welcome back here with our team here's a look at the top stories the body of colonel gadhafi is finally to be laid to rest after days of being on public display but questions about the way he was killed and the future of the country remain was a jubilant mood among some libyans giving way to fears more bloodshed is to come. that i will street protesters promise he had another global rally you have the g. twenty summit aimed at pressuring the world leaders to tax financial transactions and currency trades babs is growing number of its orders and you were criticized police for their fears response to demonstrations. in the georgian billionaire is stripped of his citizenship after voicing political ambitions in which he vowed to win next year's problem and real actions announcement was preceded by harsh criticism of president saakashvili who he hopes to stop from staying in power. now

could unscrupulous traders on wall street have initiated the european crisis to weaken the rival currency we asked the head of the thanks created specially to help overcome the global financial turmoil spotlight is up next. hello yellow welcome to squawk light. on our state hi i'm al green of enflame my guest in this studio is it was all sort of there lol present. days europe is torn apart by a great financial turmoil the situation is getting worse every day as greece is trying her its limits huge public debt by cutting social spending leading has tried some demonstrations and advocates spain's rating has been downgraded and the forecast for france is also custom missed the euro zone's healthier economies power

pressed to prop up their weaker neighbors some people start saying the wall street sharks initiated the crisis to weaken the rival european currency so will the most time billion bailout loan save european economy and do all strains relief to wall street we're asking the head of the europeans to choose how financial regulation which is the think tank created especially to help overcome the global crisis. economists say need ripping countries such as greece portugal and spain have been overspending for decades as a result governments have to borrow more to pay their existing debts and the new loans become more expensive the spiral is hard to stop and if one of the participants defaults it may trigger a domino effect that. no strong european nations created an almost five hundred

billion euro bailout fund to help out their partners but experts say about two trillion euros may be needed to avoid the worst case scenario. thank you very much for being with us first of all we'll be talking about european affairs and the parliament and the e.u. member states have finally reached a compromise on a set of rules which as we read. restrict practices. exaggerating financial crisis but here the hedge funds industry they immediately came out against the new rules saying i quote they increase government borrowing costs and reduce real economy investment so which side are you in this in this new culture that is my organization that you have been used to to financial regulation is part of a bigger organization which is paris your place which is the financial center of

fairies and this financial center of crowd is try to be the link between the financial industry and the users of finance meaning investors corporate and insurers and in this capacity of usually we are following very. strongly what's happening in this. craze is that started in the u.s. into two thousand and seven and it's clear that is the interests of all our members and all the french citizens and all the european citizen to find an answer to this critical situation it's clear that we are living in a historical time. and this time it is not just a question of technical issues around finance. this is that this time is more about responsibility rests upon

leadership of. the political authorities of the world so not the responsibility of the financial institutions but the responsibility of politicians in a way. because two reasons first this. crisis been triggered in comparison in seven with the surprise and the supreme up she was obviously the result of some abuses of the banks but is also the result of a political will to develop. ownership in the us and try to finance that by tricky process it is that has been many agent by the central bank and they have not been able to discover and balances created by this specific situation that then trigger a lack of trust in all the system and now we are second phase of the same

creases and because of this first phase government governance has to put a lot of capital in the industry and increase the deficit because if is it or not you they were already there. and now they're and sustainable in what the markets are testing today it's not just the fact that greek the greece is a problem because we are not and greece is a problem because of their internal economical governance but what they are not testing is they had beauty of the political authorities to manage depend balances and that's the test today and specially in europe in europe it is clear that we created a fantastic tool which is a europe and. the logic would have been to create the conditions too of a single currency before looking at

a single currency and conditions are how to manage collectively economies how to manage our budget how to manage the logic of our fashion fiscal and suction and how to manage the gaps you completely give up between countries it's clear that with this management in the last ten years the gap increased between germany france and greece well you're talking about living in a historic time of increasing responsibility but the governments are different countries are democracies at least they're always think they're supposed to to be responsible because they are elected but if we look at the occupy wall street movement in the united states the problem that people are facing now is that they understand that actually the decisions that matter are made by financial bodies

this is use are made not in the wilds but are was free and they are irresponsible so people want responsibility for financial institutions is the time to talk about this yeah. some decision and make it and i did not get the market i'm guessing the market are making a rule the rule is how to manage risk when there's a risk they get out and when there is profits potential profit they would get in. today what the market is telling us the market is telling us that the world has insisted and sustainable and balance mechanism especially in europe with sovereign debts but in also in the us where this work is it is market yet the world is not getting along and is detecting denying that there is a problem. and then you have to solve the problem and today the problem is not just

of prudential problem at the bank level that was the case i do first phase of the crisis after the subprime that has been more or less solved through the g twenty or initiatives. by the way the g twenty initiative had been triggered by. our president sarkozy who today is the chairman of the g. twenty and i really think that g twenty make a big job it's not visible but in fact there's a lot of discussion from country but now the situation is clear is that the market is testing the capacity of political authorities to take the right decision and in europe we have a problem of governance i told you we created a currency but we don't have the right make an ism too many it is currency greece is is trying to be responsible it is implementing dressed in a sterile. the filthy measure is to to to. the big discontent of the

people do you believe in the efficiency of these measures that today are taken by the greek government to face this grazes you have bottom up initiatives and top down you should see the bottom of the ship here is that each of the european countries house to take courage is decision starting by greece where the situation taxation situation is critical then you have to take a very critical decision and. they are in a process to do it and in a way they are forced to do it because we don't believe that greece can get out of europe that will be very densher also you don't believe that greece can get out of the euro bet when i read the papers of financial papers i get an impression that greece will overcome the crisis and also give the impression that greece is in the center of a crisis if not the reason of a crisis everyone's greece becomes better the problems will be solved is

a true it's not just true because greece is. revealed it's an indicator it's an indicator not the reason it's not the reason the cater that because of the lack of the right governance we let some countries like greece and even puerto gold for instance or even for different reasons to go in the wrong direction then the real issue obviously we have to solve the greek issue and we have to to solve the adi issue that we have in all our countries where debts public debt is too high including france but the real issue is the proper governance of europe and that's why the discussion between me and sarkozy year last last week with probably. conclude to a really really important decision that will be probably announce in few days from now to reinforce the governance figure out a kind of federal economy for the governance for europe which is the condition for

euro to start we are today in a construction european construction is a long process and a complex process and we are in the middle of this construction and obviously is not very comfortable and now we have to choose the camp which shows today to be in a euro zone as we keep the year old and we put the right governance meaning more sharing of experience in in control budgetary budgets policies and it could have been probably sees all we get out of you and we cannot get out of you says edward. long because all managing director of the european institute of financial regulation plantlife will be back shortly after a break we'll continue this interview so stay with us don't go.

i i. i i i. i . thanks. thanks thanks. thanks. thanks. mike it works wrong

thanks thanks. thanks. to. a. welcome back to spotlight on all that and all of in just

a reminder that my guest in the studio is ed raff their long present managing director of the european the state should our financial regulation. that's grew about the effectiveness of the plan for the eurozone bailout fund to directly guarantee bond issues what's your opinion on the measures discussed in the heel of this. those measures of use we have to find a way to help greece to get out of this. so when did you and it's clear that. the implant. from. three of the eurozone. europe is a fantastic construction. it's a historical construction and you have to put that in perspective is what will happen in twenty five years when china will be there. india will be there there's

no other choice for european nations to colonize to have the critical mass and be an actor of the global world and that is the objective that we have for our quest for our children to model and to go in this direction we have to learn these three dating process and it's difficult because even in a family you have some kids are doing the right thing and kids are doing wrong thing but you cannot just get rid of your kids. most of the measures discussed today in europe for for how to tackle the financial problems are examples of in their own liberalism well the russian finance minister mr quitting was awarded the prize of a best finance minister in europe maybe because he wasn't he was one of you and you lost his job a couple of weeks ago do you think the russians made the right decision to to sack

in their liberal. it's clear that. idealogies our with ron you have to find the right balance and today the question is not a liberal liberal easy monetary but as it is just common sense and common sense today is again to find the right governance for europe and to go a step further in a figurative organization meaning when you manage this family you have to be clear to how the same rules inside a family and the same rule you have to implement enforced as all what happened with the year old before is that we were not able to enforce how. greece behaved and how they manage their differences and now probably will the decision probably goes even mention during the g twenty summit in cannes in november will be to take actions critical to convince the markets that the

governance of europe will be able to face the situation not just agree we have to save that we have to solve the greek situation but further on we have to save the situation of all european countries managing their public finances that mean you're afraid of the deal no effect which was there in the previous crises it exactly you had a domino effect was lehman and the governor american government tried to make an example recently man and we could be tempted to do the same thing with greece think it would take an example of greece and we get rid of risk because we don't follow the rules but then you create a systemic risk and a system equips of greece portugal spain italy then now about. greece. and italy and portugal this situation of domestic situation of the nature of the crises the greek crisis and the nature of this situation in italy are part

of a radically different then probably there is no real macro economic reason to have this does mean a crisis and and that's why it's very important that a political decision will really. confirm and give trust to the market that we solve greece we solve the governance issue of. the federation of europe if we can say so and there will be no way to confuse the greek situation with the. irish of particles this is good news but. the good news i would like to hear for russia from my country is will the ripples of the european debt crisis reach emerging markets like including russia. that's. a very important issue i think again we are also in historical times because now we are moving to a. global organisation and a g. twenty prefigure at this municipal organisation and this with people organisation

and it will be driven by the force of financial markets because we need to finance the economy we need to finance the russian economy chinese economy and if you have good finance financing to fuel for groups ok to do that it's clear that we have to rely on financial centers and that's why devotion projects creating more school as an international center is very important because we need to have a network of financial centers in the word but those financial centers to be sustainable and to fulfill their mission and most absolutely share common practices common principles k'naan rules that's why we came here in moscow to try to share this european experience and to see what are the best practices that could be conceivable to be implemented in russia or prime minister putin has recently

spoken of investing in russia through an audience of global chief executive spotlight. has gone. the first nine months of two thousand and eleven have seen the new one used to direct foreign investment into russian economy some of its companies invest in russia have recently held an it in with my dinner brings some of the reforms accompanied us to all the members of the fia are following with great interest the creation of the cotton union of russia kazakhstan and belarus has not got the custom union is a key factor influencing positively the general business environment broadcast moving consumer goods industry and companies. and pleased to see evidence of a positive evolution and making regulations governing progress going to strategic minerals of course the c e o's used the chance to once again criticised iraq or see and speak of imperfections in russian laws but nevertheless showed their rage in

the store who said that presence in the country didn't promise them stability in the russian economy which now has the experience of surviving the global downturn with minimal losses and his freedom to withstand turbulence in international markets and i made it about you know if we're going to support investors both domestic and foreign we will improve the business climate to address their oath of investment from there especially interested in the last months of the norm manage a set or social security and infrastructure. the players seem convinced simonson's recently announced it would invest one and use dollars in russia over the next three years in an effort to expand its presence in the country for an analyst evaluating market risks welcomed the announcement of putin running for presidency markets reacted with that it would do the news with the main question pinned it's raising half a percent two days after the announcement. couldn't promise stability put

in is ability well as many people think but is stability always good news for investment for for for for for people who play on the market. stability is alysa reconditioned is not sufficient. when we speak about finance finance mean trust. and critical mass of capital and to build a distrust you need to start by the foundations and you have two pillars which us is essential which is the right figure lation and credible supervision process ok and it's absolutely necessary for local investors or foreign investors to invest in a russian economy to have this trust destroyed is based on compatible rules and

laws that understandable from abroad and i thought the russian people and i were speaking about critical mass and it's important to create liquidity too and you made your financial market and this liquidity is big under fact that most investment from the local investors in russia will be done in russia that will create a. vision circle that will give cross trust to a foreign investor you don't have just to account on extra foreign investors for the russian economy and what is happening to be true devotion in. group is. conceiving the building blocks of this relation the nine with the global principles and i think i was impressed in the last conference and most interesting that what voting group is delivering especially on

the market infrastructure side the merger of changes the creation of a central depositories and a securities law is absolutely a precondition for trust and rub a financial system last question that may sound provocative but do you believe in the there is a plot against the euro from the people who are advocates of the dollar damage. i don't like. the idea of flux. but but there is there is there is an issue behind that the issue is that the two biggest economy of the world europe and us are in a bad shape and balances are significant in the us and in europe and in the us they have difficulties you have this debate in the summer

between the republic. and today we don't have a clear roadmap from the us how to solve it and balances and poor billy. just to. try to focus more on the european issues. yes ok. yes open issues should in fact find a way also to address the american issues thank you thank you very much for being with us and that from all of us here just a reminder that my guest in the studio always. for our very long has of managing director of the european to suit our financial regulation spotlight we'll be back with more carbon part of what's going on in and out of five russia until then. stay on. and take it thanks for this explicitly. play.

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