if‘ai‘it that have seen. would you say that he are beginning to feel that yourself? so it's definitely the biggest crisis in the most uncertain one as well that we have come across because that's the one on which we have less control, right? it's a virus. it's not liquidity. sure. so this effectively means that it could bea this effectively means that it could be a very, very big prices. that being said, i think the compass for us being said, i think the compass for us should be to try and have scenarios depending on how the virus epidemic evolves. if we are confined for a couple of months and we find a vaccine and then it's gone, you are going to accuse me again of erring on the optimistic side but there are lots of scenarios and it could be the virus clearly goes away but comes back in the winter or that we

struggle to actually eradicated until we find or just struggle to actually eradicated until we find orjust reduce it until we find orjust reduce it until we find a vaccine and this will open the door to a variety of economic scenarios on which i don't think anybody today can have any certainty. right. what we do know and you've already alluded to it is that governments around the world are now pumping vast amounts of cash into their economies to bail out businesses, support and pop—up businesses, support and pop—up businesses and indeed to hand cash to individuals whether it be the americans planning to write a check to every individual american family whether it's mr macron, the scandinavians offering extended sick pay and pay for those of been laid off their work. there are all sorts off their work. there are all sorts of different ways of putting cash into the economy but the bottom line is, it's going to increase indebtedness and i just wonder whether you believe, at the end of all of this, whether we are talking about public state debt or

individual debt, there is going to bea individual debt, there is going to be a sort of accounting for this, there is going to be a profound debt problem at the end of all of this. so it's true, the amount being a cheque —— injected in the economy are very large and unprecedented, close of perhaps to what we have seen during the financial crisis but i think it's necessary to prevent even eager bets. if you don't mind, let me give you a sentence on this. what is happening at the moment, governments, policymakers are trying to do everything to buffer the shock, to prevent the deep economy going down to far to what they are doing is keeping afloat, if you wish, putting asleep part of the economic activity, compensating people for that so that you can awake the economy when the virus is going and containment measures are

going and containment measures are going and containment measures are going and by doing that, we will recover more quickly, and with very low interest rates we should be able to tackle part of this issue. if on the other hand we were letting the economy run its course and closing down, firms going bankrupt and people getting out of money, then not only the recession of the crisis would be worse but we would have even bigger debt issues at the end of this period. right, we've already said, markets aren't convinced that even the emergency measures taken thus far are going to work and there isa thus far are going to work and there is a great deal of uncertainty. it just seems to me we're running out economic levers. interest rates have been reduced to virtually only the us and the uk and elsewhere, so monetary policy has run out of ammunition. we are pumping money into the world economy as you've

just said, it keeps people afloat, it sort of anaesthetise is the problem to a certain extent but it isn't really working on the problem isn't really working on the problem is in the long run, we are sowing the seeds for perhaps an inflationary crisis. for an economy thatis inflationary crisis. for an economy that is becoming deeply dysfunctional. so certainly we have to hope that this doesn't last for two years or too long in any case but there is one thing i should say. the first one is, in terms of monetary policy, the central banks balance sheet is limited. there is a lwa ys balance sheet is limited. there is always a way for them to pump liquidity into an economy and the way they do it is the interest from one country to be another ——to another because they have different levers. that is something to keep in mind. they have shown before that they can do whatever is necessary in they can do whatever is necessary in the crisis, and they will show it again. let's think about the

economic landscape, as and when this crisis is over or at least is less damaging than right now. what have we learned, particularly about globalisation because it seems to me globalisation because it seems to me globalisation is we've known it to the 70s, 80s, 90s, into the 2000s, it doesn't sustainable going forward. when we will get out of this, definitely, there will definitely be a large amount of thinking and revision of the way the world has been functioning economically over the past decades because what you rightly point out is, this crisis is underlined two things. first we have to review the way the system operates, how we co—operate globally to make sure these types of pandemics may be contained much more quickly but more than that, also really puts under the spotlight the way our economies

and with the amount of travelling we do in the way that global value chain or the protection is functioning. i'm quite confident that some companies will reflect on where they source their components and how that affects their production and if it's too restricted to one country, or they should diversify. the sources of the components, including what they have in their production chain. the mindset of so many countries and leaders in the world today is not that of cooperation, it is of competition, of rivalry, protecting what they have against what others have and that seems to me to run entirely counter to the idea that in the future, we can approach these sort of potential problems and pandemic —— pandemics and health challenges in a cooperative way. we aren't being cooperative. look at donald trump trying to buy the intellectual property of the german

company which is one of the most prominent in the search of a vaccine. wanted exclusive rights to use that vaccine for americans. that's the mentality we have in our world today. well, he's not getting it, right, and everybody needs the vaccine and everybody needs to fight together this virus. 0n the economic and financial side, i think it will be more about diversification and security. you're right, it will lead us security. you're right, it will lead us to look at things in a different way but that doesn't necessarily mean protectionism because what that shows as well is, we need to ensure that there is good supply, that there is masks going over borders, that they are not being produced in one country but can be in different countries. in some ways, yes, the production chain will likely be short but this is also a lesson in how, when we are not soup organised

about managing a global common issue and help is one, we run into very big and more prolonged and unnecessary trouble. one final thought for you and you can argue it is slightly more positive. there is an extraordinary thing that has happened since this coronavirus really hits the world economy. we have seen a phenomenal improvement, for example, in the air quality that has been recorded in china. we've even seen has been recorded in china. we've even seen fish coming back into the ca nals even seen fish coming back into the canals in venice. it is quite clear thatis canals in venice. it is quite clear that is economic output and activity has stalled across the world, environmental conditions including emissions have actually improved in terms of what the world needs for its climate change challenge. let me quote to glen peters, the research director for the international climate and environment research centre in oslo. he said, "we must find ways when we rebuild the economy of learning some of these

lessons. we mustn't simply restore emissions." you think we will learn that lesson? i think the shock is so big, that we will learn a lot of lessons and you are very right to point at climate, in part because the reduced biodiversity with climate change may be also responsible for how fast the virus may have spread or how the virus may emerge. from what you are i understand, i'm nota emerge. from what you are i understand, i'm not a health expert. but the climate is also common good and it will have demonstrated how things can change rapidly when we do things can change rapidly when we do things differently. the travel will also change, the way businesses do things because we are all working, a lot of us aren't really working now, we have reduced our travel and yet a lot of activity by the containment of course can still go on so yes, i

think the shock has been very big, is being very big and this will lead us is being very big and this will lead us to really we think some of our economic model. a very interesting thought to end on. laurence boone, i thank you very much forjoining me on hardtalk. hello, there. yesterday it was scotland that had the best of the day's bright weather, with some spells of sunshine coming through, for example in this weather watch picture from the aviemore area. it was not like that everywhere though. for england and wales, we've had a slow—moving weather front with us for a couple of days now, and that's been bringing some murky weather and outbreaks of light rain and drizzle.

that front is this stripe of cloud you can see here. and it is this weather front that separates the mild but rather murky weather to the south, to the clearer, sunnier conditions, but colder conditions that we have across the north of the uk. now, over the next few hours, that weather front is still with us, bringing cloud and rain, murky as well across parts of the midlands, wales and southern counties of england, with some hill fog patches. but it is the cloud that stops it from getting too cold, so it's actually quite mild. temperatures for some at around eight celsius over the next few hours. whereas, further north, with those clearer skies in place, yes, it is cold enough for a few bits of frost, although quite windy for the northern isles, and that will keep temperature from dropping too far. it will though bring a few showers into shetland and 0rkney as we start the day. there will be a few more showers coming and going into the north—west of scotland later on as well. but the winds will be getting lighter all the time. further south, we've got our weather front, that's not really moving very far through the day. if you start off with outbreaks of rain,

chances are they will still probably be there, even into the latter part of the afternoon. temperatures for most around 8—10 degrees. but on the northern edge of this front, it could be quite chilly for one or two areas, with temperatures around 5 degrees in one or two spots. for friday, well, our front is a still there but it is moving a little bit further southwards so the cloud still thick enough for an odd patch of rain. we'll have these cold winds, gusty winds, particularly around the headlands of south—west england, the hills and coasts of south wales and the wind will make you feel quite chilly even though there will be a little bit more of that sunshine to go around. looking at the weather charts into the weekend — this area of high pressure really is setting up for quite a prolonged dry spell of weather for the uk, but the amount of cloud that we see is likely to vary from place to place. now, on saturday, we could see some areas of cloud come across the north sea. that may well affect some of our eastern coast. but the best of any bright or sunny weather, well, probably west of scotland, north—west england, western wales, the favourite areas for seeing some lengthy spells of sunshine. that cool wind though will knock the edge off those temperatures around

these eastern coasts. temperatures just 6 in aberdeen — that's not particularly warm for that time of year. the second half of the weekend also looks like it will stay dry with occasional bright or sunny spells and the fine weather looks set to last for many of us into the first part of next week as well.

this is bbc news — welcome if you're watching here in the uk, on pbs in america or around the globe. i'm mike embley. our top stories: italy registers the biggest daily increase in deaths from the coronavirus anywhere in the world, 475 in the past day. the us closes its border with canada and invokes a wartime law to increase supplies of vital equipment. we're going to defeat the invisible enemy, i think we're going to do it even faster than we thought, and it will be a complete victory, it will be a total victory. world markets still plunging, as the european central bank says it will launch a multi billion dollar emergency package to ease the impact of the pandemic. and the rise

of the virtual gig,