welcome to world wild exchange live from davos. >> and i'm manning the desk here in london. here are your headlines from around the world. >> only hours to go until the ecb finally unveils a widely expected qe plan. cnbc sources confirming mario draghi aims to buy 50 billion euros in a month. but will the market be disappointed. >> the ceo of barclays defends

their decision as they accuse the lender of not cooperating in their probe. >> our position is always to cooperate. we have robustly responded to the allegations made against us and that's going through the courts. this is the next phase of that. >> egyptian stocks hit new highs as they benefit from lower oil prices. in the next hour he explains how the world views his country four years on from the arab spring. >> civilized which is influential to its other neighbors. this is the new egypt. >> indian stocks hit a fresh record high amid on going hopes for prime minister modhi's

reforms. >> and coming up we speak to the finance minister of india live from davos. well a warm welcome again to worldwide exchange from a very chilly davos this morning. let's get straight o our top story. they're set to announce a plan to buy 50 billion euros a month when it meets later today. the report sent shares in europe and the u.s. higher. according to the newspaper the central bank bond buying will last for at least a year. however other reports suggest the program won't end until late 2016. the ecb declined to comment on the speculation.

now anetta is in frank ford. you confirmed we're looking at a program with 50 billion euros. we're looking at the top end of the market estimates. we could see significantly more. when is it going to start? what are we expecting? and who is going to be buying? >> well about the starting point it will most likely be march. that's what i'm hearing currently and also about the volume, we're looking into a package which could be more than 1 trillion euro. if we think that the time of that program will be two years at least. i guess mario draghi is discussing that just right now with the governing council and you need some majority for that program but we're pretty sure he's going to get a majority for

that program because there's only up to five members not in favor of a fully qe program. the only question is how they're going to treat credit risk. there were reports at first that the dutch central bank would like to have that the individual central banks are only taking the credit risks of their national sovereign debt. that was hugely criticized for analysts and academics worldwide because that would lead to a fragmentation of euro zone debt market once again and one prominent economist from the institute was saying that it's not only a wrong decision it could also be a very dangerous decision. when we look at -- your next question was also the key question how much they are going to buy. most likely it will be according

to the cap and some sort of cap on individual markets so that would be interesting to see in terms of details as well whether they're actually going to present us such detail and also the general language. of course during the q and a i guess the -- there will be some sort of program. he'll do whatever it takes to get inflation back to the target. julia. >> thank you so much as you quite rightly point out. omt style unlimited purchases and one of the crucial questions is whether or not the market then when it gets some sort of announcement today starts to push him forward to needing an unlimited statement. i caught up with the president of the euro group this morning too and we were talking about the options as far as bond buying is concerned and what's

priced in the markets as far as bonds and the euro itself is concerned and one thing that isn't priced for qe is equities and i asked whether he would consider or perhaps think that buying equities might also eventually become an option for the ecb. listen to what he had to say. >> i won't go into the details of what the program should look like. that's up to the ecb. politicians that concentrate on what they have to do make their countries competitive and put their countries straight. we still have a lot of work to do. one thing is clear. the decision of the ecb shouldn't take the politicians off the hook. they still have to do what's necessary. >> if we consider as far as the damage done to the euro zone in terms of a lack of structural reform would you agree that certain policy makers, you don want to interfere with the ecb but by limiting monetary policy there's damage done there too.

>> i don't think we should limit the ecb. we focus on it and have a full scope of instruments to use and to apply when necessary and that's their decision and at the same time politicians should get on with dealing with their economies and opening up markets and making the labor markets more flexible. all the things we call structural reforms. >> as far as risk sharing is concerned, are you against risk sharing? that does send a message about the willingness of other countries to take on other countries debt. >> if you have a monetary union you cannot exclude risk sharing. it has to be effective and right for the circumstances but you cannot exclude when you look at the balance sheet of the ecb it's a balance sheet full of risk sharing and this is inevitable in the monetary union. >> i want to move on to greece. in the event that post the greek election we struggle to see them negotiate would you want to see greek bonds included in any

program that does get announced by the ecb? because that sets a precedent too doesn't it? >> i'm focussing on what happens after the elections. elections are on sunday. as of monday we'll have an idea of what the next government will look like and we'll work with them but greece has a lot of work to do. they have to put right the way the governments function the way markets function. if they want to get investment back to greece. they have to create investment opportunities. that's a task for any new government. whoever is in it. i'm just stressing the point don't deviate from the reform path they have been pushing for some years now. >> they wouldn't want to see further debt. where do you stand as the dutch finance minister? >> we have done a lot to bring down the debt burden by bringing down interest rates and

extending the periods of maturity of the loans. we could do more there but i don't want to raise expectations. writing off the normal value of loans i don't see that happening. there's very little to noun support in the euro group for that. that's really off the table. >> i'm now joined by pierre the european commissioner for economic and monetary affairs. thank you for joining us this morning. one thing, as far as qe potentially being announced, what do you see as more important right now? the size of the program, the idea that it could be unlimited and the need for that or the unlimited risk sharing. >> very hard to comment because you have the decision first in order to see what it is but what i want to say is we in the commission expect fully the independence of the sennal bank. we know that mario draghi always acts in the interest of the euro zone as a whole and he takes in mind the problem we face today

which is is the low inflation, low growth and i'm sure that decisions he will take will be precisely adapted to that. it's a reference. we need a global policy for the eu. very pertinent monetary policy and investment plan which is our part of the game with the 350 billion euros that we decided to put on investment. if all these elements together stand alone, then we can recover growth. we can have more potential growth which means also jobs which means the capacity to reduce inequalities and we obviously need it. so let's wait for the decision of mr. draghi. he has precisely in mind what he wants to do. that he's a man that likes as well to be predictable and sometimes a surprise.

>> he does it within the limitations he has given as far as the central bank is concerned. the president of the euro group said he is dead against risk sharing. that it undermines the european project. would you agree with that? >> it's hard to comment on a decision still to come. i'm sure mario draghi will take the right balance between the role of the national central banks and the ecb but he's not the guy that's going to say that he renounces to the role of the ecb. and that's a central institution and it's also a -- the place to which people look. to put their trust. >> i want to move on to greece to talk about the situation there. obviously we have the elections this weekend. in the event they struggle to negotiate in the coming months and assuming we get a qe program would you want to see greek bonds bought as part of that program? because that sends another message. it's a message talked about

particularly in the german press. >> again sorry to be somehow careful. this week is for the voters. they will have to decide on sunday what kind of policy they want from the country and government they want for the country. one thing is clear, that we fully respect the vote of the greek people and that we will discuss very soon with the greek government whoever needs the government. and of course it's not the same choice if it's one party or the other we must see what is the majority, what are the needs. what are the demands from a possible government. but first the choice of the voters but one thing is clear that the european commission wants to enter whatever happens into a new phase in the relationship with greece. greek people made a lot of effort. some reforms are still necessary. we need to show that we want to trust them and help them to

recover growth and create jobs and the next step is about that and we are ready to examine a lot of situations but with one very important point is that we consider that the commitments taken by the present government are not only by a government but by the state, by greece itself. and that does mean that we don have room of maneuvers but again we juan to stay in a pro european pro-reform attitude. a new influence on the voters. >> under no condition does greece exit the euro zone under this election. >> no leader today in greece says he wants that. i think everybody is convinced that the future of greece is in the euro zone and we in the euro zone are convinced we need greece in the euro zone. it's a question of integrity and strength after that zone. >> thank you so much. now we have to take a quick

break but coming up we are going to be speaking to the indian finance minister. the world bank saying in two years time india could outgrow china but the question is will they follow through implementing the reforms they promised? we'll be discussing after the break in an interview with the indian finance minister. stay with us. we're back in two. hey what are you doing? i was thinking about taking this speed test from comcast business. oh yeah? if they can't give us faster internet or save us money, they'll give us 150 bucks. sounds like a win win. guys! faster internet? i have never been on the internet and i am doing pretty well. does he even work here? don't listen to the naysayer. take the comcast business speed test. get faster speeds or more savings, or we'll give you $150. comcast business. built for business.

welcome back to worldwide exchange. it's the day that investors have been waiting for. the ecb governing council meeting. mario draghi is expected to unveil a quantitative easing bond buying program. that will help europe get out of the deflation nary trap. we are looking at stocks higher across the board but what about bonds? the expectation is if mario draghi delivers an unlimited quantitative easing program we'll see investors take on a risk on approach and sell bonds and buy equities. reports indicate that the european central bank is about to buy 50 billion euros a month. the timeline of this bond deal is still up in the air. another focal point has been india. indian stocks continue to push

higher after ending 2014 as one of the best emerging markets. they hit a record high for the third straight session today. now sentiment has been boosted by expectation of fiscal and economic reform as the government gets set to unveil a new budget next month. let's get live to davos where we're speaking exclusively one-on-one with the indian finance minister. >> when modhi first won a hopes swell that the new government would adopt economic reforms that it proved beyond the brutal coalitions of the past. yet the bold steps are best taken early and he has so far not had dramatic changes. so cuts to subsidies which cost 2.3% last year have been deferred. there's no firm timetable the article says for a national

goods and services tax. india's many states caps on foreign investment directives including supermarkets remain in place. and is the chance to redo india's economy slipping away already. >> i think you picked up an article from july. that's not in tune with the last 6 to 8 months. what's to be done in india with the goods and services tax, we negotiated with the states. an amendment bill is already introduced in parliament and broadly welcome and i hope to pass that bill. but that's going to be one of the most monday mental tax reforms in india since independence. i was asking the last evening,

the secretary of the department which deals with the fdi is here. i asked him a question which are the sectors which are broadly still unreformed. he is still struggling to prepare a list and therefore sectors which are the forbidden area in india, defense, in the last few months we opened up those and in fact the criticism is not that the prime minister didn't live up to the expectation. they're going so fast. why do they want to wait for parliament to pass the bills and do away with his reforms. why is he going of the executive ordinances of old. this government had to move fast

and we're moving at a active pace. >> let me ask you about oil prices. i imagine sharp declines should be good as a net importer. how many of a boost did the declining oil prices have on the economy? >> well, the declining oil prices certainly help us in many, many areas. they help us in cutting down subsidies. they help us in deficits and of course they help us in bringing down inflation. and in india it's the oil prices our food prices have been under control and we have been able to maintain a fairly acceptable rate as far as inflation is concerned. of course there are areas where

they vicariously hurt. most states in india are living with this realistic situation because the advantages are too many. >> you're going to announce a budget i believe in the next two weeks and you have to pay for a lot of things that you have talked about and promised the people. how do you pay for it? and give us a little bit of a sneak peek as to what we should be thinking about? >> well we earn and spend. we also had a bad tradition of borrowing and spending and therefore since last year we have raised this debate in fact i said it in my first budget speech that how long can india continue to borrow and spend. they have to raise higher taxes in order to repay that debt. that is where we started this whole debate of cutting down or

rationalizing the subsidies. elimination of subsidies in india, a large part are living in those conditions are not possible. it's not even desirable. we have to bring those people and pull them out of poverty but we have to rationalize our subsidies. we not only started a debate and since that was a line from the economist that you mentioned, petrol is now linked to the market. as for lpg's concern the first subsidy started this month but the first of january all subsidies with regard to gas now go directly into the bank accounts so almost 150 million families in india will get them. the next stage we have to carve

out the family's not entitled and of course areas where there is a misuse of subsidies. fuel and also in dark areas in india. but it's also being misused in many areas. so the next area we intend battling is kerosene. i appointed a expenditure balance commission that will be giving me the report with regard to rationalizing some of these subsidies. the prime minister last week in a major address of economic issues said subsidies for the poor will remain but we intend rationalizing. that's where we plan to cut down some part of the expenditure in

order to finance our own activities. we have targeted a fiscal deficit of 4.1% but that's not also acceptable as far as we're concerned. we have a road map to bring it down to below 3% and we intend to maintain those targets. >> what about taxes? >> all right. that is india's finance minister speaking to our own cnbc talking about the budget which india will unveil in about two weeks time. what to expect and how long will it take for india to get back into a recovery phase, if you will? andrew also asking him about declining oil prices and how that's a boom for india given that it is a net importer. saying that declining oil prices certainly help us in many many areas but that eliminating subsidies in india where one-third of the population is living in poverty is not possible. we'll keep you up to date on what he tells us live in davos.

in the meantime let's switch focus to egypt. egyptian stocks at a 6.5 year high yesterday. the economy is benefitting from the drop in oil prices like india which has eased the pressure on egypt's trade balance and inflation. hadley gamble joins us live from davos with a special interview. a wrap of a great interview. hadley over to you. >> that's right. president sisi is in davos and sharing his economic vision for the country. he had a jam packed schedule today but he did take a moment to speak to me on cnbc. i asked him about the optimism in the egyptian market and i asked him about the new egypt. >> as you can see the egyptian people were by millions and the whole world have noticed that. they made the same move but the

changes is going to take egypt to a different era but then they made another move. the new egypt, the egypt civilized which is its other neighbors, this is the new egypt. >> you have to also remember this is a critical time for egypt. this is a country of 90 million people. they need billions of dollars in investment and the question remains where is that invest going to come from. much has come from the gulf state and falling oil prices could put a damper they're willing to give up to egypt. we'll see a major investment conference in march. you also have to remember they're very worried about terror. they have terrorists they're willing to take on and they're worried about their border with

libya and what's happening in the arabian peninsula and the islamic state and i asked him as well what is your message to secretary of state john kerry that will be arriving in davos tomorrow and he told me it's the same message they sent several times to their american friends and that is one has to tackle terror at its source. >> thank you for bringing us that interview. it will be interesting to see how declining oil prices help egypt's economy going forward. now, coming up julia is back with us from davos and speaking with one of russia's wealthiest men. this is worldwide exchange.

hours to go before the ecp unveils an expected qe plan with cnbc sources confirming mario draghi aims to buy 50 billion euros in bonds. the eu's economic commissioner has faith in mario draghi. >> full independence of the central bank. we know that mario draghi always

acts in the interest in the euro zone as a whole. he takes in mind the problem he faced today which is a risk of inflation. >> tony jenkins defends the interview as he accuses the lender of not cooperating in it's dark pool probe. >> our position is always to cooperate with the regulateive agencies. we robustly responded to the accusations made against us and this is the next phase of that. >> egyptian stocks hit new highs as they're expected to benefit from lower oil prices. president al sisi explains how the world views his country four years after the arab spring

crisis. >> new he kwiptegypt, civilize which is influential to its other neighbors. this is the new egypt. >> from egypt to india, indian stocks hitting a high after prime minister modhi's economic reforms. the finance minister speaking to cnbc moments ago and talking about the benefits of low oil prices. >> they help us overcome deficits and of course they help us in bringing down inflation. >> in davos the ecb very front and center here. we have been speaking to the top ceo and money managers.

listen to the possible impact it may have. >> europe wants now and what europe needs now is a little bit of growth because growth will help so many problems deficit part of them and we are seeing it happening in the united states. >> for us no significant impact to our pbt in 2015. secondarily what we're seeing here is a world that's inherently more volatile. who would have said six months agatha oil would be trading where it is? who would have said two weeks ago the swiss central bank would do what it did? we don't have a crystal ball. what we have to do is build the resilience into the organization to deal with these issues and when possible turn them to our advantage. >> the challenge that we've had in europe is you've had the ecb trying to bailout the policy makers on the structural side as

the same time you had solvency too or banking which has been presenting it getting through to the real economy. >> i'm now joined by the economy minister for portugal. thank you so much for joining us this morning. on both the imf and the eu said to portugal that -- apologies, you're finance minister of portugal -- apologies we're actually joined by -- i apologize for that. let's talk about volatility right now surrounding the potential announcements as far as central banks are concerned. we're expecting the ecb right now at least to announce that qe. just talk to me about what your expectations are as far as you're concerned and whether or not it adds the volatility to the markets right now. >> well i think our perspective on this monetary policy measures

has always been that this is something that has to be complimented with structural measures and particularly in europe. so for me the most porn thing about all these measures when we take a long-term perspective is this should be an incentive to do more reforms in europe and there's some possibilities that euros start to grow up again. we have dividends coming from the drop of the oil prices. i think all of these elements need to be used in a positive way to encourage reforms. not to do the opposite. for me this is the most important thing and volatility is normal. there will be volatility. we need to normalize the situation in financial markets and there will be bouts of volatility. we need to monitor that but we should not reframe from

normalizing because there's volatility in the markets. >> your head of markets said investors are far too complacent and staking bets in certain asset classes that could end up blowing back on them. when you look at the pricing as far as qe in europe is concerned, bond prices do you think there's a risk of complacency there? >> we think there's too much dependence in financial markets on monetary policy or even authorities intervening in markets. i think financial markets need to be -- to consider more alternatives and i think they should not think central banks are going nowhere to suppress volatility and i think they should be prepared for a process of normalization. it is a starting but i see to

some extent that the markets are thinking that there is only one way and i think they should consider wider alternatives. >> i want to ask you about the retraction of qe as far as the swiss national bank is concerned. it's difficult in communicating that kind of policy because it has a reinforcing effect in moving the market against them in a sense. but as far as the attraction of qe is concerned or stimulus is concerned there's a challenge for them but do you think they aired on the wrong side there as far as communication? we know christine legarde was surprised by what happened there. >> i think there was no other way. but i think this kind of thing such as a move in the exchange rates or a move in the policy i don't think that you can do it smoothly. you have to announce it when the decision has been taken and i

think this is probably a lesson that when a measure is temporary we should consider that it is temporary and perhaps we should factor in that at some point of time it would be possible. so i think they did what they had to do at some point of time and i don't think it can be done in terms of communication in a different way. so i'm supportive of that. >> very strong point there. supportive of what the swiss national bank did. we'll get your name right this time. the general manager of the bank of international settlement seeking there. back to you. >> thank you so much. i also want to bring you up to speed with the comments and headlines coming out of the exclusive interview with the indian finance minister talking about the benefits of oil prices. also india has a road map to cut down it's fiscal deficit to below 3% of gdp in the next three years. an ambitious goal for india and the finance minister.

let's listen to what he has to say right now. >> traveling from one part of the world to another is a very important segment of the services sector and therefore the more we are able to restrict them the more we are able to expand services. the united states has been a great supporter of the idea of opening out in various areas. and therefore the idea i think subject to what their own requirements are we would like more indians everywhere in the world. >> let me ask you a different questionment when you got this job, when you got this job and started looking at other countries -- when you started looking at other countries perhaps, i don't know if you did this as models, who do you look at right now and say i like what

they're doing on this issue and i like what they're doing on this issue? i'm just curious because i assume you start thinking -- >> when you get a job -- see in india we always look at the last two decades of missed opportunities opportunities. india is a liberal society. we're willing to learn from anywhere in the world and when you look at manufacturing, a question which every indian asked themselves what if we had started adopting these policies in the 1970s, would we have kept pace with china. that's one of the questions we got just now. the real answer is we have to learn from economies like that how to improve -- >> that's the economy minister

of portugal. the message from portugal yesterday was one of strength or intended to pay back your loans to the imf early saving on interest expense and you raised 30 year debt too. expand a bit as far as the cash savings are concerned. where is that money going to go? >> well it's a pleasure for me to be talking with you one year after. my country got out of the financial assistant and having markets since may. economy is growing 1% and the world economic forum just recognized that portugal jump up 15 in the world economic

competitiveness. it's the best country to do business inside of europe. we are moving ahead. with our referendum agenda and with our reputation and credibility that portugal has gained, it's natural this move. interest rate of 3.8% if we cannot assess learn term funding at 2.5? that's the movement that we are doing and i think it's a smart one but depends very much on the reputation on the credibility that portugal won over the last years. >> back to what you're saying a lot of benefit has been gained by a number of european countries from the ecb. can i ask you what you think as far as the prospect of this monetary stimulus is concerned and whether or not it will help express concerns and the growth. a lot of people are questioning

whether it can support growth ultimately. >> i think mario draghi has been doing a very important job on europe. not only two or three years ago when he act as a leading role to protect the euro for all the threats three or four years ago and now also fighting an important risk which is inflation. we don't want to turn on a situation for the next years and really i do believe that european central bank has grow and this quantitative easing may play a very important role for us in europe to have a normal inflation.

another completely differ thing is to get on the trap of deflation in europe. nobody wants that. so i look at a very positive move the announce lt of the european central bank. i do think that mr. mario draghi is doing what is need for europe to get out of inflation and we do have to continue to play with a reform agenda because europe must address reforms that we portuguese are doing already. >> and there's still some reforms needed in euro zone too. seema, i'm going to pass to jeff now because jeff joins us with a further special guest. jeff take it away. >> yeah thanks very much indeed julia, for that. i'm pleased to have with us chief economist at citi and of

course those with medium to long-term memories will remember him. he was on nontear policy committee of the bank of england. do you think mr. draghi can give the market what it needs today. >> he'll give the market something. i don't know what the market needs but certainly the area that needs more he's likely to give. long overdue quantitative easing. $50 billion amounts for, 12 months or so and watch and see if enough happens. when he concludes it doesn't they'll do more. but there will be a qe without full loss sharing that further weakens it.

certainly not enough to get europe out of its rut. >> it's fair to be critical of the speed that the ecb seems to have addressed it's growth challenges. do you think mr. draghi got with the message that europe will not grow with further intervention. >> it's the germanic wing of the governing council which appears to have an effective veto of its positions if it just voted by majority rule it wouldn't be an issue but it is. and between the middle of 2012 and today gets the balance sheet by a trillion euros needs, i think close examination. this is economically irresponsible and they have to compensate for it in a hurry. >> some question being asked as

to whether this policy will be effective in real terms anyway both in the u.k. and the united states we see inflation trends on a downward path. they have both engaged in qe previously. why would this make any difference to the growth path for europe. >> uk stopped awhile ago and the u.s. stopped at the end of last year so it undoubtedly makes a small contribution to the recovery in your area. part of the deflation that we're seeing is of course due to unexpected decline in the price of oil but if it doesn't help much it certainly doesn't hurt and this what i would call poor man's monetary policy is better than nothing. much more needs to be done on the physical reform side on the bank side to get your area

growing again but it's better than nothing. >> the market is always primed for surprises here. it's expecting this for the ecb. it's expecting interest rate cuts for central banks around the world taking place. the snb caught it a little by surprise. what do you think the next risk for the market is in terms of central banks? could we see janet yellen perhaps push a interest rate hike into 2016 rather than this year if we continue to see deflation nary pressures from the oil price? >> the oil price something itself is something the fed keeps repeating they're looking through but clearly if there's no evidence of domestic inflationary pressures, especially wages, there's no reason why the fed would move this year. our own forecasters.

you'll see the first increase at the very end of the year. if there's no evidence of earnings growth. >> let's just bring greece back into the story. we have the election coming out very shortly. do you think there's a risk that the whole euro zone project begins to look as though it's unraveling with a greek exit likely? do you think it will happen? >> well first of all it wouldn't be the end of the euro zone. the end of the euro zone will not only happen if they fail to make the necessary reforms it can be made to work. no i think they're proeuro and against most of the reforms that have been worsed on the greek economy although they have favor

of some reforms. there's a deal mr. there provided the rest of the government recognized that greece needs a significant debt reduction which will come out of the markets of the european taxpayers as long as they recognize that and are willing to fudge it suitably there should be no problem. >> you called what is happening today at the ecb poor man's monetary policy. why did it end up being like this? >> well we have no way of cutting rates. the new zero is minus 75 basis points if you take the swiss national bank. so as soon as we get near zero we have to start thinking of balance sheet expansion and

change the size in opposition of the balance sheet and that by very nature is tinkering with ineffective instruments rather than working on the price of today versus the price of tomorrow which is an effective. >> thank you for joining us. chief economist at citi. back to you in london. >> thank you so much. anticipation rising ahead of the ecb announcement due in a couple of hours. now let's turn our attention to the conflict in ukraine. at least six servicemen have been killed in fighting in eastern ukraine in the last 24 hours. the country's dense minister told reuters the aviation hub has been under heavy bombardment since they dislodged

separatists. this comes after four from russia, france russia and ukraine encouraged peace talks in berlin. what have leaders been saying about the crisis in japan as well as russia? >> it's one of the key topics here particularly given the outlook on the uncertainty involved. let me let you listen in to what leaders and ceos have been saying to us about the russian market. >> if you look at the russian financial system of course you have russia in the stage of it the russian banks cannot refinance themselves. russia has repaid 140 billion of debt in 2014 and that done help at all. >> russia is not under

sanctions. fewer russian entities and individuals are under sanctions and you see there was a deal announced and they have acquired a russian company et cetera. so life is going on. >> this is going to be a sour spot in 2015 without any doubt. you know the russian market went down 11% in 2014 even though the government put some incentives to support the market. in 2015 we're seeing more than 20% increase on the russian market. it's going to continue to be a rough market. that being said the potential is here and it's going to take some time for it to recover and we're holding out position in russia. >> let's talk through more of this theme as far as russia is concerned. i'm joined by the chairman. we were just hearing there some of the concerns about sanctions as far as russia is concerned

but the oil price has fed into the difficulties for the russian economy in the last few months or so. can you give me a sense from your understanding of the commodities markets whether the oil prices overcorrected at this stage and where you expect to see some stabilization. >> i can't expect to see any stabilization. to stabilize you need to really deal with supply site. and price is driven mostly by traders incentive and not accept one or another in strategy. it can be quite a long time. we can see it take us seven years. action was taken in the stabilizing market creating uncertain, i would say, platform for the further growth. same should be everywhere. it's for coal for iron

understands the logic. the market not prepared to see any surplus. that's why we need to reduce and be output and be more focused on revenue because volume is not icon anymore. >> you were said to be one of the people concerned, didn't want to see rates go as high as 17% as they have gone now in russia russia. is that right and how concerned are you about the risk for further capital controls. the country is priced for it. are you certain we won't see capital controls? >> no we won't see capital controls but we'll see much more worse timing in russia and lots of mistakes have been made and

just surprise. and after that i hope that a proper decision will be understood and taken. >> it's been as you said a tough time and we of course are concerned with estimates of growth in russia being down 5%. we have to take a quick break now. after in around two minutes time or so we'll be talking to the president of the world bank. we'll be expanding on the prospects for russia and of course india and china as we have been discussing on the show earlier and the ecb. don't forget. stay with us. we're back in a few minute's time. [ male announcer ] meet jill. she thought she'd feel better after seeing her doctor. and she might have if not for kari, the identity thief who stole jill's social security number to open credit cards destroying jill's credit and her dream of retirement. every year, millions of americans just like you

learn that a little personal information in the wrong hands could wreak havoc on your life. this is identity theft. and no one helps stop it better than lifelock. lifelock offers the most comprehensive identity theft protection available. if jill had lifelock's protection, she may have been notified before it was too late. lifelock's credit notification service is on the job 24/7. as soon as they detect a threat to your identity within their network they will alert you by text, e-mail, or phone helping protect you before the damage is done. and lifelock offers the proactive protection of bank account takeover alerts. lifelock's comprehensive identity theft protection helps guard your social security number, your money, your credit, even the equity in your home. it doesn't matter how old you are or how much money you have. identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. [ male announcer ] while identity theft can't be completely stopped, no one helps protect you better than lifelock.

and lifelock stands behind their protection with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk free. 60 days risk free. use promo code: onguard. order now and get this document shredder to keep sensitive documents out of the wrong hands. a $29 value free. call the number on your screen or go to lifelock.com/onguard to try 60 days of lifelock identity theft protection risk free and get a document shredder free. call the number on your screen right now.

welcome to worldwide exchange live from the world economic forum here in davos. >> these are your headlines from around the world. less than three hours to go until the ecb finally announces a widely expected qe plan. the cnbc sources confirming mario draghi aims to buy 50 billion euros in bonds a month. portugal's economy minister tells me qe will be crucial.

>> this program of quantitative easing i think might play a very important role in -- for us in europe to have a normal inflation. >> but leading economists tell cnbc the euro area needs more than it is likely to get today. former member of the bank of england's monetary policy committee says germany is still standing in the way of the ecb. >> it's the wing of the governing council which appears to have the position. just voted by majority rule. >> indian stocks hit a fresh record high amid on going hopes for prime minister modhi's economic reforms. the country's finance minister ruled out an end to subsidies. >> elimination of subsidies in india, a country where one-third

of the people are living in povr sy conditions isn't possible. it's not even desirable. >> the ceo of barclay's defends the bank's position as new york's top attorney accuses the lender of not cooperating in it's dark pool probe. >> our position is always to cooperate with the regulatory agencies as you know we responded to the allegations made against us. this is the next phase of that. >> let's look at markets on this thursday morning. stocks did rise for the third consecutive day on wall street. futures indicating a higher open across the board. the dow jones up about 53 points in trade nasdaq up about 7

points and s&p 500 indicating a move higher by 6 points. europe is the focal point not just here in europe but across the world as we await mario draghi to unveil a bond buying program to revive the economy and get europe out of this deflation nary trap. that will be in focus to see what the ecb does unveil. will he overpromise and underdeliver? that's something that investors will be keen to see. right now in terms of equities we are lower. we were higher this morning but losing a bit of steam as we approach that ecb announcement. of course we have seen a volatility trading down by 1% but the outperformer has been holding on to a gain of 10 points after the better than expected jobs report we got out

yesterday. the euro did hit an 11 year low against the u.s. dollar yesterday. how low can it go depending on what mario draghi does unveil. we're looking at the euro higher against the u.s. dollar at 1.1622. just fractionally on the day the other focus is the japanese yen strengthening against the u.s. dollar given the announcement we got yesterday. currency is a focal point but we'll be watching the euro to see what happens based on what mario draghi does in fact unveil unveil. the ecb is set to announce a plan to buy it later today. they sent shares in europe and the u.s. high on yesterday's trade. the central bank bond buying will last for at least a year.

however other reports suggest the program won't end until 2016. the ecb has declined to comment on the speculation. we're joined now from frankford. no idea of the extend of the size of this program but also a lot of the detail is going to come through we hope later on today and the devil is in the details. what can we expect so far? >> well most likely we'll get a pack computer or program amounting to 1 trillion euro. it's quite possible that they could also reach their balance sheet target of course which is a little bit more than 3 trillion euros. so most likely we'll get that. i think the big question is whether we get any indication that this might only be the beginning. that mario draghi would even be willing to do more if needed and that could actually send the

euro lower. mario draghi might surprise the markets on the upside. a lot of focus will be on the question, whether there will be a sharing of the credit risk or whether it will get it's way with it's demands that the central bank will show the potential risks of their own national debt. >> obviously you have been talking to sources about the prospects as far as the qe is concerned but have you heard anything from your ecb sources about vision of beauty? the new inflatable euro sign there. have they been saying anything about that? >> they actually liked it. check it out on switer the head

of media relations called it nice and this is firmly anchored because it has weight attached to it and also was liked by the ecb on twitter. they still have a little humor left. it will be a historic meeting for ecb. it will be the first time that mario draghi will venture into unconventional territory which is not at all backed by the biggest shareholder of the ecb of course the aps program wasn't liked by them but at least they said okay we'll sign that measure as well but this time it's different and they are not

backing what the ecb is doing when it comes to buying sovereign debt. that is also the german member in the executive group, executive fort here of the ecb. with that back to you. >> absolutely. >> we have to workout whether it's the size of the program that matters or just what limits are imposed on the ecb. this topic is front and center here. we have been speaking to ceos and policy makers about this all morning. listen to what their views are as far as qe is concerned. >> europe wants now and what europe needs now is a little bit of growth because growth will have so many problems and we are seeing it happening in the united states.

>> for us no significant impact in 2015. secondarily what we're seeing here is a world inherently more volatile. who would have said six months agatha oil would be trading where it is? who would have said two weeks ago the swiss central bank would do what it did? we don't have a crystal ball. what we have to do is build the resilience into the organization to deal with these issues and where possible turn them to our advantage. >> the challenge in europe is we had the ecb trying to bailout the policy makers if you like on the structural side at the same time as you had things like solvency too or banking regulations which have been preventing it feeding through to the real economy. >> i'm joined by the deputy trek to. thank you for joining us this morning. >> thank you. >> the imf has been asking for

qe in europe for seven months and today hopefully you get your wish. we're looking at a program of around 600 billion euros. would you prefer to see this open ended in order to combat the deflation risk? >> i think the ecb should do actions and we support them to do that policy. i think they should do as much as they can because this is a must. because if you're looking for the economic outlook and deflation nary pressure the risk is up. so this is very important but let me emphasize we should not overemphasize on the money. we need the money to create space for those things. let me start with investments. if you compare today's euro areas investment level with 2007, in terms of gdp, they drop

5% this is a huge number. it's very important not only in infrastructures but in smes and all issues but then come to the structures. it's also important, if you're looking for the labor market for flexibilities it's not there yet. if you're looking for the product market the competitiveness is not there yet. >> here's where you say structural reforms and a lack of them held the profile back. if we look at what some countries are doing it seems to limit the impact of monetary policy does that concern you too? >> it is an issue because it's designed in that way but we could centralize the monetary

policy. and fiscal policy as well. it's very much that but we need that but on a national level there's larger room to do structural reform. we should encourage politicians this year to push forward of structural reform as well. >> i want to talk to you about what happened as far as the swiss and the snb is concerned. if we translate that to the u.s. and a potential for a rate rise this year the market very much disconnected with what the feds saying as far as a potential rate rise this year is concerned. do you see a risk for increasing volatility around that decision? given the disconnect between the market and the fed here? >> good point. what we learned, the lessons are very unclear because you have to

understand it's temporary measures and because it stays there for awhile people take for granted. >> it's a house of cards. >> it's a house of cards. everyone has to prepare for that and those are most important lessons i would have to learn. the second issue is how is it -- leading big issue is communication is a big issue and tell them what the threshold is and you also have to know whether the market will be able to respond to the policy. it is a concern. clearly there's a liquidity service in the market as well. so where the market will be able to adjust to further policy i think the market have to think about it and position them proper

properly. >> so many good points. structural reforms and and liquidity. we'll be talking to the world bank. the president of the world bank right after the break and we'll continue to pick up on some of the crucial issues right now. stay with us. we're back in two. you're watching worldwide exchange.

welcome back. let's get you your headlines with just hours to go before the ecb decision sources tell cnbc the central bank is set to unveil a 50 billion euro a month quantitative easing program and a historic day for the indian stock market. posing above 29,000 as the country's finance minister tells cnbc the economy is benefitting from lower oil prices but he sees no end to the subsidies. and ebay readies thousands of job cuts as it prepares to spin off paypal. >> welcome back to davos. we have been talking about the prospect of ecb qe all morning. will mario draghi be able to surprise the markets given what

we heard in the last 24 hours. we have been talking to leaders all morning about this just to get a taste of what they have been saying. listen in. >> the commission respect fully the independence of the central bank. we know that mario draghi always acts in the interest of the euro zone as a whole and that he takes in mind the problem that we face today which is the risk of deflation. >> there is too much dependence in financial markets on monetary policy or even authorities intervening in markets. i think financial markets need to consider wider scenarios. more alternatives and i think they should not think that central banks are going nowhere to suppress volatility and they should be prepared for a process

of normalization. mr. grdraghi has to get the message. just voted, you know by majority rule. >> deflation in the euro zone one of the key concerns this year for the world bank. i'm actually joined by the president thank you for joining us. does the prospect of qe from the ecb give you some level of comfort as far as it's concerned? >> we learned a lot about what central banks can do. this is the crisis so we welcome it. there's some members of the eu that are worried that some of the pressure for structural reforms will be taken off and

the one thing we would say and i work mostly in developing countries, the countries that are really taking their medicine and going through with structural reforms these are the countries doing better. india for example, indonesia is tackling something as difficult as fuel price subsidies. so what we would say is this is a good move. it's a welcome move. but we can't forget there's still many structural reforms that need to be implemented and we hope it doesn't serve to give people a sense that they can slow down in those reforms. we would encourage the countries to move as quickly as possible. >> one of the other things impacting the global markets are oil prices. when you downgraded estimates we saw oil prices were concerned. there was talk of oil being overcorrected. is that what you believe at this stage? or what's the trigger to see the

overreaction come out of the price? . inside the world bank group there's many very views. everyone here has a different view. here's what we know. there's winners and losers in the oil price shift and on the whole, we think that if the average price, which was 9 in 2014 if it's down 30%, the global economy will grow a half a percent. our projection is around 3%. you can see 15 to 20% increase in growth if those oil prices stay low. what will happen will some of the marginal producers get out of the game? will some of the middle eastern countries get back in the game? i don't think anyone knows. i think the sense is its going to be low. the important thing is what are the countries that are going to be negatively impacted? we're very concerned about venezuela and it's not just venezuela it's all the countries they have been supplying oil to at low prices. cuba haiti, honduras and they

have been working under the assumption of a high price of oil. we have seen how we can help them with social support programs. it's very different. india on the other hand is going to benefit and we expect the growth numbers willing very high. >> could take over china within the next two years but you started to mention the african countries and i wanted to pick on something that i know you have been closely working on and that's the ebola crisis. investors very concerned about the prospect of this. i was watching one of the panels yesterday and the center for disease control said that proper public health care was needed. i wonder what had the world bank is doing to help these countries address that issue in particular. >> one of the biggest problems with epidemic. something happens. people pay attention and they lose their focus and they stop paying attention. that's why we're in this mess

for the first place. because after the last outbreak there was talk about improving our preparedness but it fell off the radar screen. we're trying to work with the private sector. they have a stake in preventing another huge flu outbreak that could have a huge negative economic impact. we see this getting funding ready and the experts ready. being able to move quickly that is part of our responsibility to protect the global economy from the down side risk. >> i want to bring it become to the changes you have been implementing. you were seen as a key reformer and this ebola crisis almost taking it away sometimes. i want to bring it into light of what we have seen from china in the last year or so. we've seen them with the likes of russia venezuela, argentina

and that's fuelling questions about the world bairngnk's relevance right now. can you talk to me about why and where the world bank is still relevant. >> first of all, china is increasing their business with us by 2.5 billion a year. prime minister modhi called us his information bank and they'll be doing as much as 18 billion over the next year. and the reason is partly related to the changes. we needed to become the best knowledge bank you could imagine. not just giving them studies or analysis. we said you know you have some problem with public-private partnerships that are stuck. here's the ten best examples in the world of countries and companies that unstuck their ppps and he liked that so much and he said is this the kind of help you can provide? we said absolutely. we'll search the globe for the best possible solutions to your problem and bring them to you.

that was much harder to do before the reform when all of our experts were scattered around the region. mow they work together. forming an institution like the world bank is really hard. people get used to incentives aligned in a certain way. we changed them but we changed them specifically so we could become more relevant. the fact that both china and india are saying we're more relevant to them now is encouraging to me. >> thank you for joining us. the world bank president talking about reforming an institution. what about reforming a country? one of the key performers is the republic of ireland. we'll be talking to enda kenny. but back to you. >> a lot of individual stock mooufrs in the u.s. let's recap the big movers. american expresss a 4th quarter profit rose 11% and revenue by more than 6% beating forecasts

by higher card spending by customers and revenue fell below the long time target of 8%. american express plans to cut 4,000 jobs this year or 6% of its work force. keep in mind shares fell about 2% in after hours trade trading down about 1.2%. switching focus to ebay ebay's fourth quarter profit rose 10% but revenue growth came almost entirely from paypal and it's enterprise unit and not the online marketplace division. ebay is cutting 2400 jobs or 7% of its workforce and we'll explore a sale or spin off of the enterprise division which helps countries with their sales. they also reach a deal with carl icahn. he will be on fast money today at 12:30 p.m. eastern. let's give you a run down of

this trading day in the u.s. they're expected to fall to the 300,000 level after spiking to 316,000 last week. the highest level in four months. now on the earnings front look for results from travellers union pacific, verizon, southwest airlines and united continental before the open. we'll turn our attention to starbucks and capital one after the close. holding steady. traders say don't expect major gains or losses ahead of the highly anticipated ecb announcement from mario draghi. will he exceed market expectations with his bond buying plan? the german markets are down .4%. cac 40 loss of around 12 points. the ftse 100 the bright spot today. we did get the better than expected employment report from the u.k. what does this all mean for u.s.

stocks? right now we're looking at gain across the board in premarket trade. the dow jones industrial up about 54 points. this after seeing three consecutive days of gaye gains on wall street. the nasdaq up about 2% so far this week but these gains have been accompanied by market volatility. we'll be back more with market perspective and of course interviews out of davos coming up next. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

welcome to worldwide exchange. >> thank you for tuning in. i'm seema mody here in london. heres your headlines from around the world. >> just over two hours to go until the ecb finally announces a widely expected qe plan. with cnbc sources confirming mario draghi aims to buy 50 billion euros in bonds per month. europe should also prioritize structural reforms. >> we should not overemphasize on the money. money is not the only thing. it's the investments and structural reform. >> but leading economists tell cnbc the euro area needs more

than it's likely to get today. former member of the bank of england's monetary policy committee. he says germany is still standing in the way. >> it's the germanic wing of the governing council which appears to have an effective veto of the position since it voted by majority rule. >> the ceo of barclays' defends the bank position as they accuse them of not cooperating in the dark pool probe. >> our position is always to cooperate with the regulatory agencies. we have robustly responded to the allegations made against us. that's going through the courts and this is the next phase of that. >> keep your eye on ebay today. the company is cleaning house before it spins off paypal

cutting jobs and reaching a deal with carl icahn to add new members to its board. icahn will weigh in today on cnbc's report. and it's the day investors have been waiting for. what will mario draghi unveil at today's meeting? the ecb is set to announce a plan to buy 50 billion euros of bonds per month when it meets later today. the proposal sent shares in both europe and the u.s. higher. according to the newspaper, the central bank bond buying will last for at least one year. however other reports suggest the program won't end until late 2016. the ecb has declined to comment on the speculation but we're seeing stocks move higher on that report. now the canadian dollar is hovering near a six year low

after the bank of canada became the latest central bank to surprise markets with a rate cut. they lowered the rate by a quarter of a point in response to the sharp drop in the price of oil. they suffered the biggest one day drop since november of 2011. i'll send it back to you julia. i know you're joined by a guest that can talk more about this move in currency given the decline in oil prices. >> absolutely. i'm joined by ron mott. i want to come back to the canadian economy and talk to you about hedge funds given the focus we have seen right now as far as a lack of performance. you were one of the first pension funds to actually invest in hedge funds right now. we also heard that they pulled out of this space. what's your take right now? >> we have hedge funds. a good sizable allocation to them. this year 2014's results were strong.

they were above the industry average it's who you select and who to give money too. >> and private equity. there was talk they were slimming down as far as their costs are concerned. >> private equity is an important partner with us. we allocate money to private equity firms all around the planet. for us in certain regions where we don't have people involved on the ground having partners in the form of private equity is very important to us. so private equity is an important asset class. >> i want to come back to as far as your portfolio is concerned. obviously a pension fund. it has to be relatively stable. i know you're significantly invested particularly in infrastructure in europe. a number of airports in the u.k. too. when you look at the situation right now in europe and the concerns, the need for ecb from mario draghi does that worry

you? because you're not concerned about europe 5, 10 15 years out. >> that's exactly correct. we look out 15 years. when we're buying infrastructure assets we're looking out to 2035 2040. so might get announced this morning why mario draghi doesn't play that much of a role. yes we want to make sure that europe is moving in the right direction and putting policies and fiscal linkages in place but having said that our time frame is a long one and that's where infrastructure lives. >> the economic commissioner of monetary affairs said recently that if europe doesn't change then actually the euro zone project will be rejected in five years time. do you think that is scare mongering in a way? >> i think it is a little bit.

there's a lot of challenges and forces that want to hold the eu together. they have to get beyond just today's announcement and qe. they have to extend it into policies and fiscal linkages in some shape or form and that will become necessary. so what may calm the markets today and over the next -- or cause a little bit of excitement over the next week or two or a month or halfway through this year is not the end result and not the end solution. there will have to be more. >> that's an interesting point. we have been talking about the markets pushing for more as far as mario draghi is concerned. at some point that has to come to an end. we started by mentioning the canadian economy in particular. what is your exposure to canada in terms of your portfolio now and what are your thought there is particularly what we have seen as far as oil price declines are concerned. >> clearly it's going to effect the canadian economy which is why our central bank governor

dropped the rate by 25 basis points yesterday. so that's clearly necessary. the currency is weakening. canada has a bit of a housing leverage issue that has to be dealt with as well. having said that a lot of our investing, we are completely global. we're in south america and all through asia. all through europe. so while we happen to be canadian, and we have canadian assets the impact that canada has on our portfolio is not all that substantial. >> great to chat with you. i've mentioned it before. we have to take a quick break but coming back we will be speaking to enda kenny. what's his sense of what mario draghi is expected to do and will it work is the crucial question. stay with us.

we're back in a few moments time.

well we have been talking about it closing at a new all time high but traders watching the move in egyptian stocks

closing at a 6.5 year high yesterday settling above a major technical barrier. the economy is benefitting from a drop in oil prices which eased the pressure on egypt's trade balance and inflation. now hadley gamble spoke to the president of egypt first on cnbc and asked him about his outlook for his nation. >> the optimism in egypt is a result of the failing of future stability and of a better tomorrow after a difficult period egypt went through during the past four years. the spirit is there and we will continue and strike a balance for development in the economic field but also other areas. this is unprecedented because the egyptians insist on going forward. >> she also asked him about the world's perception of egypt following the arab spring and the political upheavals the nation is still experiencing. >> it is in the media which in a big way makes an impression. when media address reality it should address it from the point

of view of understanding what is actually happening in egypt. protests in egypt are not forbidden but unrest is dangerous for egyptian security and stability. when we are talk about the egyptian people there's 90 million people that need to have a descent living and there must be some element of stability and security. egypt is facing a war on terror and extremism and terrorists that try to take from egypt and egyptians so the security equation is to strike a balance between freedom to protest and security and stability which we will take into consideration when discussing the situation in egypt. >> those were comments coming from the egyptian president to cnbc. i want to point your attention to markets right now. u.s. futures are higher across the board. the nasdaq which has gained about 2% already this week seeing a gain of around four points in premarket trade. snp up about 17 points as stocks have been moving higher despite

a mixed bag of earnings from the tech and energy sector. investors will be watching to see what mario draghi does unveil. the expectation is for a full blown quantitative easing. some type of bond buying program to be unveiled but a level of uncertainty coming out ahead of that meeting. european stocks how are they trading ahead of the meeting, well a mixed bag. we're looking at the ftse 100 up. traders say expect investors to take a cautious approach ahead of the ecb announcement in terms of the expectation. it is for draghi to deliver an unlimited qe program. we'll see investors take on race k on approach and sell bonds and buy into equities. the bright spot is the ftse 100 up about 11 points.

now a look at commodities. of course oil has been a big part of the story. wti crude trading at $47.86. slightly higher in today's trade. keep in mind wti crude rose about 3% in yesterday's trade but still hovering around it's lowest level since april of 2009. the international gauge for oil, brent crude. the rally in gold has been notable over the past couple of days but right now gold seeing a minor loss of around .5% trading at 1,000, $286 barrel. coming up we'll speak to the enda kenny. what to expect going into the new year. that's coming up after this break.

welcome back to davos. we're joined by the prime minister of the republic of ireland. thank you for joining us. ireland is set to outperform growth this year but we can't escape the fact that growth is leveraged to the performance of the broader euro zone. how much do you think an announcement of qe today will help support growth? >> well i think it should say it's been a difficult period nt last number of years from the block out of the world markets to losing 250,000 jobs to a point where we had a clear strategy and plan with the parties in government and explained that to the people and that's been a sense of trust in terms of being able to deliver. so we're in a different spot but

it's still fragile and will need another three to five years of political and economic stability so people can feel the benefit all over the country. in respect of mario draghi and ecb this is an independent entity and they have been given a man date for price stability and anything that they can do to implemented that mandate is good for europe and good for the citizens of europe. so the decision is not made here but draghi has been clear in many of his decisions and i would like to see the ecb continue to implemented the mandate without being subject to political pressure. he has independent responsibility. i'd like to see if anything they can do in that regard is built on helping the european economy but it's also important for individual countries and individual governments of countries to work themselves with the european institutions. this is a similar year for europe. this is a similar year and it's important that the governments

work with the institutions and council and parliament to see that progress can be made from that stability. >> you mentioned the struggle that ireland has been through the reforms you have placed. they also have greek elections this weekend. i just want to ask is ireland in favor of a greek write down once we get beyond this election? and in order to support the broader euro zone growth outlook. because that's with a it comes down to isn't it? >> obviously greece -- >> the debt write down. do you think that's important? >> we had constructive negotiations with our colleagues in terms of interest rates reductions. in terms of putting together the facility in terms of our banks and when you're in a program, you have conditions you want to adhere to and stability is gained economically can easily be lost by a rise in populism

and drift to extremism on either side. i would hope the people of greece vote for a continuation of the euro zone and understanding there are conditions and regulations that are followed when you enter into a particular program. >> i want to talk to you specifically about aib. you have great prospects or hopes in the government right now that you'll end up selling off your stake in aib this year but we have recently seen the ceo depart. i wonder if the investors are concerned about what the timing of this means in terms of the success of it and whether you lost your main sales. >> back in june of 2012 countries would be able to if they choose that option.

when the current chief executive was appointed he was given a specific set of conditions and objectives and he has achieved those objectives and the government decided the evaluation should be placed on all or part of the bank with the view to making the decision that in the appropriate time and right way in the best interest of the taxpayer. in other words which option which decision should you choose to get back the most money in respect of what the taxpayer had put in. we believe we can get all of that back and more over the coming years. so the timing of the chief executives departure is one where he has fulfilled the objectives given to him when he was appointed and obviously the process for every person and i would like to say that in fulfilling his mandate he did it with an extraordinary degree of commitment and attitude in engaging with everybody about turning around a bank which had been dysfunctional for quite

some time. >> don't be concerned about the timing of that. >> tell him i said hello. interviewed him at web summit in november. also the euro is in fact strengthening ahead of that ecb governing council meeting. where we are expecting mario draghi to unveil his plan to bring growth back to the euro zone of course and also help europe get out of this deflation nary trap. now the ecb is front and center in davos. we have been speaking to the ceos of the world's biggest companies about monetary policy all this morning. here's a selection of some of the comments. >> what europe wants now and needs now is a little bit of growth because growth will help solve many problems and we are seeing it happening in the

united states. >> for us no significant impact to our pbt in 2015. secondarily what we're seeing is a world inherently more volatile. who would have said six months agatha oil would be trading where it is. who would have said two weeks ago the swiss central bank would do what it did. we have to build the resilience into the organization and when possible turn them to our advantage. >> the challenge is you had the ecb trying to bailout the policy makers if you like on the structural side. at the same time as you've had things like solvency two or banking regulations which have been preventing the loose monetary policy feeding through to the economy. >> step up to the plate and

unveil a quantitative easing program. we'll get that announcement in a couple of hours time but here's what to watch. weekly jobless claims are out at 8:30 a.m. eastern. they're expected to fall back to 300,000 level after spiking to 316,000 last week. the highest level in four months and starbucks and callal one after the close. stocks rose for the third consecutive day in the u. s. take a look at how futures are tading right now. higher across the board. nasdaq seeing a gain up seven points as well. keep in mind the nasdaq is up about 2% just this week. let's also talk about what to expect tomorrow because we have another fun packed day and who

are you expecting to interview tomorrow? >> thanks very much. yeah we're going to be counting down until we get that decision. i'll be back in just over an hour's time as we talk about what the ecb do. will they surprise us? we also have a line up tomorrow. we have spain of course. mary bara the ceo of gm. plenty to come up on the show tomorrow. stay with cnbc because squawk box is coming up in a few moments time and again for our european viewers we're going to be talking ecb. just what will mario do? thank you for joining us on worldwide exchange today. we'll see you same time same place tomorrow. have a great rest of day. >> good-bye guys. squawk box is next.

good morning from the world economic forum in switzerland. there's one topic on everyone's mind today. within the next couple of hours we'll put all the speculation to rest and find out if mario draghi appeases the markets with a big bond buying program. plus there's a potentially market moving election in grease. athens preparing for a snap vote that could put the country bailout at risk and cause what we call that. from the struggling euro zone to low oil prices talk of a

currency war. our guests include commerce secretary. morgan stanley ceo and veteran banker bob dimon. it's thursday january 22nd 2015 and squawk box begins right now. good evening everybody. welcome to squawk box. i'm becky quick. once again we are spending the day in the swiss alps and it's the perfect week for us to be in europe because the biggest market story is the ecb. policy makers are meeting. sources tell cnbc central bank will unveil a bond buying program. others put the number higher. rate decision is