across the u.s. . and back. well today we're joined by our yo 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 to have a stronger fiscal. coordination but also a better social policy that would sort of supporting dural only in my system it is that this europe will not be able to form such a political union there is too much heterogeneity the country is two different.

countries are too attached 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 coal have and emerge 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 they will speak 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 i'm going merkel she said that political. union is already

taking shape is it though and what is she basic that statement on 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 in her view and in her reality that is working moving towards. political union but my critique is that what is lacking and what they're really needed for political union is also in sense of society i think is an example germany germany is a society how do we notice that germany is a society the part of germany form 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. because west germans

take it as as 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 for 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 on politicians will agree on all kinds of things including transfer of power that was inconceivably before or is actually can see 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 means that you put some kind of control in the hands of the few they're 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. 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 it means a lack of dynamics a lack of the flexibility as machine already because it takes forever to get these decisions and then take for ever to go through all these different parliaments and

it takes even longer then to implement that i mean that we talked about the 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 ticket popular consent which they need into in order to make the policy effective i think that in greece there is still an overall desire to hold on to the euro and the reason is that the greeks are very suspicious of their government's. do so desperately want to have european government involved in their

country because they're 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 that 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 blame it on to meet. the economy is going to do worse which also makes it more difficult for me to quit ereal and so it is simply not to sustain a sustainable situation the best spreadsheet is to do what iceland did and argentina has gone in so many other people other countries have done before is allowed to have their own currency devalue it so to make their country much cheaper i use that as sort of 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 in germany's angela merkel and french president nicolas sarkozy now there will be the french elections in 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 be see a change in government a change in rhetoric that would eventually 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 lack of 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 establishment so if you walk around brussels you feel like you are 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 a real reality that people we live with now when we talk to experts analysts and

economists even if they are euro skeptics it's a 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 i mean 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 this estate ability and so if you ask me to. that i see action an opportunity arising if we give up on ideal that i think is an old fashioned one. and sort of people holds for the next stage now when you look at what politicians are doing right now it seems that they're walking on eggshells when it comes to dealing with financial markets and banks are careful not to rock the boat they're careful to instill confidence in the markets what role do you see the financial markets and banks play in this current crisis lest we forget that they had also that just gone through to two thousand and three national 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 the military of our economies so that has to stop are you a climber thanks very much for your time. this is our time. to reclaim the american dream and reaffirm that fundamental truth that out of many we are won that war we breed the we hope. to me the american dream is to live in peace and prosperity and freedom and a government under socialism is not a government a free. hand. to. you. you have very motivated out cross the country who

are activists who are willing to fight for what they think is right for themselves but the fact is forty four bridge. i. mean. we are counting. property drowning and i think it's threatened by it's cutting off our. it's making real democracy. all but impossible. now it's not about spilling blood. it's the war of barricades from one side and fears blockade from the other. invisible border has cut people from the land for twelve years.

the conflict then divided serbia into two hostile parts is still not over. the latest news in the week's top stories no stop to the killings in syria as the arab league decides to continue its observer mission aimed at overseeing the implementation of a peace plan. iran promises to hold more navy drills in the persian gulf and threatens to block a key oil routes in the region and the west tighten sanctions targeting tehran's oil and financial sectors. plus six republican candidates race for the right to take on the president in november selection of the current administration's support waning across the. aisle to bring us up to date for the moment more news for you less than fifteen minutes from now in the meantime kate is here with the sport.

hello welcome to the sports and these other top stories battle of manchester wayne rooney schools twice and paul scholes returns from retirement as united win three two it tends to knock out the holders in a string if i have time on the next bench and have a full. warm up andy murray enjoys the perfect preparation for the australian i think with a straight sets victory and example when the brisbane international. lions tamed drew brees throws three touchdowns to meet the new orleans saints and have seen pictures over detroit in the n.f.l. . but first a football of the sort of arises when rooney scored twice as manchester united survived a riveting fight back to win three to attend our rivals manchester city to knock out the holders in a pulsating f.a.

cup third round of the against the run of play rooney headed united in front after ten minutes and it got immediately worse the city as captain vincent kompany was controversially sent off for a two for to tackle on which the club later announced they would appear however united took full advantage of danny welbeck volley them further in front of the half an hour and rooney headed in the rebound from his own penalty to make it strain over half time as a group to exact some revenge statistics wanted to create a traffic tobar but the home side fought back straight after the break through and found a lot of free kick and so i wear i pulled back another following error from returning substitute scholes after sixty five minutes however despite a frantic finale and penalty goals for both sides we wanted to go through to the first round. chelsea scored three times in the last five minutes is that these one for now it's time to portsmouth the second half goals from

sebastian lawson and james maclean gave sunderland to nose with peter brown and chris o'grady snatched the late winner as least one sheffield wednesday feet west found it had a tendency save twelve following those times the draw for the fourth round was made and manchester united's reward for winning at city is a trip to arch rivals and there's a new take of the sixteen time is otherwise arsenal for leeds the play on monday will close after you can also go to either brighton wrexham stark make sure triply darby everton rock and fallen in an all premier league fixture. elsewhere the winner of michael steele's bolton's replaying old hopes ones they want are the empty dons all q.p.r. will place six time with chelsea but remember wolves will go to sheffield united as a team. ne obvious sunderland welcome to talk of getting nearby what food and respond take on all those games will take place on january twenty eighth or twenty nights. probably means i'm paul scholes decision to come out of retirement was an

answer hour before kick off at the end he had stadium and he played the final half an hour from gripping cup tie the thirty seven year old had called time on his glittering career at the end of last may i was coaching at old trafford he made his united debut in one thousand nine hundred ninety four and went on to make six hundred seventy six appearances when ten premier league titles the f.a. cup three times and the champions league twice however the sixty six capping the midfielder has now chosen to carry on playing until the end of the season before his injury had formally missing darren fletcher and gone cleverly in midfield. tennis now and andy murray has enjoyed the perfect warm up for the upcoming australian open with a comfortable with alexander dog apollo in the brisbane international final right from the start of the world number four showed his intention to clinch his twenty second title and first under the guidance of new coach former waterborne of on lendl the scot won his first three service games without dropping

a point on the way to a four one a little resistance from ukrainian before taking the first set six one the world number fifteen stirred the crowd into life in the second is not enough to stop murray for wrapping it up six three four an impressive first victory of the new a.t.p. tour season mary's focus now switches to the australian open has been a big fines for the past two lives the first down sound of the season starting the sixteenth. also want to thank. mr learned think you got there somewhere hiding. out first with your team and you know it was good i really enjoyed it so book will bring more success in the future. fine. 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 out sports events that really really appreciate it thank you all to come back. moving on to the n.f.l.

now where drew brees drew four four hundred sixty six yards and three touchdowns to lead the new orleans saints to a forty five twenty eight n.f.c. wildcard victory over the detroit lions new orleans to set a new postseason mark a total yards of six hundred twenty six beating the previous record set fourteen years ago fired the ball down a fifty every henderson caught it in his stride running for a forty one yard touchdown as new orleans went seventeen fourteen ahead in the fourth quarter brees made a forty one yard pass. edge of the end zone to downs later handed the ball off to yet thomas took it in for the game serious school so the saints beat the last forty by twenty eight to advance their second round the playoffs now come to san francisco to take on the forty nine ers next saturday. now let's continue our look back over some of the big events of last year and this time

it's the turn of swimming in october american style michael phelps took just two goals from six races at the world cup stage here in moscow while russian world record holder kenny cata teach again did perform to his best winning the one hundred meter butterfly comes in but out of his that. despite we're going to be form where i have to below point is plan to use me for in 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 the world record holder paul be there month and had to settle for silver. and phelps competing in moscow for the first time failed to make it to the boredom 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. and you mean you have all of the it was very important for me to win today so i can say i want to beto 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 felt 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 then there confounded burst of power and managed to surge to victory it's all working on some of the small things to really get to the end of the year being able to tie together some of the stuff where the starch turns under waters have i can do that as many times i can leading off in the feel of a child and for myself and i drive. the london olympics and just nine months away in berbera ations are well underway for the swimming event however there are still four stages to go before the end of the world cup even press fondant and swimmers alike deborah tonsured to gauge who will be queen xing the gold medals at the twenty twelve games is about out of her t.v. . let's move to the golf course russia's only female professional golf for maria

the trauma of a miscarriage moscow last autumn preparing for a tournament in south korea but she took the time to talk to our business correspondent consenting to tap off about her colorful life on and off the course. might even it is arguably one of the biggest commercial attractions in women's golf since she turned professional in two thousand and six it one hundred five year old muscular remains the first and only russian playing full time on the ladies' european tour following an impressive amateur career that included victories in the russian austrian liftin and slovenian championships. because a girl i got on tour and i was the only russian player and i was the all the girls half of them were 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 as well the germans showed great improvement in her second year on the tour with her career

best finished tied for fifty since being enforced a degree a low round of sixty six in dubai as a result to shaun and finished fifty fifth in the door rankings in two thousand and eight still have based policing 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 body will give me a chance to play golf but there we set out some goals when it went to the eighty and hopefully get to win down there with a major i can go. professional golfer who spend most of their time travelling from one tournament to not it was going to be the hardest part of the job however well in search of success some ladies european tour and many funny stories have a reason they're said to make area i don't mind to say the kid is a cheap hotel and i put my pajamas on i went. to buffalo came back and my

room was completely locked fro inside so he had to go because it was going a way out so i went outside and all the guys were like oh of course we go through but this. despite bringing mortars to results over the last two years the trauma was to do. and focused on golf however the one meter seventy six told brunette directs a lot of attention not only with her performances on the way but obviously all to because of her appearance i'm not trying to attract more attention i'm trying to bring something more in go and that the girls who play females sadly here and is again better and better now so many young girls attractive girls beautiful girls getting to go there chawner it isn't by any 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 work the country couldn't ask for a better ambassador to lead the way. and that's all the sport

i think. wealthy british style. markets weiner scandal. find out what's really happening to the global economy in cars a report on r g. well

with. science technology innovation all the rest of elements from around russia we've dumped a few jerks covered. heat to.

eat. the latest news in the week's top stories fresh clashes in syria claimed thousands of lives as the arab league decides to carry on with its observer mission despite criticism that the organization is not achieving its goal of ending the bloodshed. iran says it will continue war games in the persian gulf threatening to block a key oil rigs in the region as the west imposes strict sanctions on tehran. and six republican hopefuls are vying to take on the president in november the us presidential election and support for a bombers on the wane across the country.