was warned by multiple individuals not to return to iran. organizers provided her with security while at the tournament. they've been nationwide protests in iran since september when also mainly died after being least custody for not wearing the appropriate time. american football player isn't a critical condition of the software cardiac arrest and collapsing, june and nfl match 24 year old m. r. hamlin from the buffalo bills fell to the ground after colliding the cincinnati bengals. opponent. medical officials performed cpr before he was taken to hospital. the game was suspended. christiano, rinaldo says he turned down many football clubs, round the world to join the saudi arabia's al nasa. his arrived in riyadh after agreeing to a 2 and a half year contract with $206000000.00 a year. the 37 year old was a free agent after his high profile split with manchester. united is reported a cruise in his contract using the option of joining

a saudi eucharist known if they qualify you in the champions league. ah, this is out there and these other top stories now voting will resume on wednesday for new speak in the u. s. congress or the 3 failed attempts. republican leader, kevin mccarthy has become the 1st nominee and a 100 years not to get enough votes from his own party in the 1st round, he's been blocked by a handful of hard line conservative republicans. tro hanjin reports from capitol hill in washington, dc. something it hasn't happened in a century, haven't. they weren't a valid one. they went to a ballot to, they went to ballot 3. he had 4 votes that he could afford to lose among republicans. on the 1st 2 we lost 19 on the 3rd, he lost 20, so the trend was not going well for it. so the republicans decided to adjourn

regroup. there will likely biesen arm twisting some inducements. offered but the opposition came from members of the freedom court as this is the conservative, fiscally conservative and sort of pro donald trump and wing of the party is really far our national security minister. it's martin gavers intrusion into the our acts and mos compound has been called deeply provocative palestinians, and several muslim countries condemned. the move football legend pele has been laid to rest in brazil. hundreds of thousands of mourners watched the funeral procession in santa's, the city where he played for 2 decades, 3 time well cup when he died last week at the age of 82 soldiers using mobile phones are being blamed for one of the biggest attacks on russian troops since the start of the ukraine war, in a rare disclosure, rushes defense ministry says $89.00 soldiers were killed. the new year's eve attack on temporary barracks. in the eastern city of mac, hitchcock. memorials had been held for the 3 kurdish victims killed in an attack in

paris on december 23rd. a 69 year old frenchman has been charged with murder for the shootings of the kurdish cultural center on medical workers in the u. k. national health service say they're under pressure, described as being intolerable and unsustainable. rural college of emergency medicine says delays in care could account for up to 500 deaths each week. they saw the headlines and use continuous hair on al jazeera after inside story. ah, croatia celebrated the new year by adopting the euro is joining as

a time when the i m f is wanting of a recession. so what's the head for the european economy and the euro zones? newest member, this is inside story. ah hello the and welcome to the program. i'm laura kyle. croatia has finally adopted the euro some 10 years after joining the european union. it's another step in the rapid transformation of a state once part of tito's communist yugoslavia. the celebrations might have brought some brief distraction for the you away from the troubles affecting the arizona and for a well facing de economic uncertainty. gracious government to express pride in its adoption of the new currency. but reaction on the streets of the capital zagreb was

mixed. i thought that 60, this is the future, things might get better over night, like we used to think, but this is the future, especially because of tourism and people coming here from the rest of europe was a negative. no sir. i think people shouldn't get hung up on the negative. one is to keep thinking positive thought we joined the xing in area. i'm very happy about that because soccer ball slowly turn into a real metropolitan city for local was her math reports to graduate. missing that what you're bethany definitely asked. things are getting more expensive all over the world. it will also happen here too. we can't escape this. unfortunately, almost all we'll get to our guests in just a moment. but 1st, let's bring you a closer look at what the euro zone is. it's a currency union created in 1999, but physical coins and notes only entered circulation. 3 years later, the euro replaced national currencies, but not all e u members belong to it. the euro is own, began with 11 member states,

has now grown to 20 with croatia, adopting the currency. the european central bank, the e. c. b is responsible for monetary policy, but it is limited in its flexibility to consider individual country needs. assets. responsibility is the euro zone as a whole. and now the i, m f is wanting, half of the european union's economies are at risk of a recession. ah, let's bring in our guests now and in rome, leonor poly head of analysis at the center for european policy network in berlin, been iris founder and as to and chief of be any intel in use. and in london, vicky price chief economic adviser at the center for economics and business research by one. welcome to all of you elanora. let's start with you because it doesn't feel like a very good time for croatia to be joining the euro zone. but how much is its

economy against be affected by this switch to the euro? certainly is not the best finding. probation, the creation will benefit from entering the year. i'm the, you're paying for money that you are out was around. she's just to me, it's very much louder. remember, i'm reading the i think not much which would change on the negative side on the country where, you know, allow more trade and more choices coming to question twin. so how make you make the country life easier? because right, it's not a partners are part of the european union, and i'm not, i'm not saying that it will add much impact. because anyway, even before i'm seeing the euros on ration with the radio, from how linked to, you know, piano comic trends in terms of research especially would be bad. anyway. and do you think this is a good time for the years, which does appear to be struggling to have a korea, a country like croatia join us?

i think from crisis point of view, is this a good time to join just simply by getting the year they will benefit greatly for economically and so much is that the now the, the e c, b is in charge of major policy that it gives access to to the country to moreland, could it see that they could see would come in would be available to the banks there by more government bonds with it, which gives the government more money to spend. and you can expect the real estate boom in so much as some of the facts for the good. and we're going to the real estate sector. but given that, you know, europe as a whole is in a horrible economic position. but it's up in the air and having access to those funds more, they couldn't see. i mean, that's exactly what you need in order to stimulate the economy in order to promote growth for the time is slow down. so i actually think it's probably net net a big benefit for gracious joint now. ok, but becky,

where does that money for correlation come from? who is providing it within the euro zone? was the 1st thing to bear in mind is that so the you and the european commission have been quite active in ensuring that there is sufficient support. still the countries have gone through the cold coven period. now the energy crisis with special funds, which have been raised and put aside for all the countries in europe, and the ones that are benefiting mostly at present have tended to be the southern european countries and possibly now the eastern european countries, if you like, getting a share of this, so next generation you fund the real support that is needed because of course we now also have the issues relating to russia and the war in ukraine and therefore cutting off of gas and other supplies. so there is a lot of cooperation going across, and that was of course, happening anyway. as far as the wider e. u is concerned. no for croatia itself course or the money that ben was referring

to is what the europeans of the bank is been doing in relation to quantitative easing all these years. in other words, sort of buying bonds in the secondary market of those countries and ensuring there's enough liquidity in the system to keep them going if you like. and there is special money be that put aside again. even though the finish, the overall package of quantitative easing just recently, there's extra money. but aside for those countries that find themselves in difficulty. so there will be for a while at any rate support going to if creation is it a countries like russia. but also of course, countries like italy and spain and greece, which may need that in the short term too. because of course, we are entering a recession, a number of countries, i'm going to need extra boost boost as a result of this because the capital markets may decide that their debt levels are a bit too high for them to be doing it without some support from the b service, he just left ford by 2 questions by saying that we are entering

a recessive the years and is entering recession. one of my questions was, is it going to happen because need to talk 1st about inflation? don't we then that it's soaring across much of the world. just bring it back to the basics for us in the euro zone. why is inflation the buzzword at the moment? and how is the e c. b, how is the central bank intending to address it? this, that's a complicated question. i mean, there's a lot that goes into it. and the obvious factors that be contributing to inflation already from before the war in ukraine with pandemic buyers is the food prices have been inflated, that supply chains have been disrupted by the panoramic, which is main things, more expensive, basic things like food and fuel. and then the war in russia is only exacerbate that by sending all the commodity prices are even higher, and they were already high before that. at the end of the pandemic. and the, it's become another factor playing into this is the,

the globalization that's been going on. and again, the war and ukraine is just making that was by splitting the world into the west and the globe. and all of these things have led to much higher and much more persistent inflation than anyone was expecting. and so for some of my, the see be tackling this or any central bank. it's extremely difficult. i mean, they see been put through some wreck or high rate hikes in order to try and bring it under control. but that's the class in the gym reaction high makes being inflation down below those right high. normally, they're designed to deal with inflation caused by monitoring problems. it's too much cash chasing to few goods. and that's not the problem here is like russia comes up oil and gas prices and it's also the commodities are going very high. and these are things that monetary policy do not effect, and so inflation is got high and it's going to stay high. so some of my b, b are in a bind. i mean, the only thing you can do is high rakes and try and psychologically so the

expectations price established itself is just inflation, right? so as i say, it says multiple moving costs unless, and it's a very nasty problem. and everybody suffering from it. it is, isn't it, especially in this brings us back to that perhaps what some might say is the problem of the, you're right, you're right in the fact that it's run by a central bank b b that has to control vastly different economies of across a huge region facing many different challenges leonora. analysts say that it's lee is likely to be the weakest link here, but it's the most at risk from the e. c, b, raising interest rates. can you give us a bit of an explanation as to why and what the impacts of fed to be? yeah, let me start by saying that you're right and what, what is your concern the to be withdrawn. but then, you know, when it comes to the european economic policy, you know, and the, the innovation is incomplete. it's a caution every time you know,

even when you're p and you know, you should have to hours intervene somehow effect of the odyssey using because it doesn't match the piano on to me. when you tell me, what is your, what is your average countryside is known as an effect. on the other hand, it takes months where you're young countries and automates to find, you know, compromise or look at the back. katrina. or now, you know, when we are discussing how to face, you know, your information reduction. but it takes, you know, a lot of time, more than other government to, you know, to make a decision. when it comes to equally is randy. you know that and then we took the sense of how the national that they high we have been, you know, how they were by no interest rate in the last 2 years. but of course now it's time for us to be to rise interest rate. but yes,

that as well as the right side would be, you know, i'm even across, you know, you to be on economy. and the fact is that he's still one of the biggest economy within the union. the no can not allow the trade because it does not in the also because it's a big economy within the u. okay. how much winners of a raise interest rate pay? i was an interesting question. i mean, honestly, whoever's been sort of speculating in, in bond markets, you know, some people have done rather well out of the volatility that we have seen in recent months. so that's one. but otherwise, obviously, if you have a sense of any sort and, and you're able to get any reasonable return on those assets, then, then maybe you know, your savings. in other words, you know, might do slightly better. but in general, it's not good news is not good news for anyone who wants to borrow, knock and useful households. of course,

that depend quite lot on their credit cards or any other loans that have it's not good for businesses which have to pay more. and really the focus needs to be quite considerably on the yields in the bond market, which determined also long term interest rates. those have gone up significantly, mainly because of the support from the european. so the bank has now gone from the market. the same thing in the us, the same thing in the u. k. for example. and the long term rates that people have to pay to invest if they want to borrow money and invest, those have gone out quite significantly which suggest also that we are going to be entering a period when business investment is reduced. so it means that growth is going to be affected, not just in the short term, but also in the longer term. and that's why the, the, the european commission and alongside the big countries is trying to ensure that that investment continues with support from funding. perhaps with some lower

interest rates, the weights raised in a combined way across europe for all this projects that europe absolutely needs, such as, you know, doing a lot more on climate change, a lot more on innovation and a lot more and getting itself perhaps more resilient to the types of crisis we're fed by some shane, you know, as centers of excellence for semiconductors and electronics, for example, electric vehicles, batteries and all that, which is going to be required for the future of the world economy. when we look ahead with all the challenges that are out there, the inflation ben is being actually linked to the energy crisis isn't it? hasn't been as bad as was expected or has a milder autumn and other factors have been brought into it. mitigated that crisis somewhat at the moment. yes, immediately them in the gas price is now full and dramatically just the last few weeks. and that's a function of both extremely warm weather. i'm sitting here in berlin and it's like

spring outside. and at the same time, the, the tanks and the energy that's coming in the natural gas in order to replenish those. thanks. not russian guests not coming at. that meant the storage levels are very high. and specifically gas prices, which is very important for the energy market in europe have been brought down because you have plenty of gas in the tanks and the weather is very mild. so demand is down. but the way the energy price is work is that we're at the point now where we're heading towards the end of the heat season with lots of gas because the weather is being miles. the fear is if you touch the analyst, that the energy crisis will start up again in the summer or late summer as thanks needs to be refilled. and that last, you know, russia and 185000000 cubic maces in 2021 and only a 12022. and it can be expected to send more than 50 in the city this year.

and so the price is likely to spike again. so the energy crisis is not, hasn't gone away, but because it's so intimately tied to the weather. it's incredibly seasonal. so yes, it has been mission. but that's not necessarily the end that far from it. you can expect, i mean price is the same last year in the summer when i'm 24 and given the reduction, the huge having a, brushing us on its way to europe this year. you can expect maybe the same thing to happen again. i mean, even worse. ok, so germany, for example, been reporting inflation for december being lower than was expected. that's not reason for hope yet. no, it's, it's helpful and the low price is now and the less helpful what that does will reduce the pressure in the next season in the next cycle, which will start in march at the end of the agencies. so yeah, it's definitely good news, but you have to, if you look across the board, i mean, everybody is reporting double digit inflation or they're close to,

which is incredibly painful. i mean, normally that's considered a crisis and we're sort of getting in it now. we're in extremely difficult economic position. and as we mentioned before, people like the see, the don't really have the tools to solve it. i mean this, this is economic shop and it's been shock out. the shock with the pandemic and now the war and what is the prices and looking for the crises, going to continue because this crisis with russia has hit commodity markets and then that's rippled out across the entire world. and where the world bank was predictable, percent growth now is predicting sort of flash maybe a global recession. i mean, we're not gonna have to place it. and you know, it does the c, b not have the tools to address this because it is governed by strict rules, according to the master treaty. for example, it's not allowed to buy government debt. and yet we've seen that it does by

government debt, and it does help countries in the so called south of the year a certain time and time again. so kind of not the more flexible in its approach, differing the approach to the bigger country to the smaller countries. i think you should be trying to avoid bath in the sense that it does because being one of the last bang to raise interest rate. and now, you know, in the fact that it will be raising interest rates are for next year. the fact is that used to be look at me or be an economy in this one. so, you know, can just concentrate on countries. on the other hand, you're buying bonds from national and countries. so these are the way the problem is that, that show different anesha across, you know, national governments within the u. like you have, you know, the not just which are very much on of policy. and on the other you have which are left by germany basically. and then the other hand, you have france,

which has be moving to a more like soft approach supporting more like your appealing direction, is like the vision of an energy found proposed by fast or, or so having an approach for words, you know, regulation which is not a pacific by germany, that me time 5 to germany live when he comes to us problems because those are the 2 that have been leaving, you know, european policies, you know, how many of you know, internal and external. i think at the moment you have kind of internal boxes between, you know, the prize and germany i need support at which point to vision. on the other hand, i think, you know, the european bank will continue with the interest rates rising interest rate. and i think, you know, the cost of $94.00, special talbot hundreds would be critical. but, you know, at the time i was saying you cannot allow, you know,

countryside or ottoman. the 3 countries will fade before that to be. and these will have major impact on your ability. so vicky, how do you stop them from failing? well, you keep supporting them, i'm afraid that's all you can do. and the truth is that the europeans of the bank and the u as a whole, have been very flexible over the last last few years. so during covert and beyond that they have basically given up on some of the rules or the suspend to some of the rules, the had the european stability and growth pact has been abandoned for the time being. in other words, needing to keep the very strict debt and deficit percentages. that's all gone for the time being the european. so the bank has been buying circle junk bonds from those governments. so he's been buying a lot of great bonds which where jumped for a while, but they seem to have improved a little bit recently, but it keeps on buying those or has kept buying those through the entire

quantitative easing period. so a lot of flexibility there, there is no doubt in my mind that this flexibility needs to continue. that if we were to revert back to any tightening of the rules again, there is a review. now the stability and the growth is stability. pact with ability and growth pack, what we'll replace it will be very important and we're talking earlier about creation and what implication gratiot will be in creation having and inflation of over 13 percent right now. other countries a bit less, but the baltic states over 20 percent of the problem with the europeans bank is that a single interest rate doesn't really work across. in any case, when you have countries, as you mentioned, germany senior reduction in their inflation rate. and you've got a information that tells you that in some countries, inflation is 3 times as high as it is in france or germany. so really difficult, therefore continued support, i'm afraid, is what is going to be needed been do you think that leads us on to the question of

whether the easy be with the or is that it needs a more permanent to speed monetary policy to support the different nations in the way that their own economies needed, that's a very good question. and the thing with the whole e u project is that it works extremely well when things calm and prosperous and steady, then it works very well. but even within that, there's always been this sort of distortions. i mean, the size of germany and the power of its economy is in the same, you know, regulatory environment under the c, b as the book. and so the interest, the monetary policy rate is supposed to fit both of them and for germany, what that means in effect is that the euro is much cheaper than it would be if the business bank was regulated, setting the monetary policy for itself. and consequently, it has this incredible export because it is very cheap and talking about introducing a to speed. i mean, this is acknowledgment,

i think of the crisis the moment and the, the plan in europe i think is just a way for the price go away. and then go back to it. i mean, at the moment there's, there's a federated europe. this is a monetary unity, but then even mass not universal within the u. and so it ends up being a fudge. and we've been talking about monetary policy and you change race both boost growth by cutting rates or have growth by increasing rates. but the way the use gets around that is simply by giving captions money. the amount of money that's being spent on supports at the moment is phenomenal. i think the collected the spend some 700000000000 euros in terms of. ready support and relief for the high energy cost moment. and so you know, you don't have to cut rates in order to promote growth by creating more money within the financial system. you can just give it to the countries in cash. and all of these programs, which is what's been going on at the moment, that seems to be the plan. i'm in germany,

learners is 1st aid program. a study been in the 2nd one, the same. and then the 3rd $1.00 to $100.00. and so they're just hitting with money to wait for the crisis. i mean the, the issue is how long is this going to go on? and i think up and so recently the view is being that it will last until the wind. so maybe the spring, but i think now the listener readjusting and they're talking about a long war in crane, which will continue to disrupt the energy markets. modest markets for at least another year. and now possibly even so i think you're right that we're going to revisit the, the economic policies. because at the moment the policies are by relief from these crises, ok, patch and not a big structural changes like you're talking about too. just so no big structural changes they can do you rate the survival of the right. yes, i think there's enough commitment is been demonstrated actually during the crisis

is survived. it is 10 minutes and doing quite well. in fact, one of the fastest growing countries in, in europe right now. so yes, i think it will survive. i don't need to be thought so some of those rules have been too strict and it could be so. all right, well that will leave our discussion today. thank you very much. all i guess for joining us. elanora polly been ours and vicky price. and thank you to for watching . you can see the program again, any time by visiting a web site that's out there a dot com and for discussion to go to our facebook page at facebook dot com forward slash ha, inside story. it was there during the conversation on twitter. i live at ha, inside story from me laura kyle: i'm the whole team here. it's bye for now. ah

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