the aston 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 thing 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 carbon 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 mix 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 will go relatively slowly europe may grew a little bit foster good and the us has traditionally been viewed as a very dynamic economy is like through the roof of europe. but the growth rate in

these economies will be much less than the growth rate in the 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 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 count for almost half the votes in the army 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 on the whole i think stability is very important for all of us and so far. they have done 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 or 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 for school of theology 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 a single policy 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 four 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.

get holder i believe they have around. three trillion dollars that you asked that in your opinion could 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 dollar debt because if they didn't hold dollar debt then essentially the dollar would depreciate. the renminbi would have appreciated so to some extent the chinese holding dollar debt is the other side of a corner 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 certainly remain the largest economy certainly for another ten years the fact that the u.s. has free 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 club or a commie 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 than those should be corrected and we should actually use this as the forum and obviously you know there is reshaping of the world economy as we've discussed that's happening that's probably going to also cause a fundamental political shift as well what do you expect always 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 the third 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 really 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 these emerging markets if they start to look away from u.s. treasury bonds i mean what's the planning commission it's short term predictions 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 go 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 and you know somewhere between eight and hard for nine

percent and 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. it'll certainly be interesting to see how affected by all of that if i want to thank you so much for taking the time to talk to me thank you.

electorate i've reviewed the latest in science and technology from the realm of russia. we've got the huge earth covered. feel up. a little i've. come up to.

you and. you quickly eliminate . the a. top stories this hour on r.t. syrian activists report more deaths as the head of the red cross makes a humanitarian visit to the country meanwhile russia's urging the u.n. to get the warring sides into talks to avoid

a repeat of libya's chaotic descent. special forces to shoot at palestinian protesters as they prepared to march in support of the un bid for independence was already jewish settlers in the west bank but claims the sole purpose is to prevent much. gas ukraine backpedals over taking russia to court to force prices down moscow says it will stand its ground already signed deal continuing to insist on a price reduction but it's so far refusing to make any concessions more for me in fifteen minutes from now in the meantime natasha is here with the latest. thank you bill how long. a lot of them are to have lunch together this man putting

the final preps ahead of tomorrow's zero twenty six well qualify against ireland here in moscow and even went to some of the top position in group b. . and s. and russia's top ranked player makes the quotas the second seed is still aiming to have best major title. and also he's ready to defend his belt but only challengers are welcome they are recently crowned w.b. champion. and is still uncertain about his next opponent. and football is where was stopped as russia gearing up to take a massive step towards. qualification on tuesday the group really does take on the second seeded republican violent here in moscow victory is crucial for both as slovakia and armenia are also very much in the running russia is a fully fit school goal though many in the stuff is out suspension the hosts and to this time high spirits having beaten the irish three two in dublin last october. it

doesn't matter. if you win the under twenty one two. hundred percent always difficult to play but we have to. try to do what we did there as well. and the. coming off a disappointing against slovakia because it does anticipate a council where a defeat could bring their qualifying hopes to announce speaking only on monday striker robbie keane also brought up to defend lost him. you know if you really were letting them under certain show you know we have to concede too many goals so . we've learned lessons from the game against you know in order to be taken then we enter into tomorrow's game so. i think we're fully aware and expected of what the russian is going to bring to the table angle and are also busy getting

ready to the next qualify against wales at wembley fabio capello's men top group g. standings without a lot so far while wales bought some angle where reason for a no win is over in their recent match last friday but that doesn't mean the hosts are already in a noncompetitive mood. the model will be a tough game because it was playing everyone who watches the game to play against montenegro you create a lot of chances to score goals to play for the contact with his back at the top of the fall and will be done just get the. tennis and the u.s. open now where battles are not always set to face or in the quarterfinals and second seed beating sabine lisicki to set up that meeting whilst also held off another russian. but i don't. see all the day with sixteen away doesn't just eleven unforced errors this is a struggle to match that pace losing per sets with these and a similar story in the second with the light over closing out the six two six three

victory mate's australian style soreness beat her in seven meetings. and i was able to raise the level of. started off well and didn't let her find her in the first then she started playing more consistent in the second and then two coolly and i was. able to hold myself and break her virtually win the match and. on the men's side of things russian involvement is now over needs and the last of all going down to show miller of luxembourg and around three defending champion rafael nadal meanwhile had an eventful day and flushing meadows two hour forty minutes and counting the may day hate seeing the world now but suit take care of argentina's david down seven six six one and seven five seven five how it ended up to roll for the doll through to

the full stage where he meets miller for a place in the last eight. or york though to get stall on the dolly in the interview room afterwards john is watching on as grabbed his leg with cramps lonely stretching out before collapsing on the floor and also a dolphin or was it was really hot and it was just bad luck that the brain sprang up in front of the cameras instead of in the changing rooms. now a much more straightforward afternoon for fellow title hopeful and demario the school bell if you can get food wrong in the six one six four six two window both in the sun a lot as a clash in the last sixteen against surprise package american wild card donald now awaits. the stars well. that's good. you know where you can go and. let me make. russell. was. this important

because. you don't want to. spread the word you don't want to be. you know three four or. recover. to have the weight boxing where the newly crowned w.b. a world champion an example. to defend the belt against any top challenger the russians been speaking to reporters in moscow this month the forty nine year old american former great to have a hall of felt as among those who could reportedly go off against five yet again but the most likely candidate is the reigning undisputed champion ukrainian. w.b. regulations dictate that the championship belt should take place within the next eighteen months meaning both sides have quite some time to prepare. certainly we're thinking over the flights with a clique school but before it takes place i would team needs to take

a few more steps forward and xander wants to give more champions experience and we're all willing to create better conditions for such a big event because the aim is to hold this vote here in russia. in rugby they all stray in school they're off to neighbors new zealand with four days left before the world cup kicks off on the ninth of september they will be hoping to add to their previous titles which they'd back to one thousand nine hundred one and nine hundred ninety nine they get things started to get silly on sunday hundreds of fans gathered in downtown save me early on monday to say goodbye to two time world champions a special moment for coach robbie deans with a kiwi aiming to bring the world cup back to australia. we understand will be a challenge. but we're up for that we're ready for the boys have been ready for it . for a few. turnings been going to. new zealand already.

and finally twelve year old money on the one of us who hopes to find herself in the guinness book of records as she's become the first on the fifteenth to bench press an incredible seventy eight kilograms and it has the story. she hasn't even entered her teens yet marianna now is already a sensation around the russian powerlifting scene the fifth grade school kid has a reception with a dozen world records and a sport but she took up completely by accident. i have already been bench pressing since i was ten i went with my dad to a competition and during a break i decided to try and with the bar weights twenty kilo's and i managed to lifted it four times an expert saw this and said i should train as this is a rare feat the striking thing about mariana who hits the scales of sound of forty kilos but no one would ever of guessed that someone so strong in build will be able to lift one and a half times her own body weight however size isn't everything and she's able to

outlive girls who are much heavier or she's been recognized as a world leader in the fifteen and under age group. and yet there is no secret behind my success my father trains me which i really like the coaches are really good and some of the best around they have trained a number of champions i'm one of them and i think they have played a big part in my development. bench pressing is not moving big discipline at the moment so money on a doesn't receive any state funding one of our options is too late to change to weightlifting however such a young age no more is content to keep your options open and a farmer alexander who is also a professional branch presser has weightlifting has its pitfalls. which are more than. just weightlifting it's a lot of stress on the spine and on the knees a weightlifter can only rarely complete until they are twenty five to thirty

because injuries will take their toll but we don't have these problems with bench pressing money on his extremely confident for a twelve year old still leads a relatively normal life hughton school there she says for boys do pick on her mainly out of jealousy which takes all this in her stride and she believes her amazing feats can be a message to everyone that anything is possible if one puts their mind to it. i would like to be an example for both adults and kids that if they see means a gym they will want to follow suit money on it has made some amazing achievements in her career so far our aims over the next year also are to try and bench price in excess of eighty kilos and given her rapid success and dedication one wouldn't bet against her achieving this feats and setting yet more records richer bumpily dancey . and that's it for now bill will bring you the news had live right after the weather stay with our.

culture is that so much taxpayers' money i mean i did what i said yeah but we'll take some of the rates during the great financial contraction millions lost their jobs and all but the rich have only gotten richer should the rich pay more. the worldwide manhunt for him lasted for fifteen years. one million euro award was promised for his capture. political smurf of the west. for minions or. generals the serbian army. they. are slim and. none are to.

it gets kicked. syrian forces launch their biggest sweeping against protesters in the northwest with reports of several killed that's as russia is the un to get both sides into.

israel authorizes its special forces to shoot at palestinian protesters as they prepare to march in support of a u.n. bid for independence claiming it's to prevent bloodshed. and gas impasse between ukraine and russia with price talks in prospect but turbulent times and. still agree on lower gas prices if you increase to market state right now to gas with russia's gas business in twenty minutes. international news and comment live from moscow this is good to have you with us this hour more deaths are being reported in syria where security forces have launched raids in the northwest to stop protestors escaping across the border into turkey meanwhile russia is running members of the un security council to incur.