of serving and storage gives you very nice scaling properties so if you have a workload where there's a lot of read and write requests then Your your bottlenecks there is are going to be CPU and network bandwidth In that case what you want to do is start adding broker nodes And these are generally cheaper machines. You just need a CPU and and then and a nick and You add those until you have enough bandwidth to deal with the large amount of requests However, if you want to have a large amount of data with not so many requests for it so maybe for each topic one writer and One consumer then you need to start adding storage and these storage nodes tend to be quite Expensive compared to the broker nodes because they have disks attached to them. Oh Well big disk attachment So if you want to add more storage you just add nodes And poster will handle it. I'll just give an example of how poster handles this. So we have a topic backlog each Segment gets replicated to two nodes. So we start adding messages to the backlog Start adding segments at a backlog And eventually you're going to get to a point where your storage nodes are starting to fill up And you're looking at it like if I keep going like this my system is going to fall over in a couple of hours So you add another storage node Serving there will see that another storage node has been added and it will gradually start to write new data to that storage layer So note, there is no rebalancing taking place here The old data stays on the old nodes new data goes to the new nodes and also new data goes to one of the old nodes This allows us to avoid hurting which would take down the new nodes Immediately if every broker saw oh, there's a new load. Let's just put all our right traffic there You know that new node is gonna die very quickly Yeah, but it can be quite expensive to so This way you can grow your backlog forever. You just keep adding nodes as new segments Are added to the backlog they keep being replicated to this they can be they'll be picked up by the new nodes and You can grow forever that way Whoever this can get expensive. So the replication we're using here is 2x replication So and we do this to avoid one storage node going down taking down part of the backlog So if one storage node goes down We are able to continue reading that segment our segments that were on that storage node by reading the other node that it was replicated to but this kind of replication is Suboptimal so this would be called mirroring and In terms of space efficiency, it has a 1 over n space efficiency where n is the number of nodes So 50 percent space efficiency Which means that we can store half the amount of data we would otherwise be able to store if we weren't Watching out for fault tolerance We're basically paying twice as much for discs as we need to oh Well, not that we need to because we need fault tolerance, but We're paying a lot for this In this case we tolerate n minus one failures, so One failure if we had Five replicas we would have be able to tolerate four failures But really in pulsar you only need to be able to tolerate one failure because there is a background process which When a spots that a storage node has gone down It will start it will go and see which Segments were replicated on that storage node and it will start copying from the live copy To another storage node to ensure that the replication for that segment is 2x So we don't really want more than two replicas and also because I've if you had more than two replicas the space efficiency just Goes to the floor, so Five replicas would have one over five so 20 percent space efficiency not very good There are other storage schemes which have much better space efficiency and the one people I guess will be most familiar with Would be something like raid 5? so in raid 5 You have a number of different blocks Which are stored on in this case We have five different blocks stored on five different nodes and these five blocks are used to calculate a priority block Using an algorithm like Reed Solomon or something like that in the case of a failure. Let's say the red node failed that block could be Regenerated by reading all the other blocks And this has a really good like so this is called striping of a party or that's what I'm calling it And this is a really nice Space efficiency, so one minus one over n So in this case with six nodes we get 84% space efficiency and this goes up as you start adding nodes, so if you had ten nodes here you would have 90% space efficiency and you still tolerate one failure, which as I said is enough for pulsar so if you could store your topic backlog in a in a system like this as Your system grew to massive topic backlogs. You would save a lot of money However, it's not practical to store all your topic backlog in a system like this, so To actually generate your party block you need to have all the other blocks complete and available In the case of a messaging system, you're always adding little bits of data to to the topic backlog and You're not with pulsar you pulse that doesn't actually respond to the client until that's been persisted Now if you had to wait for in this case five blocks to fill up before you actually responded to the client then you would be You would be Your latency on rights would just go to the roof so for The open segments as I mentioned earlier. This is not practical, but closed segments are Immutable to complete and they can easily be moved to a system like this and that's what tiered storage is about so we don't actually implement this kind of Striping repairty ourselves. We use other systems where That's already been implemented and they already do it. Well This out works in in pulsar so Client starts writing to the broker Then the broker builds back the backlog starts putting segments on the pulsar storage nodes Eventually you're gonna hit a threshold So we support two kinds of threshold for tiered storage First threshold is a size-based threshold. So when the backlog exceeds a certain size, let's say 100 gigabytes We start moving the old segments to long-term storage The other kind of threshold is a time-based threshold. So if a segment is Say more than two weeks old, then we start Then we move it to long-term storage So it gets moved long-term storage and I guess deleted from the local storage nodes Which means you need to have fewer local storage nodes than you would otherwise need to have From the client point of view. This is transparent. So When a client comes along and needs to read These older segments they want to read the whole backlog from the start It'll talk to the broker and the broker knows to go to long-term storage. So the client really doesn't know where this data is being stored For the rights, the rights always go to the storage nodes because that's the open segment So it's not even taken into consideration. The offload process looks like this. So When we decide that we want to offload a segment We first update the metadata for that topic saying that this segment is going to be offloaded to this location So we do this before the actual offload process to avoid having a case where the offload world would fail halfway through and Then you'd end up having zombie data using up space in long-term storage and costing you money So we update with the new location and then we start moving the messages from that segment Over to a data object in the long-term storage the data object is composed of blocks and we keep track of the first message in each block and we use this to build an index And that becomes another object in long-term storage. So you end up having for each segment You end up having two objects in long-term storage a data object and an index object The index object isn't necessarily needed We could actually just have the data object and then each time you read that segment just read from the start to Find out find the message that you wanted, but the index it does avoid having to read the whole segment each time when you just want one or two messages or as is often the case when you're Reading from a topic backlog. You don't start at the exact start of an of any segment usually have a Cursor somewhere in the middle of the segment and you don't want to have to pull the whole segment to get Just that that little bit that you need So once the index object has been updated and written to long-term storage Then we update the pulsar topic metadata to say That the The offload process has completed so we can you can clear up your local storage whenever you want We don't actually delete the local segment straight away. So we have a Grace period. I think default is four hours Which we keep the The segment on the local storage just in case something went wrong with long-term storage and you just need to Stop the whole offloading process and dig into that deeper But eventually The data will be removed long-term off from local storage a lot. It's not even local storage from the pulsar cluster storage and a bit later and Then that space can be used for new segments So this has been available in pulsar since version 2.1 and the first implementation We had was for s3 as the object store version 2.2 went out, I think three weeks ago and that added support for Google cloud storage As your and hadoop are planned for version 2.3 So the as your patch is already out. I think The hadoop well HDFS is already complete, but I haven't actually seen the patch pushed yet And you can also implement your own offloader Indentation got messed up there somehow So the interface is as you would expect you have methods to offload messages to read the offloaded mess just to delete the offloaded Because you don't even if you are offloading to long-term storage You may still have a retention policy on your topic. So you might want to delete those segments after a year for example So you implement this interface and then you bundle it up into what's called a nar file and nar file It's a nyfi archive. It's like a jar file with class loader isolation. So Usually these Something like s well actually s3 is not too bad, but something like hadoop has a lot of dependencies It'll pull in which will Which will interfere with the pulsar dependencies in the process So we need to isolate the the Java class class loader And now our files allow you to do that So you bundle up an our file with your implementation of the interface with all the dependencies needed by your implementation You just drop it in your offloader's directory and then it is available for you to To use for offloading your data Okay, finally Pulsar SQL so this has also been available since pulsar 2.2 and it's an SQL interface that allows you to query all the data in topics backlog It's based on presto db. So presto db is a It's an SQL engine with a Plugable data backend so you Tell it where to get the data and you tell it the format of that data And that you also map a it's table schema internals to something to tell it how to present that data to the user So we use the topic schema feature in pulsar to create the table schema and this will be clearer I'll show you an example It's important to note that this is for data at rest. So there are some streaming SQL implementations where you put in your query and The query will the system will give you results as the As new data comes in That's not what this is. So this is for query at rest. So it queries the data that is already in the backlog when you make the query and the results you get are a So a final result that you get one time So to give an example of how we make a query against presto So first of all, let's go back to the music example. We have a listen event and You have everything you expect me to user who's listening the artist the title and the album So it denotes a song a user has listened to a song So we generate a schema object from this class We sport Afro and Jason schema right now. We also do support protobus schema But that doesn't work with the SQL stuff yet So generate a schema you tell it you're going to write it to the user profiling topic create a producer and then you just push a couple of listen events now, let's say someone in the rights management department Wants to see every user who has listened to deal So they can just go to their presto console and write your normal SQL type statement. So I want to select all from pulsar It tells presto to use the pulsar driver public default that's just the namespace in Pulsar that topic exists in So in this case, I didn't actually specify a user namespace. So it went into the default namespace, which is in the public tenant the You specified namespace then you specify user profile in its topic name and then you put in a normal SQL type clause And it gives you back a result like you'd get if you went into my SQL table There's also you can have many different Things in the where clause I'm not going to go all the way through, you know presto's documentation here But let's just give you an example of what you can do this That you can do this with the topic backlog data and this It doesn't matter if the topic data is stored in the presto local storage or in long term storage so this is not a benefit of separating the serving layer from the storage layer, so we have an abstraction for the storage layer and Presto doesn't even go near the serving layer. So presto has its own serving layer, which is the presto workers That's what the presto client connects to and these workers use that up use the abstraction to Pull in the data from either pulsar storage or long term storage be it s3 Google's Google's cloud storage or HDFS when we have it Okay, and that's it. I'm gonna just summarize So what about you pulsar you can have unlimited backlog sizes You can also have a lot of topics so it's something I didn't touch but like Pulsar can scale to I think a million topics was was the number we were putting out there The only limit is actually what zookeeper is doing in the background We can have unlimited topic backlog size All the data in those topics can be offloaded to much cheaper storage you can query all that data using an SQL type interface and That's that I Motivated this with a machine learning Recommender system type use case, but there's lots of other use cases for having massive backlogs Once you have a massive mass backlog you can use this you can build a CQRS event streaming or event sourcing System you can build datamarks audit logs fury logs. What's important is since pulsar does provide the ability to have these massive backlogs or infinite backlogs then These use cases are all possible Okay, so if you have any questions, I'll take them or You know I'm on Twitter, so you can ask me there or just grab me when I'm walking around. Thank you. Sorry. How many? two So you need to a minimum of two on your storage layer because obviously one can crash No, you know what so this you need three zookeeper nodes, so that is the part I didn't show but you need three zookeeper nodes you need Three bookkeeper nodes and two pulsar nodes But yeah, basically No, no, I think actually you you only need two bookkeeper nodes because the reason you need three zookeeper nodes is you need need to be able to form a majority To get this total autonomic broadcast thing But that only happens when you you only need that when you close the ledgers or you close the segments And that operation involves zookeeper. So zookeeper you need three all the rest of them You just need the minimum that you would need for fault tolerance switches, too Another question. Can you run pulsar over Kubernetes? Yeah, yeah, yeah, that's what a lot of people are doing now. That's Yeah, that's most of our work right now is getting it working nice on Kubernetes with Helm charts and all this stuff But yeah for sure. Thank you Yeah, thank you for the talk very very interesting and thought-provoking and I haven't seen a system like like this but I was wondering the difference between with Apache Kafka because we are seeing here about the storage of events and just the Presto Bay is SQL Engine for storing raw data, but maybe you have to Join cross data or elaborated a bit So presto stuff is the stuff actually not least about because I worked a lot on tier storage and bookkeeper layer But I Think joins are supported in presto So you need to look at the presto documentation to check that but Presto pulls the data locally and then it will do stuff like joins. So it's quite a big system The big difference so going back to your first question was the difference with Kafka the main difference With regard to what I've talked about is the separation of the serving and the storage layers so this separation allows us to Attach different stuff to the storage layers to provide different use cases And the last question and are there any APIs for external applications? Apart from presto another application. Yeah, presto has an API itself so you you would have a presto client library on your own application and That will connect to the presto workers So if you have an external application you connect to presto that the square is the storage layer. Okay, so, you know You're not explicitly using pulsar when you're using the presto stuff You know, it's pulsar in the background providing the data, but you're actually using presto. Yeah, that's it And pulsar is just the back end for the storage. Okay Hi, hi for a lot of Data like style storage you're gonna partition your data usually by date So you can run queries for a specific date and and have it return in a reasonable time if you're having infinite topic Backlogs being stored in the long-term storage and you're querying it with sequel. Is there any partitioning? I know understand those indexing within a segment to get to the offset, but anything else Well, it's partition. Well, the segment is like It is a time-based partition because like segments are chronologically ordered. So Segment you get kind of that partition natural naturally So would the presto be able to understand the times in the segments to only go to the segments It needs to go to if you again, I'm not a hundred percent sure because I didn't implement it But um, if it doesn't that's very easy to do, you know, you just pull the first message from each one or find It's segment is also dated. So like dated what when the first message is so you can pull that data very easily It would be very easy to do if you don't do it I'm not a hundred percent sure if we do do it. Gotcha, but I would be surprised if we didn't No, thank you