action from the european union the country's original spending plans were found to be in breach of e.u. fiscal rules italy's leaders wanted to increase welfare payments cut taxes and reduce the retirement age but the uses those plans will raise the country's deficit beyond acceptable levels details of the revised budget are not yet known. so let's bring in bring in. our financial correspondent from frankfurt only the three percent g.d.p. deficit limit is part of the e used to billets impact what does it mean when a heavyweight like france breaks that route. it's not the best performance that you can think of of course i talked to people in the market today and they said looking at the developments and friends over the past weeks with the laser on the yellow vests it's not surprising that president micro had to make some concessions but of course it makes the country look bad and the overspending will likely continue i say overspending because it's not just going slightly over that deficit budget deficit level of three percent of overall economic performance of g.d.p. france also has a much hig

action from the european union because italy's original spending plans were found to be in breach of e.u. fiscal rules italy's leaders want to increase welfare payments cut taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit beyond acceptable levels. of more that i'm joined by our financial market correspondent all of us in frankfurt italy so the three percent of g.d.p. deficit limits is part of the e.u. stability and growth pact what does it mean when a heavyweight micron's breaks that rule. well it means that it's setting a bad example for others and already the telly in government has noted as much that now france would be in that corner as well and of course it makes it all the more difficult for the e.u. commission or the other finance ministers and heads of governments and states to reel in italy and france and their big heavyweights and they both of course have their issues why they're doing this in france everybody knows you already said it it's the political situation in the country the village on the yellow vests basically hindering mccraw

union now this move comes after the country's original spending plans were found to be in breach of e.u. fiscal rules italy's leaders want to increase welfare payments cut taxes and reduce the retirement age but the usus those plans will raise the country's deficit beyond acceptable levels the details of the revised budget i'm not yet know. while meanwhile the turkish economy is slowing and that in the midst of a domestic currency crisis the turkish lira tumbled as much as forty seven percent against the u.s. dollar in august g.d.p. expanded by only one point six percent in the third quarter and that is the weakest growth since the coup against a president richard type add a one two years ago rating agencies like fitch expects turkey to slide into recession and the negative outlook could weigh on the upcoming regional elections. the situation in istanbul seems a bit more relaxed than two months ago back then the political differences with the usa caused a severe economic crisis inflation fell slightly to just under twenty two percent the value of the turkish lira has stabilized this was aided b

action from the european union the country's original spending plans were found to be in breach of e.u. fiscal rules is in these leaders want to increase welfare payments cut taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit young and sceptical levels details of revised budget are not yet. so let's bring in bring in. our financial correspondent from frankfurt only this three percent g.d.p. deficit limit is part of the used to billets the pact what does it mean when a heavyweight like frogs breaks that. it's not the best performance that you can think of of course i talked to people in the market today and they said looking at the developments and friends over the past weeks with her on the yellow vests it's not surprising that president micro had to make some concessions but of course it makes the country look bad and the overspending will likely continue i say overspending because it's not just going slightly over that deficit budget deficit level of three percent of overall economic performance of g.d.p. france also has a much higher debt load

e.u. additionally will play out italy says the blocks fiscal rules are counterproductive economists are concerned. that the current proposed budget is not in line with the e.u. requirements on the fiscal deficit and saw. the commission has asked italy to revise its budget. cuts of the revise the deficit down would reduce the deficit. and i think it has done so in a pretty strong way. the conflict is escalating and there's no solution in sight. the owners of this stone masonry business also complain about all the new taxes. with the brother and sister who run the family owned business or worried about the ongoing budgetary fight. they are forcing europe on us it's an impossible. time we're happy to stay together but only up to a certain point. i don't think it's so great but actually leave the e.u. i don't know about that. the firm sells marble and granite a lot of the work is done by hand and it struggles to compete on price. but glass is need to buy new machines but can't afford to do so. do the right. we used to make enough profit to be able to invest in materials and staff and then going to tr

e.u. threatened to finance for violating fiscal rules italy's public debt now stands at more than one hundred thirty percent of g.d.p. that's more than double of what's allowed under e.u. rules another thing that will need to be talked about it's going to do much has you standing by in brussels for a scaled hours and hours of negotiations there but not really much of a result when you say. ben are just full of the joint press conference of lemaire the french finance minister and his german counterparts all of schultz and i have to say for finance ministers they were just upbeat they were positively ecstatic about what has been achieved speaking about giant leaps forwards that were made and draw understand that you have to see where they come from many ideas were thought to be debt in the water and now they are back on the table less ambitious maybe but take the european stability mechanism for instance it has new responsibilities the firefighters as those ministers explained it has a better tool box to fight a potential debt crisis and from their perspective it's positive news for the eurozon

e.u. deems acceptable so the country will avoid a fine for breaking the block's fiscal rules. italy's capital rome now it seems the country and the e.u. have reached a consensus the italian government promised to set new debt that two point zero four percent of g.d.p. next year instead of the two point four percent as a regionally planned brussels as agreed to this so there's no threat of sanctions italians are relieved. that's it then but. it's important that italy works with the european union that. there's no sense fighting against europe. let it go i see it as a good thing i hope this government can move forward with the things they've planned or to know they can work on all their plans in the future the way i see it i don't like thinking all the time that things could go wrong when we actually project but it's just that the italian government is a coalition of the right leaning league and populist five star movement both want to finance expensive election promises including a basic income and a lower retirement age but at around one hundred thirty percent of g.d.p. italy's

e.u. threatened to impose as a punishment for breaking the blocks fiscal rules italy's populist government has promised to increase spending on the poor and to lower the retirement age but the e.u. said that the original bunch and would have raised the country's public debt beyond acceptable levels. and that is your business update here and you can find more on our website at t w dot com or follow us on twitter thanks for watching and see you soon. india. turning agricultural waste into ito friendly table when. that's the plan of the young startup land. it's offering farmers a profitable alternative to banning them from stomach while removing one of the main causes of india's air pollution. next d.w. . time for an upgrade. our up front sure that grows all by. us with no roof. design highlights you can make yourself. trends tips and tricks that will turn your home just for special. upgrade yourself with d w's interior design channel on you tube. how do you want to. discover your concept discovered with the bulk. of school a legend after one hundred years the ideals of the boss are more rele

e.u. threatened to finance provider lasing fiscal rules italy's public debt now stands at more than one hundred thirty percent of g.d.p. that's more than double of what's allowed under e.u. rules another thing that will need to be talked about. well leaders are gathering in. cavite just climate change to understand how complicated the situation is take a look at india with the planet heating up due to an ever growing demand for energy summers there have become arable more and more people to buy conditioning units make matters worse. it's hot in a hot time kumar's shop where washing machines and dryers home and even more heat comes from the heavy iron in his hands. now my job is to wash and iron clothes and deliver them to the companies whether it's extremely hard to raining i have to do my job every day i work in the hot sun and the heat so when i come back home at night because of the a c. i get a good night's sleep i feel well rested and ready to carry on. the town kumar's not the only one here with a new cooling unit most apartments have air conditioning summers in india can be brutal with t

e.u. leaders decide to approve a slate of fiscal reforms for the one thousand nations that share the euro it's a watered down reforms will give the eurozone some much needed. expanded role with the european stability mechanism bailout fund created during the euro crisis in two thousand and twelve years and will now be able to conduct its own review of meditation's financial health and intervene earlier but critics say the reforms merely sidestep issues like a common budget and finance minister as motored by a french president in the flush of his twenty seven election approach your. in campaign. season basically joins us now to talk more about these reforms all the lack of folders and the idea of this whole reform drive was something that we learned about about a year ago what's happened now that's right well i mean let's go back to what was planned before about more than a year ago the idea was to really claw to really plug a critical gap in the euro zone that was exposed frankly during the two thousand and nine recession and the following debt crisis and that is you have again as the pie

e.u. council is set to approve a slate of fiscal reforms for the nineteen nations who share the euro currency but lack a common monetary policy the euro zone reforms will expand the role of the european stability mechanism the bailout fund created during the euro crisis in twenty two the d.s.m. will now be able to conduct its own review of member nations financial health and intervene earlier to fix a reform don't go far enough and many sidestep issues like a common budget and finance minister measures promoted by french president obama and i call him the flush of his twenty seven thousand election on pro europe. so is that really enough joined by les you're to see from the brutal think tank joins us from brussels unless you're no budget no minister just a vague promise a look at the issue again that's how they want to call want it raw. absolutely this falls short of a man will micron's the grand plans or when he won the election in france i think his strategy was first to show that he could reform france and take those painful measures in really fixing the french economy and then having a st

e.u. threatened to impose as a punishment for breaking the blocks fiscal rules italy's populist government has promised to increase spending on the poor and to know what the retirement age of the usa at that the original budget would have raised the country's public debt beyond acceptable levels. and that's your business update here in the w thanks for keeping us company. to stop the powerhouse because her head looked at shaking take you along to my mom . just saw. jimmy origins of the legendary school i'm sure in designing. the power house celebrating in seventeen or eighteen to twenty nine. to. sixteen. how to. discover your concept discover with. a school. budget after one hundred years the ideals of the fathers are more relevant today than they were. as a missionary comes to come by people as a way of shaping society. with ideas. comes from the part documentary starts january thirteenth on d w. welcome to our special edition of check in where we're celebrating the one hundredth anniversary of powerhouse.

e.u. threatened to impose as a punishment for breaking the blocks fiscal rules italy's populist government has promised to increase spending on the poor and to know what the retirement age at the you said that the original budget would have raised the country's public debt beyond acceptable lifts. and that's your business update here in the w. thanks for keeping us company. the by. the hour. we'll. she's on fire. felix he is one of the world's most successful details. to our special this week we meet him backstage. chanel momentum and armageddon boy in the minds of the him and oh wow wow wow wow. tomorrow's musicians today. the world's best supporting uselessness making the leap. from twenty to a classic festival. reading the sound of the future. sixty minutes on d w. how do you want to live in a radical way discover the bounce go to house world church january thirteenth con the w. . where is home. when your family is scattered across the globe. with existing sleep ghosts a journey back to the roots of government must leave. the shards family from somalia who live around the. time when the

e.u. threatened to impose as a punishment for breaking the blocks fiscal rules italy's populist government has promised to increase spending on the poor and to know what the retirement age of the usa at that the original budget would have raised the country's public debt beyond acceptable levels. and that's your business update here in the w thanks for keeping us company. tomorrow's musicians today. that's according to stress me but. i am not sure the twenty two year old toxic festival. i am told by the sound of the future i am. d.w. . the indians. turning agricultural waste into eco friendly tableware. that's the plan of young start up land. it's offering farmers a profitable alternative to burning their crops dumbell while removing one of the main causes of india's air pollution. in sixty minutes. like i and germany with delhi and any time any place. to sing music video never. happened at the benefit of active. songs to sing along to download this to come from super looks. to be a type i have very good cause this kind of into active exercise is the hard thing about that d w dot com a sla

spending plans were found to be in breach of fiscal rules italy's leaders wanted to increase welfare payments cuts taxes and reduce the retirement age but the e.u. says those plans will raise the country's deficit beyond acceptable levels the details of the revised budget i'm not yet know. i'm on that i'm joined by our financial market correspondent what about in frankfurt only so the three percent of g.d.p. deficit limits is part of the e.u. stability and growth pact what does it mean when a heavyweight micron's breaks that rule. well it means that it's setting a bad example for others and already the telly and government has noted as much that now france would be and not to corner as well and of course it makes it all the more difficult for the e.u. commission or the other finance ministers and heads of governments and states to reel in italy and france and their big heavyweights and they both of course have their issues why they're doing this in france everybody knows you already said it it's the political situation in the country the village on the yellow vests basically hindering mccraw in performing the reforms that many in the markets bu

e.u. deems acceptable so the company will not have to pay a fine for breaking the blocks fiscal rules. italy's capital rome now it seems the country and the e.u. have reached a consensus the italian government promised to set new debt two point zero four percent of g.d.p. next year instead of the two point four percent as a regionally planned brussels has agreed to this so there's no threat of sanctions italians are relieved. to then but. it's important that italy works with the european union that. there's no sense fighting against europe but. i see it as a good thing and i hope this government can move forward with the things they've planned or to know they can work on all their plans in the future the way i see it i don't like thinking all the time that things could go wrong but we actually will recall chick this is the italian government is a coalition of the right leaning league and populist five star movement both want to finance expensive election promises including a basic income and a lower retirement age but at around one hundred thirty percent of g.d.p. italy's mountain of de

e.u. threatened to finance for violating fiscal rules italy's public debt now stands at more than one hundred thirty percent of g.d.p. that's more than double of what's allowed under e.u. rules another thing that will need to be talked about. is going to do you know use guilt muthas you standing by just full of the joint press conference of the french finance minister and his german counterparts all of scholtz and i have to say for finance ministers they were not just upbeat they were positively ecstatic about what has been achieved speaking about giant leaps forwards that were made and draw understand that you have to see where they come from many ideas were thought to be dead in the water and now they are back on the table less ambitious maybe but take the european stability mechanism for instance it has new responsibilities the firefighters as both ministers explained it has a better tool box to fight a potential debt crisis and from their perspective it's positive news for the eurozone well as you put it they're ecstatic but that's probably because of lack of sleep and there are lots of s

e.u. threatened to finance provide elation fiscal rules italy's public debt now stands at more than one hundred thirty percent of g.d.p. that's more than double of what's allowed under e.u. rules another thing that will need to be talked about. is go into detail use guilt muthas you standing by just full of the joint press conference of the french finance minister and his german counterparts all of scholtz and i have to say for finance ministers they were not just upbeat they were positively ecstatic about what has been achieved speaking about giant leaps forwards that were made and draw understand that you have to see where they come from many i do yours were thought to be dead in the water and now they are back on the table less ambitious maybe but take the european stability mechanism for instance it has new responsibilities the firefighters as both ministers explained it has a better tool box to fight a potential debt crisis and from their perspective it's positive news for the eurozone well as you put it they're ecstatic but that's probably because of lack of sleep and there are lots of st

e.u. council what was on the table there were things like a common budget for these one thousand asians that share a common currency but not a common fiscal policy so common budget common finance minister and deposit insurance these were all seen as very important policy additions that can help strengthen the eurozone especially looking back at what happened to greece in two thousand and nine is to be something to shore it up and there was this great window that was seen with the election of across with miracle with the ability for this franco german sort of engine to drive this policy change policy change through and instead what happened was basically the strength in the bailout fund the european stability mechanism and all the other stuff sort of got pushed and sort of tabled and there is actually a huge debate between northern and southern european nations about sort of what they want the euro zone to look like if that's what happens to boring stories right they become more interesting to you but you know so much far closer to europe or i had a how i feel like this is really significant as well exactly we'll see what happens in twenty

fiscal roots it to these leaders want to increase welfare payments cut taxes underage use the retirement age of the e.u. says those plans will raise the country's deficit beyond acceptable levels details of a revised budget i'm not yet. and the turkish economy is slowing in the midst of a domestic currency crisis the turkish lira tumbled as much as forty seven percent against the us dollar in august g.d.p. expanded by only one point six percent in the third quarter and industrial production those figures just out continues to slow shedding five point seven percent more than anticipated rating agencies like fitch expects tech it to slide into recession and the negative outlook could weigh on the upcoming regional elections. the situation in istanbul seems a bit more relaxed than two months ago back then the political differences with the usa caused a severe economic crisis inflation fell slightly to just under twenty two percent the value of the turkish lira has stabilized this was aided by the fact that the country's central bank raised the key interest rate to twenty four percent so is everything all

e.u. will not allow us to renegotiate, what about the fiscal statement. what about the referendum?s. francine: there is something that caught my attention which was a headline saying theresa may could put the backstop vote to parliament. would that make things easier? jess: should i think this is what she has talked about -- i think this is what she has talked about, giving parliament a veto over the backstop. that would make mps feel more in control and this risk they could get stuck in this limbo of backstop would be less likely. tom: we make jokes about the divorce angle of this which i do not buy for a minute. i can think about who gets a beach house. this is not a divorce. the e.u., you are just going to wait. what is the incentive for the union to act? for the e.u., this is a financial issue not just as much for the u.k. , as we saw from reports last month, a no deal brexit could have a devastating effect on the u.k. economy but it would have an effect on the e.u. never been divorce, it is a good analogy. they are trying to get through this protests -- process but there are a

e.u. council what was on the table there were things like a common budget for these one thousand asians that share a common currency but not a common fiscal policy so common budget common finance minister and deposit insurance these were all seen as very important policy additions that can help strengthen the eurozone especially looking back at what happened to greece in two thousand and nine is be something to shore it up and there was this great window that was seen with the election of across with medical with the ability for this franco german sort of engine to drive this policy change policy change through and instead what happened was basically they strengthen the bailout fund the european stability mechanism and all the other stuff sort of a. pushed and sort of tabled and there is actually a huge debate between northern and southern european nations about sort of what they want the euro zone to look like because that's what happens the boring stories right they become way more interesting but yeah but you know it's so much more closer to europe right i feel like this is really significant as well exactly we'll see what happens in t

fiscal cliff vote and they get the constants you know dimity the. damage done is what he put it quote. the least person is one of. the e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that's. you know. that's what i'm at a few also someone young and objective. will form the well water the good is going to go and garlic welcome the don't disturb the body don't teach to be all failing this she did love an illness joyce on his own for me domicile took on an i don't know it more bottles. on the monitor that mischa all of newmont but it will do is do no good so we're going to cause we mara we're told are going to make it in molly extra nor. will i do it to market if you see the view that he had claimed you don't look at p. diddy's it plant of your own and she said paul's forcing off on it when the other room is a real good on clip ons for cars puppets where there's all to do are to do what you want to keep ability to you know that you don't of well such as you're going to miss a co

and don't encode initial fiscal cliff vote and they get the constants you know dimity the western pa care damage on is what he put it quote to do list person is one of. the e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that's a service you know what. that's what i'm at a few also someone young in it but objective. jill for the well water to go to is going to go dominic welcome to don't disturb out about it on t.v. all failing is she did love an illness joyce on his own for me domicile took on an i don't know it more bottles. on the monitor that mischa all of newmont but it was his deal longer so you're going to cause we mara with all that economy good demodex time nor. do i do it democrates receipt of you levy a cliff you don't look at p. diddy's but had plenty of your own and she said pals will sing off on it when the other room is a real good on clip ons for cars puppets where there's all to do are to do what you want to keep ability to you know that you don't of well such as you going to miss a conclusion i

e.u. are troubling. we have brexit. we have france in trouble. germany is going to be a pull of leadership no matter how that election goes tonight. italy is trying to address the fiscaloblems they are facing is going away. we're talking about cosmetics about whether the budget goes down by a decimal point or two. nothing of substance. france is at the moment in a position where it cannot provide leadership. that is the problem for the e.u. germany is in a transitional phase. francine: is it something against macron as a president? it looks like he is enjoying too much power. >> it is more about macron himself. his style of government. so far we are not seeing any intelligent responses by him. he postponed a deal for six months. we have not seen the political thing that is needed. his political experience is very limited and it looks to me that he is not up to the job basically of dealing with the situation for which he has politically not been prepared. tom: i have about two hours of questions here. let me go back to your wheelhouse and your expert's on germany and the german people as well. in 1957, the rise of the c.d.u. no experiments. is that the attitude of the