today he has been named as a leader of the government in italy following the collapse of what would have been the country's finest populist administration. and of course the business world watching that story killed him liking the decision by the italian a president monica joins from our business we have more on the story she's standing by for you right now. to. the podium for the white told police. around this state you know both feel so much about who is your favorite team. in the general is about to make the point that not to churchill in europe the politics of the entire country the champion of insurance

for the last sixty years. for mines. every journey begins with the first step and every language with the first word emerged from the. coaches in germany to learn german and why not learn a simple online on your mobile phone and free themselves from the d w z e learning course you can speak german made easy. hailed by investors by many italian italy's president vetoes an anti euro finance minister and puts a former i.m.f. official in charge of an interim government we talked to a senior economist about the wider implications for the euro. also on the show the former head of the world. trade organization says these are dangerous times for

global trade but that the playing field does not need to be even alex. welcome to do that we have business all eyes are on italy today where president settlement l.-a vetoed an anti euro finance minister the street during more political turmoil with fresh elections expected later this summer but investors were heaving a sigh off relief before talks to form a new coalition government broke down ratings agency moody's threatened to cut italy's debt ratings citing risks that the new government will weaken its public finances and retreat from previous reforms italy holds the world's third largest public debt and is vulnerable to a rise in refinancing costs. one more on that story i'm joined by fed and fish the who is the chief economist at the german institute for economic research good to have you with us and i said that

investors heaved a sigh of relief because that market rally we saw earlier today has somewhat slowed down didn't last for long does this have anything to do with the new interim premier the former i.m.f. official well i guess there is a certain skepticism that could already can actually turn things to the better because the structural situation for policymakers in italy is not so easy these days i guess there is a lot of skepticism and even if he has six months maybe even more to to verg on a roof on reforms for the italian economy it is quite clear that in the next election results will be again populist parties with a majority which can in turn lead to the same problems which we seem to have overcome in the last few days so i guess this is just

a very short period where we're broke it's can take some breath right i mean we're used to political upheaval in italy it's never really running smoothly for long there but this is a different story this time and i remember what greece was in big big trouble and we were faced with a loony breaks it a lot of economists were extremely alarmed about the wide implication. what about italy in a similar position. it away you just mentioned it what people alarmed about the situation in greece are the wider implications meaning that the crisis could spill over from greece to italy and other southern european countries so the worries were not so much about greece some five years ago worries will more about the fact that crises might spill over. into other markets like the tell you markets and in that sense we are now in that exactly that situation that we feared five years ago it was not exactly a spillover it's like

a homemade crisis they are having internally now they cannot really attribute this to the situation in greece anymore but we are exactly in that situation which we actually feared five years ago that italy might go down the road and that italy might run into serious troubles and this is exactly what markets are currently simmering so i mean it is debt is huge and if it's silly. to be governed by an empty government collision or up after fresh elections perhaps a single party that is anti european is the euro strong enough to handle such a situation frankly at this stage i fear not i guess if the actually exits from the monetary union this would probably be the end of the euro itself and if markets feared that other countries could follow like greece like portugal this could really result in a tremendous crisis for the world as a whole. in

a sense this is the only good news today that the new government the interim government gives us some time to reform the structures of the euro area as a whole and to prepare markets and prepare the institutions of the euro area for such a crisis in italy like changing the banking system providing actual solid foundations for support of the banking system across euro area borders in a way so these are changes that are overdue for a long time and are very urgent now because we have this window of a piece of art unity of a few months at least until the end of the federal ghost still of the italian holiday when we might face fresh election and who knows what the outcome is until then headed on to fish net chief economist at the german institute for economic research thank you so much for joining us in the studio thank you. international

leaders in science politics and business are currently gathering in berlin for the global solutions summit the event is organized by the global network a global solution initiative which aims to support of the g twenty and contribute to solving big problems at this offense in berlin include representatives from influential think tanks and major stakeholders in pressing issues of public policy on a worldwide basis it's all of them they have plenty to talk about especially when it comes to global trade. he's certainly no fan of global free trade since donald trump took office he's renegotiated several key trade agreements and backed out of others foreign steel and many m and recently cars are all according to trump a national security threat and he's fighting back with import tariffs trump's isolationist path is part of the strategy he wants to give domestic companies an edge in the u.s.

markets american made cars for example are often less popular than german ones. but the u.s. is new direction is helping foster new bilateral coalitions germany and china affirmed their joint commitment to global free trade during chancellor angela merkel's visit to beijing but can such efforts really hold the tide of protectionism coming from the world's largest economy and what about the. in recent years the trade organization has gained a reputation for drawn out negotiations resulting in no clear solution its function is to promote free trade and establish a framework for its critics however say the w t o is a relic of the past and should be abolished. well it's picked up on the former president of the w t o is at the global solutions summit in berlin and he joins us now from there good to have you with us are certainly interesting times we're living in here and certainly for global trade how dangerous is washington

stance on trade for the global economic system. well it is dangerous. it is dangerous because it's. the only country in this planet and not the smallest one that departs from a long standing commitment in the international system that opening trade is the thing to do however record. the winner loser equation stemming from that may not always be right but it's the first time since a fifty years ago that a major country. becomes another case of protectionism and that's very dangerous although so far so far it's been more bark than bite and the volume in the grocery world trade has not yet been affected is there anything the w t o o can do in order to support europe for example germany in particular in its fight

against high import tariffs tariffs on steel and alan minium costs. of course of course the world trade organization has ruled them. for the sort of. which from puzzle initiated in the us and notably this. still another medium where they are coming from europe all formats where i think the european union must fight this the w t o by taking the us to the dispute them in that a bit you know and by repeating with its own theory if mr trump does not back down yes this is a major issue europe has to act on strong for him to get the words why why recognising the us are always wrong when they say that the rules of world trade today all not what they should be and they notably the song

chinese behaviorism which are contrary to a level playing field worldwide so you must side with china against the us and not side with the us again china in trying to improve the rules of world trade through a multilateral negotiation and that's the european mission and yes i mean you've already hinted at quite strongly that a trade rules at changing times are moving fast and fast and there are some who say that they can't wait for example for the delhi to catch up and basically sorts things for them do you think that the w t o keeps up pace can keep up pace. i think that i mean hugh john and by the way i don't see any other solution it's obvious that by that we'll trade deals that are much worse notably for poorer

countries and so there is no other solution bought your right it's like being behind and what is to be done and that's europe's mission to convince both u.s. and china that better stronger multilateral trade rules must be agreed the u.s. have to pay less for their agriculture and china has to subsidize its industry less than it does this can only come from a negotiation in the deputy oh all right pascal levy former president of the word straight organization joining us from the global solutions summit in berlin thank you so much. and that's your business update here on the w. for me and the team in berlin thanks for keeping us company.

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