guy: let's take you back to axel weber, speaking currently in frankfurt.want to follow this on your bloomberg, you can go straight to it. it is a conference largely about disruption and axel weber continues to address that issue. we will bring you the headlines from the ubs chairman. this time yesterday, we were hearing from john cryan, who urged more consolidation among european banks. that came after his own firm, apparently, held internal talks about a merger with its biggest rival about a possible deal. this is according to people familiar with the matter. bob janjuah is still with us. how overbanked is europe? >> if you pull up the page that shows the number of employees, you will see that since the crisis, there has been next to .o adjustment since th particularly in europe, there are way too many banks from what we need. it is not just investment banks. it is retail banks as well. think, employs over 1.5 million people in europe. guy: what should that number be? 2/3 they should perhaps be2/ of that, but that requires serious consolidation. what cons

. ♪ mark: let's get to frankfurt where axel weber is making headlines.ive rates do more harm than good he said and the world cannot accept that monetary policy is not working. is the ecb's negative rate policy putting pressure on germany's banking sector back up for the conversation let's check with the president of germany's cooperative bank association, who way for lakes. -- ua for lish -- is monetary policy broken? sure it good morning mark. of course, the ecb monetary policy puts lots of pressure on the banking and insurance sector, especially in germany could we try to manage the big challenges here in our organization as well. a bit of aryan, made stir yesterday in his comments at this gathering, especially when he said we need more mergers at a national level. isn't that the truth? how quickly and how many mergers ? how much m&a do we need among the cooperative banks. in germany we have three pillars of banking, the savings bank, the commercial and big private banks like deutsche. the cooperative banking sector, we are about what the 5% market sha

axel weber, a subject he knows something about.boss of the bundesbank, and it's interesting that we see the head of the ecb going in front of german proletariat today. inflation, inflation targets, let's talk about all these things. this is a closed-door session taking place today in germany, but nevertheless, central banks around the world -- and mario draghi is no exception -- are signaling clearly that we are reaching the limits of what monetary policy can achieve. i heard you at the conference saying that the world needs to wake-up. they are signaling to lawmakers, to governments, you have to do something, you have to pick up the baton. do you think governments are listening? >> i think the problem has two dimensions. the first is that central banks have taken unprecedented action, and loomed in many countries to what i call a quarter solution. but monetary policy carries all the way, and where fiscal and structural policies have been taking the backseat. to some degree, it is central banks with that situation unfolding. by mov

axel weber talking about that this morning. >> can you overcome with a domestic policy with a low interesty policy expand fiscal in isolation? at the same time, one of the larger set or's is going to face larger sectors is going to face headwinds for years because of pressure that wants to move things. want to switch gears. you were at the university of pennsylvania. in economic data today? when you read pennsylvania, inventing how we look at data, do you believe the economic data you have to work with every day? david: as much as i can. most of the data in the u.s. is fairly well compile. i wish congress would stop taking money away from data-gathering. we have great data in the u.s. we have pretty good data. we make estimates. no data is 100% on release. jobscoming up tomorrow, day, bill gross will join us after the jobs report on the american labor economy. bill gross went out on a fiery note yesterday on negative rates. he is with janus capital. guy johnson in london, and i am in september, back to school, we need new clothing. this is bloomberg. ♪ guy: i am guy johnson in london. tom