with the united states, i'll be back at the top of the my name is the calls back. said wow, thank you so much for joining in. welcome to don't hold a bad. a lot of people do that. it's all about saying it aloud. that's what it being nosy bay, like get everyone talking to me. you're healthy award winning called called the called back. the market was believes that germany's reluctance to borrow big exemplified by

a constitutionally and try and limits known as the debt breaks, is holding to nothing. going to happen here without germany. and it's clear and germany will have to take the lead and it will have to be willing to do things that germany's historically opposed concerned about common borrowing a share in common borrowing, common or revenue is, is well known as the debt break, which i think will clearly have to go is probably going to be part of the debating the germans election. he thinks a fresher pro from a new german government could provide you with a lifeline. if the german government came forward and say this is a net bulk of change, we have to be to show the sort of ambition we did in the, wendy you about the ac is it was, were found it. and it was actually the european called the steel community was

founded. and then the scene in the fifty's, the single market and the single cars, the bigger the have to show a willingness to do that sort of thing. enrico letter wants to see your forge excels, are single market and 3 specific areas, energy, telecoms, and financial services. he believes a lot can be done in a short space of time without the need for changes to existing the treaties. the be enough coverage and the phone will be due at the beginning of the war the, the russian aggression to reclaim the demo straight that's in, within, due to be in the, at reduced. there are a lot of tools that we can use to avoid. and we see complicated discussions on the on preview changes, and we have not to open the front door adults to bundle in a box of treaty changes because otherwise it would be possible to be successful.

it's clear that something decisions have to be made here in brussels and across, but you are being confident to consider some of the key questions. on the issues involved, we spoke with passcode on who is the president of the oral group, which is the collection of the 20 finance ministers which make up the rules on your own group president passcode on a thank you very much for speaking to us here on business beyond not at all device to be on your program. now i believe this is the 1st gathering of the oral group since the re election to the presidency in america of donald trump. my 1st question to you today would be, is your up ready for trump 2.0? so i believe europe will be ready for from 2.0 because we have a track record of being able to adjust to really big strategic developments that takes place elsewhere in the world. but we do have work that we need to do. we need to deepen the foundations of the euro with regard to capital markets with regard to banking union. and we also need to look at what further steps we can take to deepen the competitiveness of to europe in union. as we furnish and develop

a new relationship with united states, we need to do it from a position of grace of strength that we have at the moment. i definitely wanna get into some of those issues of the letter, but just to step back a little bit and we look at events all over the world over the last sort of 5 to 10 years. the world has gotten a lot on friendly or all of a sudden, i mean, we can look at russia, we can look at china, it's a different strand of issues, but nonetheless, considerably less friendly to your visit perhaps was in the past. no indeed, or one of our closest allies, the us, there's a lot of uncertainty as you've alluded to in that relationship. so when you look at the you and how it's structured, particularly from an economic perspective, is a 1st say that the wasn't built necessarily for this type of a new world that we're in. so d e u is a collection of democracies at sometimes those take longer to adjust to big developments then, or the forms of political governance. but a consequence of our decision making though, we stuff when we do make decisions, they are resilient, they hold,

we have the ability to take big decisions over time. so i think there's no divers, adult don, all of to change that we've seen happen even in recent weeks, from what's happening in america to what's happening in the middle east. those reminds me that there's a volatility in the world that we haven't seen for some time. but i would argue though, with that stability still has big benefits, particularly if you're a collection of democracies as the you with. and i'm confident that we will be able to rise to the challenges that i know developing at some stage. and we can talk, for example, but some of the, the, my new shell said the issues that the trump presidency could bring and such as tire . so we can talk about more general economic teams like inflation and so on. but the was there have been aware for a while that some of these problems that are mounting or go beyond these relatively short term issues. and for that reason, there's been 2 big reports commissioned this here. the letter report obviously are looking at the single market and then the, the drawing a report on competitiveness. why do you think these reports are so necessary? and what of you as your group president taken from the so they are so necessary

because of the volatility that you described earlier on at we can see big changes that are taking place in europe. much of which is due to the consequences of the war was also ha, happened with the cost on the availability of energy. but in addition to all of that happening, we've very big global developments taking place. as we see other parts of the world from china to india, to america, as changing their economic stands. and we've also seen their economic growth in recent years continue to be very strong on the medium term economic i look also continue to be very strong. so these pieces of work reassessing for your stands and the world i'm part of the you're aware, your stance of the world. we're responding back to the changes that we've seen taking place in terms of what we're doing within to your group. with regard to this,

i'd highlight 3 pieces of work for a slate wireless device, budget policy for the your away area and from member states of to your away area. to get the balance like between half and safe public finances, but investing in a future. second, it's the work that we have on the way would, will talk to capital markets union, which has taken time. but we shouldn't underestimate the ability of continuing to make decisions in this area, but maybe, etc, raising the pace of stock decision making. so that we can deepen and integrate our capital markets within the euro area under your group has done a lot of work on this. and then find the, i would argue that the digital future of the euro is also of a strategic response back to the way in which we see the global economy beginning to change is on the topic of voice decisions. mean we, we get onto the, drawing the report now, one of the big headlines from the driver report was, is, as mentioned, the figure of an extra 800000000000 rosie,

or that's needed in his view for the you to catch up. and some of those areas that you've touched on, whether it's innovation and sort of digital innovation and entrepreneurship, essentially to try and catch up with a considerable gap that doesn't have immersion between your paying companies and american companies. and indeed, chinese companies do you think the you can come up with that kind of a figure and how do you think it could do this? yes, i believe we can. and i believe this 2 ways in which we will do firstly, it will go back to the opportunity that is there regarding a private savings with into your opinion, on how we can coordinate them in a way. at dot delivers a bash or benefit for your opinions on for the european union. if you have a look at how many other parts of the world have managed, the investment needs that they have. you seen that make far smaller to use of the savings on investment phones of their own systems. then we've been able to do in your opinion. so that is a big part of jot that jake saw on the or the part of the jigsaw would then be

decisions that we make regarding funding to put your, the, your opinion on the willingness of member states to look at new forms of public funding that deliver your peen, public gods. in other words, your pin collective benefits. and that will be a big part of the negotiation for the next budget of to your opinion. as some of which will involve choices regarding priorities out what areas are going to be more important than the years ahead. then they have been into years that have gone by, orders will on data, shouldn't be involved with debate regarding 5. so there's a need for new what comic instruments and we have viewers from all over the world. and you already alluded to this earlier, that there's whole parts of the world, for example, in, in india, indonesia, but sometimes referred to as the global. so it's an older countries all over the place where they will look at your and they look at your bank companies and they will just think that's he astrid his world. that's. that's a different type of world. the world's changing as you, as you handle that in many ways. why should they look at your up now and think what actually no, that's going for tomorrow's world as well. that's,

that's an innovative place that can, that we need to be have our stick. and as well as the world changes, but we need to give some further reason to believe to us at the perception and views of different parts of the world absence flows. but when you're dealing with a perception issue, i think you need to look at a level beyond dot and say, what's the substance. what we need to do is look at what are the policy decisions that we need to make that were built on the success that we have. that in turn will allowed a view of europe to be re cost by other parts of the world. so from my point of view, at our ability to fix a perception issue will only be delivered when we address the substance of the issues that is causing the parts of the world. to look at you are a bit of more political way. and the way in which we will do us is by decisions that we can make ourselves, that i believe we can make an over the next one to 2 years to make these decisions

. obviously, we need gorman's working together, but we also need populations working together. and this comes at a time when you have significant discord in the countries you have, for example, have mentioned friends have mentioned germany, a lot of support there for fire right movement. it's not impossible to imagine, for example, marine the pen as the future president of france. it's not impossible to imagine the if the in germany getting a significantly larger share of the vote. we see what's happening in romania at the moment where a firefight, canada has been doing very well and elections there. how can, can you, or stay united on some of these issues when you have this sort of populism rising in all across the concept by pointing to the benefits of the european union and making the case for a contemporary rationale for the european union. and for europe in a political and economic integration, which is to simply say that because the opportunities that we face and the challenges that we face are so big that no one european country on their own is capable of rising to them. and out we can achieve more to get better by acting

collectively. and if we don't talk to collectively, the national loss will even be great sir. so for me, this is the practical argument to be made regarding the role of the european union . i can make many arguments about the political body of us about the optimism of us . i can make many arguments about our historical background. while i was showing a very different way for europe in its future versus where we have been in our past . but for many, we need to make a more practical argument out of time of population. i know the time of division and practical argument is, as i said, that because the change in the world, the so big, no one country can vice to with on their own, about how big they are in your passcode on who present as your group. thank you very much for joining us today. i'm going to keep it on. the european union is a complex and diverse place. 27 different national governments and economies, a kaleidoscope of cultures and languages, and a wide range of different political and legal systems. for most of the post world

war, 2 harder european union has found a way not just to stick together, but to thrive together. you have to secure its future. the you must bind these trends together more tightly than ever. at a time when they're frank can be seen all across the company. visa, civilizational questions. they're not just about the way that the people live from day to day. europe is going to be challenged to be able to stand up for it. so and to provide a decent living for it citizens and the hope for the future for it citizens, there's the link between towards that would be crucial. and the towards our competitiveness and security. if we are not able to integrate the 3 sectors that booked at the center of my report and a g telecom at financial services, it would be impossible to be secure. and at the same time,

to be competitive. the world has changed dramatically in the last 10 years, and many europeans are beginning to feel that a global order, which is 7 well, for a long time, is beginning to turn against the states and the you to get back, put this into correct. you call. assume that what we use the we lost, that's what a history tells us between the european history of a 20th century is if you make really big mistakes, things can collapse, complete slate. the you dream to collapse and our economies could collapse. and then the future becomes very dark and very unpredictable. in 1999, the year the berlin wall fell check. delores said the following. europe will never be built if young people do not see it as a collective undertaking that will shape their future. nearly 4 decades later, the confidence leaders faced the same problem. europe same,

depends on their ability to find the solution, the. that's all for this episode of business beyond. if you'd like to see more from us, check out our playlist in the description. thanks a lot for watching until the next time. take care the book, change your trousers. i see you've got your sexy underwear on the, on the books and they are not going to wear those funny shoes. where are these lace up ones? the good one is i've gotten fat yet. i don't even need to spend as default next year. you are not that jacob low capital. well, you're still wearing the suspenders very well. it's across here we go. steve, close and boats. so one more push to areas.