financial sector. plus get obama mitt romney is in the lead six republican candidates race for the right to take on the u.s. president in november election this is the current administration support is waning across the u.s. . the euro zone's rampant unemployment and widening cuts have spilled over into the new year with warnings that parts of the region could already be in recession next a prominent dutch economist tells r.t. what twenty twelve might bring for the struggling. well today we're joined by our your climber an economist author and professor at the erasmus university in rotterdam thanks very much john mr clymer for joining us today and the first question is in one thousand nine hundred one you wrote it in the newspaper article that a monetary union is not sustainable cannot be maintained without a political union well after all that said and done we have the euro exists and

there is a crisis can that a political union save the euro at this point given the circumstances that it's in ideally. you could say that a political union could be formed stronger fiscal. coordination but also a better social policy that would sort of supporting dural only in mice estimate is that this europe will not be able to form such a political union there is too much heterogeneity to countries to different. countries or to attach to their own so often t. they have different styles they have a hard time working together on international issues think of iraq. and so it will be very hard to to to have one address that foreigners can call haven't emerged she is there. that they will speak with one voice that are willing to give up their very seats in the united nations and the i.m.f.

and that they will speak involved voice it is at the moment inconceivable that britain will give up their rights but also france is not even thinking of giving that up. germany will become too powerful there's simply too much that prevents europe from becoming one political union if you want a german chancellor angela merkel she said that political union is already taking shape is it though and what is she basic that's. well from where we are we are making progress in the in the sense of suggestions of because these are suggestions or plans to have stricter rules and to enforce those rules and her view and in her reality that is working moving towards. political union but my critique is that what is lacking and what they really need it for political union is also in

sense of society i take as an example germany germany is a society how do we notice that germany is a society. the parts of germany for me east german states. that are a real dire financial economic situation much worse than than greece is right now do you notice anything about that in the rest of the world no because west germans take it as a self as something self evident that they are to support the east german states those massive transfers of money going from west to east to maintain a sense of unity and a sense of stability and therefore a sense of society those conditions are not in place and not can be imagined to be in place in europe at large how realistic is this transfer significant transfer of powers to brussels spending powers taxing powers given that

you have so many different countries there's resistance coming from different places how realistic is it that it will actually happen the pressure is huge and the financial crisis is big and the euro threatens to fall then lots of things are possible and politicians will agree on all kinds of things including transfer of power that was inconceivably before or is actually conceived inconceivable right now because people don't want to transfer the power but when the crisis is really there then i see them. being able to do such a thing but it won't resolve matters because it's it means that you put some kind of control in the hands of the few there in brussel but they don't have the power to control the financial market they don't have the the financial power to deal with these kind of instabilities and they don't have the political

influence to deal with all the different interests throughout europe it is sort of an and idea that i think that in the end to a backfire because if you make central this power too much. then what we will see is is it means a lack of dynamics lack of the flexibility as we've seen already because takes forever to get these decisions and then take for ever to get through all these different parliaments and it takes even longer then to implement that i mean that we talked about long lags. and so it just makes the politics too complex the greek government spokesman said quote unquote greece faces an exit from the europe lot unless it clinches a deal on a second one hundred thirty billion bailout from its international lenders how much do you think they really believe in this threat is it something they really think is likely or are they using this rhetoric to gain support for pushing more sturdy

measures i think that they use it now as an argument to enforce all kinds of cutbacks and to get popular consent which they need into in order to make the policy effective i think that greece is still an overall desire to hold on to the euro and the reason is that the greeks are very suspicious of their government do so they desperately want to have european government involved in their country because there's sort of a countervailing power against their own politicians the same story applies to the italians. another issue is whether this is going to work i don't think so i think of the left right and center are preparing for. the fall out of greece that the greeks are forced to step out of the euro because this is unsustainable. they will not be going to meet. economy is going to do worse

which also makes it more difficult for me to create ereal and so it is simply not to sustain a sustainable situation the best spreadsheet is to do what iceland did to argentina because dawn and so many other people other countries have done before is allowed to have their own currency the value would seem to make their country much cheaper use that as a service to the beginning all the. efforts to organize commercial activity that the neighbor has done to sell you have to recover that and sort of and one way to do it is by lowering the price which you only can do with your of your own currency and to make it much cheaper if you don't do it the only alternative strategy is the very painful one is lowering salaries and wages and cutting back and that causes a huge depression in the economy and a real harsh way of making that adjustment well let's talk about politics now the

two main cheerleaders pushing the euro forward of course and germany's angela merkel and french president nicolas sarkozy now there will be the french elections of two thousand and twelve that germany will have theirs and why thirteen what do you expect to happen in these elections and how would it affect the european union and the euro zone would we see a change in government a change in rhetoric that would eventually at play out differently in the euro to hold on to the european union and especially to hold on to be euro. everyone has to make sacrifices and it's always possible the european interest prevails over national interest and that's a message message is very hard to sell to any lection time you see in election time the people usually withdraw behind back behind the border so to say and basically talk about national interests interests that are close. to the people who are going

to cause their vote. it turns out this whole european story is a hard sell for politicians to strew in germany in france is also true in the netherlands. and so politicians always have a difficulty of asserting the sort of common european interest. that is costing. money but also resources. will suffer until that also is again an illustration of a lack of political union like a society that will become an issue and that the fate of european union is dependent upon local or national elections and that's of course crazy i mean you can of the magine country any country. that's faithful of any country is dependent upon the outcome of local elections that's unheard of and that illustrates once

again the the union in europe is not all that strong and is forced to exist among the sort of european establishments so if you walk around brussels you feel like you are you the european union is for real but as soon as you are away from brussels and walk around in the country in the rest of europe you see the brussel is far away from from them. and it's not real reality the people we live with now when we talk to experts analysts and economists even if they are euro skeptics is the situation seems to have gotten so complicated that they would also mention concessions and they're saying that there are two choices now one is being forced into more europe more integration otherwise the alternative is a financial crisis are these the only two options left. i do think that if if you give up you up the euro which i think you need to do we will face

a so-called crisis all kinds of institutions will get into serious trouble banks will fail countries will look at the trouble unemployment go up we will see your face a serious depression i think all that will materialize but what i also see is the possibility and that's what i would focus on of restructuring rethinking the way be doing things rethink also the way we view the economy focus less on economic growth focus more on quality being more concerned the system ability and so if you as we have for that i see action an opportunity arising if we give up on an ideal that i think is an old fashioned one. and sort of people for the next stage now when we look at what politicians are doing right now it seems that they are walking on eggshells when it comes to dealing with financial markets and banks

are careful not to rock the boat they're careful not to instill confidence in the markets what role do you see the financial markets and banks playing in this current crisis lest we forget that they had also that just gone through two thousand international crisis and they were painted in a negative light at that time well the terrible thing is that we see that one sector the financial sector is keeping the rest of the economy hostage including the politicians and all the politicians are too scared for these banks to fail it is is unfair it is unjust. and it's also dangerous for should say debility of our economies so that has to stop are you a climber thanks very much for your time. if they shoot something inappropriate for public they can easily be shot.

casualties of war ok. i wish he would have never happened but it has happened. in a war a t.v. camera becomes an unnecessary what destroys their own safety all foreign nationals including journalists and inspectors should leave. and it's clear what happens with such witnesses i got on my site. many checks. hirsch's shooting on our. technology innovation. developments around russia.

the arab league to debate the future of its. opposition. in the persian gulf. oil in the region if the country's crude exports are affected as the. republican candidates race for the right president. this is.

the main news story for the moment i'll be bringing you more on those and other stories in about fifteen minutes from now next with. hello welcome to the sports update and these other headlines battle of manchester wayne rooney scored twice and paul scholes returns from retirement as united win three two a ten man city to knock out the holders in a swirling f.a. cup third round tie. while warming up andy murray enjoys the perfect preparation to be a straight you know you can think straight sets victory alexander told apollo when the brisbane international. lions team drew brees throws three touchdowns to lead the new orleans saints to an n.f.c. walcot victory over detroit in the n.f.l. . first of all of this talk of arise he and wayne rooney scored twice as much to

united survived a riveting fight back to win three two at their ten arch rivals manchester city and look at the holders in a pulsating f.a. cup third round i guess rather play rooney headed united in front after ten minutes and almost immediately city captain vincent kompany was controversially sent off for a two footed tackle on nani danny welbeck then volleyed united further in front and really headed in the rebound from his own penalty to make it three nil at the break but city fought back through alexander colorado free kick and a goal after an error from the returning calls goals however despite a frantic finale with penalty appeals for both sides united hung on to go through to the fourth round and the exact some revenge the city's six one exactly to old trafford in october when city meanwhile will appeal against the red card from basketball elsewhere six time winners chelsea reports must be quite a lot of forty eight minutes strike west time of had a second penalty save sheffield wednesday and some two and are leading one nil it

championship peterborough thanks to sebastian lawson's goal also after forty eight minutes. while meanwhile scholes decisions got a return. it was announced an hour before kick off at the stadium and he played the final half an hour of that gripping cup side the thirty seven year old how to call time on his glittering career at the end of last night and was coaching his old trafford well he made his united debut in one thousand nine hundred ninety four and went on to make six hundred seventy six appearances winning ten premier league titles the f.a. cup three times and the champions league twice now about the sixty six capping midfielder has now chosen to carry on playing until the end of the season for his injury hit former club one missing darren fletcher and tom cleverley in midfield. ten is now a dandy mary has enjoyed the perfect well what's the upcoming australian open with a comfortable victory of alexander dogpile of and the brisbane international final right from the start of the world number four showed his intention to clinch his twenty second title on the first under the guidance of new coach for what is on

lendl the scots won his first three service games without dropping a point on the way to a fill one of these little resistance from taking the first set six one while the fifteen stood the crowd into life in the second is not to start wrapping it up six three really impressive first victory on the a.t.p. tour season mari's focus now switches to the australian open. forms to me is first grand slam of the season starts on the sixteenth. also want to thank. mr lando think he's out there somewhere hiding. first with your team and you know it's good to really enjoyed it so book will bring more success in the future. and finally. thank you very much the crowd the whole week not just for my matches but for all of the matches it was packed you know makes

a huge difference when everyone comes on sports events. really really appreciate it so i think you look forward to coming back. when you go into the n.f.l. where dream. griese true for four hundred sixty six yards and streets are chance to meet the new orleans saints to a forty five twenty eight and if the wild card victory of the detroit lions well new orleans had set a new postseason mark for total yards of six hundred twenty six meeting with previous record set forty years ago brees fired the ball downfield in every henderson. stride. thank you for one touchdown still lives by the seven to fourteen ahead. in the fourth quarter. forty one cost. of approaching the end zone. to downs later please come to the boardwalk to hear tennis thank you don't see me in school so the science beat the lines forty five twenty x. to advance the second round playoffs try getting some francisco to take on the

forty nine ers next saturday. when meanwhile this index is made that play if they do a successful one by going thirty one ten from the cincinnati bengals that i have seen the wild card crunch with the score at ten all these things j.j. what's it an underdog to pass right out of the air to be going for twenty nine touchdown texas ahead seventeen ten. hours last night had run in the texas first touchdown american quarter. this second in the fourth this is a full team non-school down the sideline that wraps up the results tossed around for a game high five hundred fifty three yards and a two touchdowns he's still in terms of in thirty one ten by the ravens in the second round hole to more like sunday. now let's continue our look back over some of the big events of twenty eleven and this time it's the turn of swimming and also about america's da michael phelps took just two goals from six races at the world

cup stage here in moscow while russian world record holder you have any kind of did perform to his best when the one hundred meter butterfly comes in for top of his that. despite moving to before where after billow parties planned to use the fourteen time olympic champion michael phelps produced almost an identical santa result on day two of the world cup in the russian capital in the two hundred metres freestyle the twenty six year old american was overtaken in the last fifty by john a world record holder paul be there month and had to settle for silver. and phelps competing in moscow for the first time frame to make it to the boardroom in the one hundred metres butterfly where world record holder game you can out the skin ripped first place to the delight of the home crowd. you mean you have all of the it was very important for me to win today so i can say of won a battle and now my aim is to win a war and by that i mean the london olympics. however just as he did on the opening

day selves showed his competitive desire as he bounced back to claim gold in the two hundred metres backstroke after being fourth for the first one hundred fifty metres the american found a burst of power and managed to surge to victory that are working on some of the small things to really get to the end of the year being able to tie together some of the killer starch turns under waters health i can do that as many times i can leave it up in the will of a child and what makes us in our direction. the london olympics are just nine months away and berber ations are well underway for the swimming events however there are still four stages to go before the end of the world cup even press fondant and swimmers alike were to change it to gauge who will be queen xing the gold medals at the twenty twelve games is about about thirty. and finishing with our look back over last year's highlights we moved to the golf course where russia's only female professional golf or whatever trying to was here in moscow for

paying for tournament in south korea but she took the time not so busy correspondent consenting but tough about her colorful life on and off the course. is arguably one of the biggest commercial attractions in women's golf since you turned professional in two thousand and six did you do any five year old muscular it remains the first and only russian playing full time in the lead european tour following an impressive amateur career that included victories in the russian austrian liftin and slovenian championships. because i got to go on tour and i was the only russian player and i was the all the girls are half of them are english british and australian and it was quite tough to get myself like good mates and you know in the end of the day they're playing elsewhere that your michelle great improvement in her second year on the tour with her career best finished tied for fifth way since being and boss of victory a little round of sixty six in dubai as

a result to shaun finished fifty fifth in the door rankings in two thousand and eight still have been placing so far and despite having some injury problems she's doing dishes and has lots of goals to achieve with her new coach definitely play for another five years because of my back i don't know how well my bout will give me a chance to play golf but there we set some goals when it went to the eighty and hopefully i get to win down there with a major that i can go. professional golfer who spend most of their time travelling from one tournament to no other which can be the hardest part of their job however well in search of success on the ladies' european tour many funny stories have a reason. to make area i don't mind to say a kid is a cheap hotel and i put my pajamas on i want. to throw came back and my room was completely locked fro inside so he had to go because it was going away out so i went outside and all the guys were like oh of course we go through but this

now. despite bringing mortars to results over the last two years the trauma stays optimistic. and focused on golf however the one meter seventy six told brunette threats a lot of attention not only with her performances on the fairways but obviously all to because of her appearance i'm not trying to attract my attention i'm trying to bring something more in golf and that the girls who are low play at females it live here and is again better and better now so a young girl is attractive girls beautiful girls getting to go there john no it isn't the the pioneer in a sport which is widely considered to be a hobby for wealthy people in her homeland and there is still a long way to go before being accepted as a mainstream sport in russia but with the likes of virtue and the country couldn't ask for better ambassador to lead the weight. of party. that

this person by their. white stream cascading from mountain slopes to view is mesmerized. by this beauty brings deaths at a speed of more than two hundred kilometers. stepping down avalanche.

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the latest news in the week's top stories there's no stop to the killings in syria as the arab league gathers to debate the future of its observer mission aimed at overseeing a peace plan. iran promises to hold more navy drills in the persian gulf and threatens to block a key oil route in the region as the west tighten sanctions targeting terrazas oil and financial sectors. plus get a bomb a six republican candidates race for the right to take on the president in november's election with the current administration's support waning across the u.s. .