manus: may be this morning we rerate that comment from axel weber.r sturkenboom is still with us. weno le maire said that depend too much on china for our supply chain. axel has talked abou keeping global trade corridors open. is this the biggest unintended risk of the coronavirus, but global trade doors begin to narrow? wouter: i think basically it is speeding the process up. we are the expected global trade to become less global. that globalization would take a step back over the next five years. we have seen it trade tensions in the u.s. and china visibly on display. this is speeding the process up. we are seeing companies reassess their dependence on china as a big supplier of important vital parts to their supply chain. that reassessment will speed up and they will take back more of their production home. nejra: will the impact of the market be satisfied with a more aggressive response on the monetary side? or will they want to see more fiscal and a global, synchronized, coordinated response? wouter: that is a good question and one i would love

while.t takes a those words from axel weber about how succession planning is part and parcel, now weng that succession planning is really in the works. run us through the story. reporter: it is probably not a straightforward process, but i remember axel weber's words very well, that he is accelerating potential planning on the board of directors. i find it interesting. it seems to have an ongoing succession for european banks. are from theeaders post financial crisis area. so they oversaw reconstruction. they have to find avenues for growth that has been difficult for banks in a low rate environment. there are technological changes. is there wouldy probably be a flurry of secessions over the next year. anna: a bit of a theme? >> i think it is a theme. around anothera departure last week, now we have zurich all over again. anna: part of the reason for his departure, the reason for his departure was all of the scandal to ubs.ahn going but he is not one that will take over at ubs. reporter: that is something we insinuate in the story. the credit suisse story. it sounds like an ordered p

ubs chairman axel weber sat down with bloomberg's manus cranny on the sidelines of the summit. ieves the global economy will take a massive hit from the virus, and he says markets are underestimating the risk. axel: the market has basically the view that the glass is half-full, the world will pass that stress test, it is a temporary one quarter impact on gdp and trade and we will move on from there and rebound. d into ours also pace projections. manus: the g20, the language being used is about a potential coordinated response to a slowdown in the world as a result of this new black swan. axel, what is a coordinated g20 response, 2020 style? if 2019 was rates, what is 2020? axel: just to get the numbers right, likely, in our estimates, this will bring global growth from 3.5% to .5%, which is a massive drop. it will bring chinese growth from 6% to -1.5%. it's the first time in postwar history where china will post a negative number for the first quarter. that requires a response. and the global number basically but very strongly impacting -- tells you it is not just china. it is v

take.as axel weber's but with everyone's glass half-full at the g20 meeting.: i think there is a certain amount of sort of stoicism. all ready for the next evolution. a crisis is never a crisis until you can see it, touch it, feel it, smell it. that draft of the coronavirus crisis and its impact economically is moving towards europe. could landed, and it travel more aggressively north, south, and to the west -- or to the east -- to the west, i should say. remains over at period of time, the equity markets you could say are playing catch-up. the bondekly close on market from last week. the other conversation, at the oecd, he talked about a lot of topics but he was a strong proponent of the surplus countries need to spend. he did not name names. it was a great interview. welcome back. it was very wet in london last week. anna: i was elsewhere in the u.k. where it was very wet, if not wetter than london. butmuch rain in saudi certainly a lot to talk about with comes to the global economy. let's talk with janet, globally economist. weber, hearing from axel saying

in the next hour, axel weber will be with us as well. it is time to speak with dr. s responsibility as ubs chairman. for the international audience, what we witnessed last night in the united states of america was absolutely historic. it was not only a debate, but a unique debate which takes much more than just a few minutes of video. let's capture some moments last night from las vegas. >> the idea of china, they are taking the dirtiest coal in the world, mostly out of mongolia, and spreading it around the world. it is clear you make it clear when you call to washington in the first 100 days. >> you will never solve this problem without china and india, western europe, and america. >> i welcome to mayor bloomberg to the stage. i thought that he should not be hiding behind his tv ads. >> if they've got to choose between a socialist that things capitalism is the root of all evil and a billionaire who thinks that money ought to be the root of all power, let's put forward somebody who actually lives and works in a middle-class neighborhood. >> democrats are not going to