the as and p. downgrade of the united states' economy has raised many questions about whether or not america will continue to be the powerhouse in the global economy and now the international monetary fund predicts that china will actually outpace the united states economy by twenty sixteen so how is all of this going to affect the traditional players and what is the impact going to be on the so-called developing world well joining me to help get some answers on all of this is mr monti exciting ahluwalia i want to ask you is the second wave of the global financial crisis upon us i think what will happen is markets would be disrupted the slightly moderate growth prospects for the card in the u.s. and maybe in europe but i don't see this as going back to two thousand and eight and so where do we go from here who is going to fix what's going on in the world

right now the world needs to. get together to work out what's the transition what's a reasonable transition in a world in which there would be more than one currency and where the traditional reserve currency. of the moment is in the country which doesn't have a very well balanced microeconomics attrition and is there a sense in india do you think that perhaps there could be a shift in the world order and that india could be somehow gaining from what's going on in washington there is certainly a shift going on in the world there's no doubt about that i mean any medium term or long term projection suggests that japan mugu relatively slowly europe may grew a little bit foster good the us has traditionally been viewed as a very dynamic economy is like do the gruffalo in europe. but the growth rate in

these economies will be much less than the growth rate in emerging market countries i mean china india brazil so i think over time there is a shift in economic power taking place one is to asia and another way of looking at it is really the rising rate of emerging market countries and i think you are thinking of a world in which there would be a large number of relatively equal economic groupings and you want to global system that can accommodate that it it can't be a global system which is run only by saying well look this is the center of power and everybody else must adjust and it's been said that europe has dominated the air national monetary fund in your opinion is that part of the problem or the thought wish and i do think that the dominance of the industrialized countries of these two institutions has to change remember that as long as europe and the united states

are together they account for almost half the votes in the army or from the world bank so even if you made a voting system they would be able to get their candidates in providing they collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have european and how do you think all of that has affected the euro zone and personally i think the world is going through some very important structural changes and if europe is showing signs of strain i think it's appropriate that the fund should do what is necessary but it's also appropriate that europe should bear a very large part of the burden and the costs and that's what's happening because the i.m.f. is working collaboratively with the european central bank so on the whole i think stability is very important for all of us and so far. they have done i think is the

right thing but looking ahead as new sets of problems arise i mean there's always an issue that the fund must be not dominated by the concerns of any one part of the world it should be should be seen to be reflecting global interests and do you personally think that the euro is going to survive the creation of a single currency for europe was a pretty major and a bold and ambitious step i think is generally recognize that if you want to have a single currency it needs to be backed by a single fiscal authority now since euro zone is different countries they obviously don't have a single fiscal authority but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arises that will become a substitute for the single quality i don't think that's been sufficiently clear i think in the first flush of you know

a good feeling about the euro there was an assumption that a lot of benefits that come to european countries from having the same currency but not enough appreciation that there are costs and i think that's now evident so it's a challenge for europe how they're going to handle this in future i do feel that they need to be if you like bailed out right now because i don't think it's in anybody's interest to see a major financial collapse but moving ahead how do you stop the same problem arising ten years from now it is very important for europe to have very clear rules of behavior how are they going to deal with fiscal crises. i mean what's going to be the rule of the european central bank in bailing out governments as opposed to the role of the i.m.f. so i think these are issues that the global community will have to look at and i want to ask you about china obviously china is the number one u.s. to get holder i believe they have around. three trillion dollars that you asked

that in your opinion can they make the right decision and doing that it is true that the chinese have a very large holding to some extent if the chinese wanted to retain. parity with the dollar which was part of their strategy they would end up holding a dollar debt because if they didn't hold dollar debt then essentially the dollar would depreciate. and the renminbi would have appreciated so to some extent the chinese holding dollar debt is the other side of the korean of running surpluses but not actually appreciating against the current see that you're running a surplus which now you know that that period gave the world a lot of stability a lot of growth the chinese benefited i guess where they made the right choice or not depends on whether we now adjust in a soft landing method rather than in a highly disruptive method and it's in everybody's interests including the chinese

of course the adjustment should be a soft landing do you think that dollars and i survive as a global reserve currency as a major currency absolutely i mean look the united states is going to remain. the dominant country globally it won't be as overwhelmingly dominant as it used to be but it suddenly remain the largest economy certainly for another ten years the fact that the u.s. has three movements in and out of capital will still make it the trendsetter rather than the trying these economies the real issue is in future would people be willing to hold all their reserves in dollars now as a general rule if you've got four major currencies it doesn't actually make said store all your lives in one province so i think the in the past there's always been the assumption that other countries may addressed but that the u.s. currency become the sort of. stability. that i don't think can remain true

once you get a lot of other countries which have more or less similar size as the u.s. and in your ideal world who should referee the global economy i think there is a lot of consensus around the world that the fund is the international institution that should be looking at these things and if there are governance problems or inadequacies. known representation in adequate amount of the newly emerging countries and those should be corrected should actually use this as the forum and obviously you know there is a reshaping of the world economy actually if that's happening that's probably going to also cause a fundamental political shift as well what do you expect to be from our point of view the rise of a number of emerging market countries will create a much more balanced sense of the world economy amongst countries that were earlier

seen to be dominant it might create a greater awareness that you know they can't unilaterally decide the future of the world and certainly countries that earlier felt that they were not part of the critical decision making now feeling part of the critical decision making i mean that's democratize asian of the globe which should have positive effects because it will make these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being on accountable despite their political influence when you make these agencies more accountable if you could one of the fundamental areas of conflict are the rating agencies rate companies that pay them to rate them so you can generally assume that a company that pays a rating agency to rate it is hoping to get a good rating so there's a there's an element of conflict of interest if you're getting your money. from the people to whom you're giving a rating. i don't find an easy way of solving this problem but i think transparency

transparency in how the ratings are done and the track record is the only way that you're going to be able to solve the problem and the last question i want to ask is you know a lot of people are saying that investors are going to perhaps invest more in the is emerging market if they start to look away from u.s. treasury bonds i mean what's the planning commission it's short term prediction for india in relation to everything that's going on right now the big message coming out of how the global economy is moving is that the industrialized countries are going to grow more grew more slowly whereas the emerging market countries are going to grow faster india's been growing for the last five years at about eight point two percent anybody who's investing and looking around the world if they find one market is growing a little somewhere between eight and a half or nine percent another market is going to grow two and

a half percent i mean they would be very well advised to invest in the markets that are growing so we expect on a medium term basis that india would be it already is and will remain preferred destination for foreign investment people look at the global portfolio traditionally they've invested too much money in the industrialized world not having anticipated what the consequences of globalization are going to be so over time i think they should be rebalancing a little more towards the emerging markets and within that i think india would be a very good bet. well it'll certainly be interesting to see how and here's the fact that biologist i want to thank you so much for taking the time to talk to me thank you. for the full story we've gone to. the biggest issues get

a human voice ceased to face with the news makers. it's just silly. critique three. three. three.

three. three. three blow video for your media project free media r t v dot com. in some petersburg. grantor till your grand total emerald marco polo club school of the term photo olympic gold. twenty two look you. know sort of. process says the u.n. must immediately call for all sides of the syrian conflict to stop. talking the pain came after condemning the recent sanctions which threatened the people more

than the regime. libyan rebels prepared to attack one of these strongholds the town of bani walid the efforts to make a seat the surrender of the ousted leaders remaining supporters down. and israel gives its security forces permission to fire a palestinian protesters in the west bank palestinians are planning a march in the area in support of a bid for statehood at the u.n. later this month. next to. the world of sports community. now that is talk at tennis and it was not pads and the first week of the usa yeah plenty of march is this sunday we're going to look at most of them the more important ones anyway but it was off the court how is that the real fun began especially at rafael we're going to look at why that was in just a sec. great

to have you with us this monday afternoon in the center of moscow this is sports today i mean these are headlines. silver lining russia finished second in the medal table at the world athletics championships outing a brace of goals on sunday's final day. eyes on the ball russia's highest ranked tennis player virat is valery over qualifies for the quarter finals of the u.s. open last year's finalist in new york aiming for a first ever grand slam cross. man behind the headlines. again only offers his faults to r.t. on how the sport of ice hockey is really really. interesting stuff that's coming up soon but let's get going with ethics where the world championships have wrapped up russia claiming two more goals in the closing day to consolidate their best ever finish in the overall standings maria. upsetting the odds by beating world champion

south african custer semenya in the women's it on meters that russian clocking a time of one minute fifty five point eight seven seconds so many are forced to settle for silver half a second behind with kenny and janet kept qusay taken from. the kesha i have an incredible feeling inside me i can't find any words to express them i'm not tired though my result was fantastic i have three more competitions this season but i won the most important one the world championships. tatiana i think also the podium in the women's hummer through her mark of seventy seven meters thirteen centimeters beating very high dollar of germany by more than a metre chimey to join when jude completing the podium finish. so there is that for a new. other two years on till of law school who's the fourteenth ideal world championships

in august twenty third deans the united states topping this year's offense with twelve goals twenty five medals in total russia are next three goals behind that is their best ever performance while kenya will be happy with their seven top place finishes which puts them third. tennis in the u.s. open. is set to face her kryptonite some of their stories are in the quarter finals the second seed beating sabine lisicki to set up the clash while still held off another russian maria curling so i want to reverse the model of efficiency with sixteen winners just eleven on four stars struggling too much pace losing the first set six two a similar story in the second with us from the real closing on the six two six three when she meets those are who's beaten the russian in seven of their nine meetings. ok in the men's side all things russian involvement is over eager commits

in the last a full going down to miller in run three defending champion the rafael nadal meanwhile had an eventful day at flushing meadows a tough two hour forty minutes encounter in the searing midday heat seeing the world number two take care of david nalbandian seven six six one seven five how it ended up through to the fourth stage where he meets luxembourg's mueller for a place in the last eight. the new york sun though taking its toll on the doll in the interview room afterwards journalists watching on the twenty five year old grabbed his leg under the table with cramps slowly stretching out before collapsing on the floor and adela stating afterwards it was quote really hot just look at the pain incurred in front of the cameras instead of and the changing rooms. how much more straightforward often for a fellow title hopeful undie murray the scot burley putting a foot wrong in the six one six four six two win over feliciano lopez

a clash in the last sixteen for american wild card. it's a preexisting football rusher gearing up to take a must of step towards euro twenty twelve qualification on tuesday the group b. leaders take on the second seed the republic of ireland in moscow dick accounts charges should enter the time high spirits having beaten the irish three in dublin in october victory fast becoming critical for both sides with so many also still very much in the running for the ukraine and poland finals places the hosts of a fully fit squad to choose from although. the nice soft is through suspension. russia are yet to lose a game after four group stage outings of the twenty eleven european basketball championships in the few ennia eighty nine seventy seven win over bowl garia sending a strong message to their upcoming opponents slovakia another undefeated team who will know about will david plotz charges for group d. supremacy rushes under the current helping himself to twenty five points five

republicans four steals against resilience bulgarians fellow n.b.a. big man tim a famous go off fifteen points but blocks confessed he saving most of his tactical trump cards for the slovenians this law should make for exciting viewing spain serbia and france the other nations yet to lose so far. denmark's most successful goal for is on a roll after taking the european masters title thomas bjorn winning his second straight turn into wild carding a final round of sixty two to muster the lowest total of his euro career an amazing day seeing the forty year old turn a three zero deficit into a four shot victory a great approach on the fifteenth just part of a stunning nine on the run and bjorn fully intent on overcoming the obstacles with a twelfth european type of insight former world number one martin crime. was next closest sixteen under over all but not even this eagle on the fifth the was enough for the german bjorn closing at the it to end with a birdie to secure the title his third of the year he also for puck from three done

in the final run to win the johnnie walker choppin chip the last time. it's getting tighter at the top of the leaderboard the dutch a button championship five people are chasing later bubba watson with a run to go the american had through a bull b.'s on that day but still led by one thanks in part to this birdie on the set the twenty eleven masters winner charles swartz all started with a share of the lead but lost ground the south african are two strokes by adam scott showing great range here on a set off for birdie on the team he is joined by jerry kelly brendon steele. and fellow australians jason day they were all one stroke back on ten. ok that brings us to motor sport where jorge lorenzo his victory at the san marino moto g.p. keeps the spaniard in contention for this year's title it is k.c. stone or whoever who retains the overall lead despite finishing third on sunday lorenzo on his blue yamaha passing paul center stoner in the first turn the twenty

four year old would hold on to top spot for the remainder of the events finishing ahead of feet down a bit to say stoner rain hit maisano track so lorenzo cut to thirty five points five races to go in twenty eleven oregon the next stop on the move to g.p. circuits. and finally there of being films made even songs sung by the fabled professional sports agent but the majority of them preferred to let their clients do the talking that's why when you. said he'd speak to us we jumped at the chance even sikorsky has the story. huge contracts global grand indorsements and thousands of screaming fans the ice hockey all stars of the world really do have it all but despite being phenomenally talented individuals they would have a hard time making such an impact on the biggest stage without someone pulling the strings behind the scenes you know the osha cough never expected to become

a sports agent but now he's become one of russia's trailblazers in the business he manages such mega stars as you get a market in surrogate gone char. which jamie i became an agent by accident i lost my job in one thousand nine hundred ninety nine and was struggling to make ends meet a friend of mine called me one day and said he got word from the new york rangers that's a sports agency is pursuing me i didn't jump the gun and let those guys pursue my service he's eventually the company's representatives met with me and i took up the job. we shut off as well aware of the trials and tribulations his clients these daily he himself had a twenty three year playing career in cold spartak moscow after that but. i've got some colleagues who never played and they think a hockey background is not necessary to do their job i tend to disagree as one must be able to evaluate an athlete's current level of performance and his potential that's what ultimately determines

a player's price and while managing moloch in gone char and other big names would be the top and she's a resume no agent would want to miss a transcendent up and coming talent ready to blossom into a star bush and i was as it was that i would say i represent between forty to fifty players in total including those born in one thousand nine hundred four and one thousand nine hundred five i try to keep in touch with all my clients and go to their matches if possible obviously there's a conflict of interest frequently because i can't attend all my players games and the same time in. the competitive big money business can bring out the worst in so major. that's what some going as far as to steal the diamond in the rough that other set found. shot off says he experienced those shady dealings first hand and believes a lack of sporting knowledge is driving his colleagues to underhanded tactics yes i don't. want to just blatantly told me he would take players from me once his

current crop of stars retire this practice is widespread in russia while the united states for instance has a code of conduct which limits such action if an athlete is already represented by one inch and no other agent can recruit him however it was shock of claims he knows a few american agents who find ways to cheat players out of their hard earned money and i mean it is just it's just have never heard of agents taking money from players in russia but it's happened in the states before i knew that andre kostitsyn was a victim of such a scam and they also tried to trick alexander ovechkin and that xander i don't love but since parents are the ones who often choose their child's agents for the future you should make inquiries about it every agent. seeing your favorite athlete on the list of the richest people in their sport the cover of a new magazine or endorsing a product is the result of a good agent's work but those men like you go off also clearly have the ability to become greeted by this to their clients while allowing the players to blossom in

their respective these. vans of course r t. that's the sport nuts it from me for the day and the tell you is here in just under two hours time with more else. culture is that so much of the taxpayers' money i mean hundreds of them and we'll show you some of the rates during the great financial contraction millions lost their jobs and all but the rich of only gotten richer should the rich pay more.

un must immediately urge talks in the syrian conflict says russia after condemning the e.u. sanctions which stressed the hope that people were not the regime. libyan rebels

prepared to attack one of colonel gets down to his last desert stronghold after efforts to negotiate the surrender of his remaining supporters breaks down. and israel gives its security forces permission to fire in the west bank ahead of a palestinian march in support of the state. also a key have says it will not engage into a gas war with russia as ukraine will comply with its current agreements and so a new deal is reached more and dads and business r.t. in twenty minutes. a very warm welcome to this.