>> coming up on "bloomberg best" stories that shaped business around the world. brexit takes markets on a wild ride. >> they are set on a draft deal, there is optimistic. >> hurdles still remain. >> now is the moment for us to get braggs it done. >> we are prepping for a real showdown between the government. >> trade euphoria fades, china not ready to sign off on phase one of president's agreement. >> we don't know how china will respond. >> earnings season begins with a bang as the numbers are better

than expected. >> an exclusive interview with the fed president giving hints of rate cuts to come. >> i'd like to do more but i don't want to prejudge the meeting. >> we get perspective at the imf annual meeting. >> the global economy is in a gradual, synchronized slowdown. >> uncertainty is having a major effect. >> it is all straight ahead on bloomberg best. rosalind: hello and welcome. i'm rosalind chin. this is "bloomberg best." your weekly review of interviews and analysis from bloomberg television. let's begin with top headlines. the week began with president donald trump touting phase one of a substantial trade deal with china, an agreement that could be signed within weeks and settle a dispute between the two

nations. but it became clear monday beijing saw things differently. ♪ >> china wants more talks before signing the trade deal. secretary steven mnuchin says more talks and negotiations are on the calendar. > the plan is deputy level calls this week, principal level calls next week, ambassador lighthizer and myself and the ice premier. >> there is room for lots to go wrong in the process. he language from the chinese side has been subdued compared to the u.s. reaction. they have yet to refer to a eal, and a spokesman for the

commerce ministry didn't use the word deal. they are talking about meeting halfway and more work to do. that doesn't suggest there isn't a deal. we have had upbeat commentary from prominent chinese media types. so clearly there is something on the table, but work to be done. >> people are digesting the fact that uncertainty is scaled, no guarantee of a deal to sign in november, a moment for people to chew what they heard friday, businesses thinking, can we plan for this, is this something we can put into our business plans? not yet. ♪ >> earnings season in the u.s. kicking off, banks leading the way, numbers from wall street. >> we have four major banks, jp morgan the clear outlier, expectations holding steady, the cfo saying she believes the outlook is better than where it was in september. you has citigroup here with a different story, even as they beat both investment banking and trading, they can't do what jp morgan does, they can't say we are going to keep expenses in line.

people are looking at citigroup to keep expenses in order, and jp morgan is saying, we will spend what we need to spend. jp morgan is shining, wells fargo negative news, surprise legal expense, bringing their expense ratio out of line with what investors want. ♪ >> a potential breakthrough between british and eu negotiators, said to be closing in on a draft deal. there is optimism there could be a brexit breakthrough. we will wait and see. what are you hearing? >> every major stakeholder in those negotiations, the irish, the french, all were saying this was a serious proposal they would consider and there is still time to get this deal. >> today was kind of a first day that, when we got the headlines this morning about the potential breakthrough on brexit, there was a meaningful move right then in u.s. treasuries. i think it ended with rates going higher and people going amuck, and it added to the idea that some of the tail risks in

terms of geopolitics that created the safe haven bid are starting to come off. ♪ >> bank of america posted the biggest jump in investment banking this quarter from lower headwinds of lower interest rates. what happened? why did bank of america get so popular with investment banking? >> i think they had an easy comparison to one year ago quarter, i think that is why they look better compared to peers, but the numbers were better than expected. a positive area was m and a, an area where they trailed and where investors wanted them to

do better and they're showing they are making progress. hey are executing on two key things, cost and market share. ♪ >> we have a deal, jean-claude juncker says the eu reaches a brexit deal that is fair and balanced. >> now is a moment to get brexit done and then together to work on building our future partnership. >> this does mean the u.k. will leave the e.u. october 31, and that this deal will deliver a real brexit and will decide how they will end up running the u.k. on their own. the way it was presented really feels like this is a goldilocks perfect deal. the question will be, do others see it that way? >> yes we have a deal, there is optimism in brussels, but now the action moves to saturday and the vote and whether it can be made to get through there. the only change in the withdrawal agreement has been around the northern ireland situation and there have been changes there that have not

pleased the democratic unionist party that has propped up to some extent oris johnson, although there are only 10 mps in the house of commons and he lost his majority, but their view does matter and they are not on board so whatever concessions, the dup is not happy. ♪ >> among big banks, good earnings for the most part, but morning stanley led them all, gains in the vix helping out particularly. bank revenue surging 21% compared to the 5% drop analysts predicted. >> the stand out from this morgan stanley report was vix income trading, your last column to the right shows you your revenue surprise, 20 8% surprise for morgan stanley. take a look at equities trading units as well, morgan stanley,

when you look at the dollar amount, coming in on top, near $2 billion in revenues. but i want to zero in on morgan stanley as their shares compare to goldman sachs, because these banks have been underperforming the s&p financial sector over the last year, both in negative territory, morgan stanley eking out to take the lead, as you see on this chart here. >> the chinese economy grew at the slowest pace since 1992 the third quarter as weak domestic demand sunday trade war took a toll. gdp rose 6% from a year earlier, missing the 6.1% consensus. >> they came in below forecast for the third quarter, but not quite as bad as some including bloomberg analysts and house expected. bloomberg intelligence thought they might drop below 6% to 5.9%, which would have been the weakest on record. nonetheless, one of the weakest in almost three decades, more than three decades, so for the

overall gdp, we have a retail sales number that came in at 7.8%, a little above the previous month, suggesting the consumer here is just holding up. in terms of industrial production, you saw that number in august falling to a 17 year low, september it ticked up 5.4%, so a question in terms of the overall economy is, can they hit their target of between 6% and 6.5% growth in 2019? and our policymakers here willing to let that happen, or are they going to step up with additional stimulus, and what form will that take? most economists expect continued targeted measures to put a floor under this economy. >> boris johnson has a brexit deal with the eu and is asking his own parliament to accept it. what do we expect the outcome to e? >> all eyes on london as we prepare for a showdown between

the government and mps. parliament has 24 hours to hear about this new improved deal and make sure boris johnson can get it over the finish line saturday. it is not clear he has the votes. if he is not able to get it through, he faces a tricky and politically toxic decision. he always said he would never ask for more time. is he willing to take the u.k. out of the european union without a deal on october 31? that raises all kinds of political and legal questions. europeans are saying they just want to wait and see. the conversation next week will probably move into granting an extension if the prime minister fails. both sides are hoping he is able to get the deal done. >> sterling a little weaker off the headline coming out of france, the france leader says the u.k. must not get a new delay if the parliament vote fails.

no extension, no deal, hard brexit. >> the e.u. does not want to be blamed for a hard brexit. if boris johnson was forced into asking for an extension, it would be hard for the eu to deny this. the french and various others, basically trying to persuade british mps that they should vote for this deal. >> the big news is that tomorrow we may not even get to boris johnson's meaningful vote on his deal. the amendment put down by a former tory minister, and the effect of that amendment will be to say parliament does not going to make a decision on your deal until you pass the legislation. if that amendment is passed, we will never get to vote on the boris johnson deal, we go straight to voting on the motion as amended. so at that point, johnson is obliged by law to seek an exemption. >> whips are counting the

votes. what is the most critical set of votes the prime minister needs to get? >> his own brexiters need to fall in line. he hasn't got support from the dup, they came out firmly saying they are not supporting the bill. he needs to get all his mps on his side, including those who haven't supported them so far. on top of that, he needs to win over labor waivers, they are looking at, what happens if i vote this bill down? they will come under intense pressure from the labour party not to back johnson. that is the key group to watch tomorrow. ♪ rosalind: still ahead as we review the week on "bloomberg best," netflix subscriber growth slows, but investors don't seem to mind. james bullard open to new rate cuts, and headlines. >> turkey and the united states of america have agreed to a

cease-fire in syria. >> turkey is getting away with a slap on the wrist here. ♪ rosalind: this is "bloomberg best."

♪ rosalind: this is "bloomberg best." i'm rosalind chin. let's go to the round up up top business stories. the imf report tuesday gave it sobering picture of global economic growth. >> trade tensions continue to weigh on the global economy ccording to the imf. >> imf says the world economy will grow 3% this year, down from 3.2% from their forecast in july. the 2020 estimate is lowered to .4% from 3.5%.

>> to get to a position where we have more countries and a recession like environment is when global growth goes below 2.5%. we don't have that in our projection. >> the hong kong executive outlying solutions to structural problems in her address, interrupted by pro-democracy demonstrators. >> this was a chance by the hong kong government and carrie lam to stop these protests that have escalated of late and this was all about the economy, and particularly when it comes to housing, which some say is the source of discontent and why people hit the streets. she didn't mention the politics of what we have been talking about, no mention of reform are universal suffrage, so still a lot of questions about whether these measures of stimulus are enough to ease and rake down the political stalemate in the

ity. >> china threatening unspecified countermeasures if the u.s. congress enacts legislation supporting hong kong rotesters. the chinese foreign ministry issued the warning, saying china urges certain people in the u.s. congress stop advancing the bill interfering in hong kong affairs to avoid further damaging u.s.china relations. >> it underscores how many fronts there are now two tensions in the u.s.china relations, not just merchandise goods, technology, it is human rights, a culture war in what we saw in the nba last week. the big question is, we don't know how china will respond to the passing of the humans rights act in the house, and will it

spillover to trade talks in any way? that's a critical question in the coming weeks. ♪ >> the trump administration: turkey to declare an immediate cease-fire in syria and launched sanctions on three senior turkish officials and raised steel tariffs to 50%. >> people are feeling this is quite light, given what is happening. if you are looking at markets, the lira at the moment is strengthening, so no major reaction, which normally you would have expected if the u.s. is putting sanctions on a major ally like turkey. it is noticeable the americans did not ask for a withdrawal back to the border for turkish forces, they are asking for a cease-fire and for talks. and at the same time, the americans have not stopped the withdrawal of their own troops

from the area. >> a week after turkish forces crossed into syria, turkey and the united states have agreed to a cease-fire in syria. it will be a pause and military operations for 120 hours, and operation piece rang will be halted entirely on completion of the withdrawal. >> the thing that struck me was, one, you did not have a call for the vice president to turkey to withdraw troops from the safe zone in syria. there appears to be no mandate for turkey to do so. the end result is a pause in the fighting but turkey is allowed to keep the military gains it has made over the last several days, and exchange for a halt on sanctions, and after five days, possibly getting those sanctions lifted. turkey seems like it is getting away with a little bit of a slap on the wrist here. >> and south korea, the

president moon jae-in has made a public apology after his justice minister and close confidant bowed to pressure and resigned five weeks into the job. why was there such strong opposition to the justice chief? >> there was strong opposition to the justice chief's appointment before he was even nominated because of ongoing investigations surrounding not only his family but himself as well. he was facing allegations of having abused power to help his son and daughter get into prestigious universities in south korea, including medical school and law school. it goes against what moon had gone against, corruption and people using authority to favor family members. he also faces questionable investments in a private equity fund as well, which does not help the investigation nor his reputation. ♪ >> major lenders face a new investigation into why they haven't passed on rate cuts in full.

what are the details of the inquiry? it seems like the banks behaving badly theme continues. >> this is coming from the government, who want to put more pressure on the banks to pass interest rate cuts we are getting from the reserve bank. the reserve bank has cut rates three times, 75 basis points, the big four banks have passed 57 basis points of that, so there is criticism why the banks are passing those savings to borrowers, and the treasury wants competition regulated. we are looking into that now. ♪ >> democratic presidential candidates sparred in a debate last night in ohio. the impeachment of president donald one thing all the candidates agreed on. >> elizabeth warren taking heat from her political rivals now that she is leading and is a top contender. the second point i would make, look at south bend mayor pete

buttigieg. he is trying to position himself as a centrist alternative to joe biden. he did not clash directly with joe biden and instead vowed to contrast with elizabeth biden to show he could take her on, should biden dip in the polls. this is still a three-way, top-to erase between biden, worn and sanders, look for pete buttigieg to seize and draw contrast as an alternative to biden. ♪

♪ rosalind: you are watching "bloomberg best." i'm rosalind chin. when the fed cut rates by 25 basis point, a dissenting vote was cast in favor of a 50 basis point cut. now bullard is making the case for additional cuts citing the trade war and other downside risk.

he explained an exclusive that he explained in an exclusive conversation with bloomberg. >> we have moved a lot in the last year. a year ago we would have been talking about the fed raising rates in 2019, not lowering rates. and instead during january and february, we said we were taking february, we said we were taking interest rate hikes off the table, and getting into june, july, august, september, we started talking about reducing rates. the shift in monetary policy in the u.s. has been dramatic over the last year. i would say 125, 130 five basis points, not just the 50 basis we have had. so one part of what we need to do is take stock of where we are, but i think also we have to consider additional insurance in the meetings ahead. > should the fed be more aggressive given risks to the

economy? >> if you buy the argument i just made, we have been ggressive. normally you would think with long and variable lags and policy, it would take a while for those things to impact actual hard data in the u.s.. and i would expect those effects to come online in the second half of 2019, first half of 2020, and you are seeing some of that in housing markets, for instance, where refinancing activities and other things have picked up. picked up. >> you favored half a rate point cut instead of a quarter point rate cut. do you still think next time we need a half point cut? >> generally speaking, i would like to do more. but i don't want to prejudge the meeting. let's get to the meeting and make a decision there. >> could monetary policy a assuage a trade war? >> we maintain low inflation and

we do the best we can to take on board what is going on with the trade war and risks to the global economy and u.s. economy and conduct a monetary policy that will help us reach our objectives as a best weekend. frankly, we certainly have a great labor market, but the inflation side has been somewhat weak. we have been below target. inflation expectations remain below target. i would like to resent her inflation and inflation expectations back to our 2% target. that would be a great utcome. outcome. ♪ rosalind: much more still to come on "bloomberg best," including the latest by wework to ease its cash crunch. plus, conversations from the imf meeting. >> it is in a position to be

ready for any potential outcome in brexit. rosalind: this is bloomberg. ♪

♪ rosalind: welcome back to "bloomberg best." the imf and world bank held meetings in washington, d.c. amid a backdrop of economic uncertainty viewed with a trade tensions still high, leaders of global finance have plenty to discuss. many of them sat down to share nsights the bloomberg. -- with bloomberg. >> the global economy is in a gradual, synchronized slow and it is important we do something about that. the risks have been strengthened and the uncertainty that comes from that -- brexit,

geopolitical risks. living in a world of very little interest rates probably means there will be more risk-taking and possibly financial stability risks down the road. there are plenty of reasons to be concerned. >> are you hopeful about a u.s.china trade deals that lasts? >> it is hard to know. here is always hope. i think it is important that they reach agreement on the key issues where both sides need a compromise, we need new trade practices enhanced and enforced so both sides can feel comfortable about how trade and investment will proceed. we hope that can be accomplished. >> what is the one thing you worry about when you look at monetary policy? is it necessary to do more harm

than good because it chris asset bubbles? >> i don't view it that way and i don't think one should. monetary policy may have diminished effectiveness, because once you use up so much of the interest rates and it declines, there's not much punch. if the economy is weak and other tools are not readily available, they have to do what they can. >> the trade is on a downward trend. the lower growth rate. at this time, the turbulence and [indiscernible] >> because of trade concerns, geopolitical concerns or is adjusted downward trend? is it just a downward trend? >> i think the uncertainty is linked to both. the direct effects in certain economies like china, for

example, which has clearly had a major impact on european exports. on the other hand, the geopolitical risks are not easy to define. we have seen the brexit, which has been very cyclical. now we are on better prospects, and at the same time, we have the middle east contributing to worsening our outlook. it is complicated, but it is the uncertainty that is having a major effect. you can see this in the pmi. the main effect has been on manufacturing in germany and italy. the risk is [indiscernible] something we are starting to see. ♪ >> how much would a mini deal between china and the u.s., if signed, help asia?

>> asia has a certain esistance, but it has helped asian countries grow. according to our forecast, it is down, but it's keeping the pace. it is not bad, but the economy will double if we can keep it. there is a concern about the value chain disruptions if this continues, but so far the risk is being managed. >> both supply chains are being redirected it seems, away from china and toward other developing countries. will growth in those countries help upset some of the weakness we may see in china? >> of course the relocation of investment from china to countries like vietnam and bangladesh, they gain from trade

with the u.s. but they are suffering from lower growth than china. they are concerned about the future. >> right now, what we are trying to do is avoid further damage. already there have been great losses, investment confidence, the banking system, etc. already with the question of the trade tensions, we are paying a price. mostly the price is being paid by the u.k. >> the u.k. had one quarter of negative both but some say according to other economic metrics, the u.k. is already in a recession. should the bank of england do

more? >> listen, the bank of england has done so much. we owe it to the bank of england and the central banks, as i said before, that we do not have an even worse situation and that we are not in a bigger hole. however, there's only so much the bank of england can do. also the question of brexit and no brexit does not depend on the bank of england. the bank of england can react positively to attenuate the impact but it will not depend on the bank of england. >> at the imf meeting, and as you know, the characterization of the global economy is precarious. that is a new, that has built up over the last 18 months. why has it built up? the principal reason is global trade tension, particularly between the united states and china, the united states and

europe, and in concert with that, you are seeing globally what we have been seeing in the u.k., so we have to take that into account. how much momentum is in the global economy? is it about to pick up? you have to take these factors into account and make the rate decision at the time. >> is there a decision on how you will deal with the no deal brexit? >> no. there is not a division in terms of the overall approach, it is guided by keeping the inflation target at 2%, using the flexibility we have under our remit or mandate to adjust the ime to which we would return inflation target, likely from above in the event of a no deal brexit because of the impact on inflation. but the exact judgment about what no deal does to the supply capacity particularly, different

individuals will form their own judgments on that. these are very difficult judgments, and there may be a range of views, but overall monetary strategy, no, there is not a decision. we would address it if we had to. it's not just about monetary policy. the financial policies committee would be expected to [indiscernible] >> how quickly could you react to a no deal? >> and a normal timeframe. we would be deliberative about t. we have reacted to the prospect of a no deal brexit over the ast three years. we are ready for any potential outcome.

that is our job and we are very confident about that. today, we are looking at a different framework, where there is a deal. there is a question of whether it will be adopted, but there is a deal, and if it is adopted, gives the prospect of a transition. >> would you be in favor of a three-month extension or nine-month extension? >> it is not our responsibility. the question on the table [indiscernible] extremely seriously and debating it, as you would expect, to determine [indiscernible] and we will find out in relatively short order. we are ready for all eventualities. ♪

♪ rosalind: this is "bloomberg best," i am rosalind chin. let's resume around of the week's news and business reports. starting with news from netflix. >> netflix reported third-quarter earnings. shares popping in after hours trading. the key takeaways, the streaming giant topped earnings-per-share projections. new subscribers did fall short of estimates. revenue climbed 31% to $5.2 billion. is it the new subscribers overseas allaying concerns? >> i think investors were clearly worried that netflix would have another bad quarter. they disappointed in the second and they added a few million customers fewer than expected and customers were ready for another bad one. it is a sign that while they will have one of their worst

years in the u.s. this year, they will have one of the best internationally. they have shows resonating elsewhere. in a sign of confidence, netflix and the upcoming quarter will start aching out subscribers by region, which suggests they feel confident enough in the numbers to talk about it, which they have not previously. >> erikson has raised its sales target for 2020 based on 5g heating up. third-quarter results beat in a list estimates. what kind of increase are we looking at in terms of 5g rders? >> we see the 5g penetration rapidly gaining momentum, and over the last i would say two years, it has accelerated more than a year. we are seeing a very drastic

acceleration of the demand for 5g. so far it is primarily driven by north america, where all of the operators have launched 5g, as well as korea, where also the operators have launched. those two markets are really driving the 5g demand right now. >> johnson & johnson is up in premarket training after third-quarter earnings beat estimates. the story specifically with earnings going into this is 2019, is it a year of transition? 2020 will have more growth drivers. did you move that profile ahead or is this a different turning point? >> i think it is a little of both. we have significant projections with loss of major products for us. we've been able to hold on a little longer and or pharmaceutical unit. we are also ahead with respect

to our medical device unit. 5.3% growth when you strip out acquisitions and investors and currency impact. that's the best quarter since 2015. the turnaround plan is in place, so it is a combination of both. we expect to grow above market in 2020 as well. >> it seems almost immune to the trade war and a slowdown in china, a 70% increase in -- 17% increase in third-quarter net income with strong demand for its ultra premium line of fiery liquor. >> one of the bright spots that i personally see from the results is the company actually held up their operating margins very well, even as they incur more costs together with their parent company to sell more irectly to consumers, versus

historical reliance on third parties. still a very good performance in my view. >> softbank is continuing discussions on providing wework nearly $5 billion in financing in an effort to salvage one of its largest investments. this is one of two major rescue plans. what is the latest with these restructuring efforts? >> it seems like the board is up for a week of a lot of discussions, trying to make this essential decision for the future of wework. they have to figure out how to get cash. as we reported in the past, they could run out of money as soon as next month, so the clock is ticking. you mention these two options are the main options on the table, one being a $5 billion debt package from a bank led by j.p. morgan. the other being a $5 billion rescue from softbank, leading to

softbank probably taking a larger stake in the company. >> apple is under attack for sending web browsing data, including addresses to china's tencent. this is the latest criticism of how the company operates in this critical market. how did it happen and why is the company attracting such criticism? >> it's part of apple safe housing feature. the last couple of years, they've sent some browsing data, including ip addresses to tencent as part of a feature to warn you if the website is malicious. they check the site against a list of malicious sites, which is tencent in china and google outside of china. some say that apple should have been more transparent and that theoretically this could erode user privacy. apple said that this secures

user privacy and that the actual web addresses are not sent to these companies, it's only for chinese users when it comes to tencent and global users with google. >> shares up for 10th of a percent right now after the board stripped ceo of his chairman position. the board says it wants to give him more time on returning the 737 max to service, but they also want active oversight. >> it weakens him by taking the chairman job away from him. saying this move will give him more time to focus on getting the 737 max 8 back in the air, it's more pressure on him to get the job done in the timetable the company has set out, which calls for the recertification of the plane to occur this quarter. certainly the clock is ticking on that. if he doesn't get it done, it is

a hint that there could be a different kind of discussion within the company. >> volvo is rolling out its latest electric car and says there will be a new model every year from now until 2025. the new crossover leads the way with volvo and their parent, convinced battery-powered cars are the future, especially in china. >> so far the interest in china has been largely a stone incentives. i think the chinese market will pick up and see the beauty of an electric car. t is also based on -- [indiscernible] it is very difficult if you park the car on the street in a big city and i think those customers will be the last to go electric. >> hsbc could partially exit stock trading in some developed western markets. this comes as part of a cost-cutting drive by the interim chief executive. bloomberg understands that

trading units in france, germany, the u.s., and u.k. could be hit. is this part of a wider review of hsbc's banking unit? give us a bit of context. >> we are not entirely sure what the full scope of the review will be, but what we are looking at is a review of the entire bank. you have a new chief executive and he is bringing his own approach to how the bank should be run. we have this guy at the moment who is interim ceo and he wants to be permanent. he is showing he has the mettle to deal with the bank. >> the flagship investment vehicle is getting liquidated in the embattled money manager has been ousted. this marks the latest chapter in a dramatic reversal of fortune from a former star stock figure. why did they decide to wind it down? >> he could not sell his

illiquid and illiquid positions quickly enough to meet equests. he was not able to meet the requirements to open the fund in ecember. >> three economists from m.i.t. and harvard have been awarded this year's nobel prize for economics. they shared the prize for their research into alleviating global poverty. >> this had been a field that hadn't attracted a lot of interest, or at least had not been a popular field in economics until they started working on it. esther duflo the most well-known publicly because she won a john medal. they took poverty and broken down into small pieces, micro finance, price sensitivity, vaccination rates. how do you improve those things on an efficiency basis?

they had success showing that if you look at the micro aspect and apply statistics and efficiency to that, you can have an impact. hat has been important and made that has been important and made this poverty economics much more popular. >> saudi aramco's on-again, off-again ipo is off again until it can "provide clarity" on its most recent earnings in light of last month's attacks on two facilities. why the change? >> i think there were doubts in the investment immunity about how they would reach the $2 trillion valuation. the spin is they want to incorporate results of the third quarter. it was very volatile for oil

prices. we had the drone strikes on the aramco facilities in saudi arabia. it is unclear what the impact was on aramco's bottom line. they want to give investors some clarity on how they did perform in 3q. that's all we have to go on. ♪

♪ rosalind: you can get up-to-date with our interactive function tv , catch up on past interviews and dive into securities or bloomberg functions we talk about. it is for bloomberg subscribers only, check it out at tv . there are about 30,000 functions on the bloomberg and we always enjoy sharing our favorites on bloomberg television. maybe they will become your favorites. his week, and infamous

anniversary. 10 years ago wednesday, the greek government announced its economy was in serious trouble with the prime minister singh the nation faced "unprecedented fiscal derailment." that was the start of the euro zone debt crisis. here's a look back at the events of 2009 and the contagion that spread throughout europe. ♪ >> 10 years ago, greece unveiled a black hole in the nation's finances, budget deficit twice as big as expected. a lot of downgrades followed, and an unprecedented debt restructuring. it did not stop and greece. it was just the first of five euro area nations to be bailed out, calling into question the fabric of the currency. it has held together, much of it ascribed to the ecb and president mario draghi. >> the ecb is ready to do whatever it takes to preserve

the euro. and believe me, it will be enough. rosalind: the ecb support has been most apparent in the bond market. its asset purchase program has helped create 10 year yields to below 2%. the sustainability of the recovery is what counts. mario draghi has stressed that monetary policy alone is not enough and is calling for more active fiscal support. now, the baton passes to christine lagarde. the euro zone in peril is a subject she knows all too ell. the policy in the central banks won't make her job any easier. rosalind: use the function eu to find out all the information you need on europe, and its institutions. also visit bloomberg.com to get all of the news and analysis 24 hours a day.

that is all for "bloomberg best" this week, thank you for watching. i am rosalind chin. this is bloomberg. ♪ from the couldn't be prouders

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♪ taylor: i'm taylor riggs. this is the "best of bloomberg technology," where we bring you all of our top interviews from this week in tech. coming up, tech earnings. -- earnings launch. netflix delivers a wall street surprise. we have details, plus a preview of all the rest on deck. plus, another week of head scratching over wework. investors wonder whether it will be jpmorgan or softbank will rescue the co-working space