of a more i'm joined by maria de mer deputy director and to bruegel a brussel based economic think tank good to have you with us let's start with the european central bank itself what kind of band is legard taking over critics say that the bank overstepped its mandate under mario druggy is that correct the word overstepped in my ears sounds like they said he has done something wrong so he has done something illegal this has not been the case has not been proved so in other in other words i think has not done something that it was not supposed to i would argue however that they say he has overextended its actions it has taken. a lot of important measures to try and tame down the economic shocks that we've seen in the past 10 years and they were very big shocks so it's not surprising that they said we had to take extreme shocks to try and tame the economy i think they were necessary and we will see some of that as we move forward but i would not agree with the fact that the city has done something that was wrong so it's like god now . being the new head of the e.c.b. where do you see room

here now, maria demertzis, bruegel deputy director.w brussels will respond in the coming months with a british prime minister with a much bigger majority here in the u.k. maria: it was an expected result. this is going to probably mean that the withdrawal agreement will pass. it will be voted in the parliament, which means we can start discussing the future trade deal. that is good news because it will provide certainty that the market will need. this will be a solid result in terms of being able to start to think about the long-term relationship. jonathan: it took canada seven years to come up with an agreement between the canadians and the eu. there's a belief, and i think it is well-placed, that the eu can do it quicker. your thoughts on a timeline here? how doable is all of this? maria: a typical trade deal, if two randomy countries, it takes more than one year. sewed wanting to do everything in one year is rather ambitious. on the other hand, we know what to expect. it, weget your minds to could do it in less than that. if it were

now bruegel engineering is aiming to make that possible. once upon a time this mobile phone with a cutting edge of high tech. 20 years of sweeping the market there's nothing a $3310.00 was rereleased in 2017 it still has none of today's standard outs but its battery runs for almost one month between charges and it only costs 50 euros but many companies aren't willing to risk. relaunching back to basics models not even a former market leader. because it's often just the ferris devaluing your own brand either because the customers could think it's no longer a top brand or because they're worried that customers might stop buying the expensive model when there's a budget version available. in fact the principle of frugal innovation can be applied to many sectors such as no frills flights or furniture and even some big name hotel chains have been stripping that service back to the basics just of bed and breakfast but a cheap price doesn't necessarily mean frugal. with a cheap product important questions aren't considered like who is my target de

bruegel, from reminding us there could be flux ability around that trade relationship, boris johnsonaying he doesn't want that flux ability, things he said he would do but that didn't come to pass because he found other people standing it is way and he had to adjust course. and it is devastating for the labour party. the reflection it is going to take place there, i think there may be that jeremy corbyn steps down, others suggesting this was more about brexit that was about jeremy corbyn, but nevertheless the labour party will have a difficult time climbing out of the hole that it has found itself in. anna: we could hear in the next few hours, there will be an accounting in north london where jeremy corbyn has his seat. we will see what he says, whether he chooses to wait a little bit longer. but you made the point, a good one, that if jeremy corbyn is not the future of the labour party, who is? they have reshaped the membership of that party so much under jeremy -- under jeremy corbyn, that maybe they continue to pick what one of our guests described as leaders who won't win electio

nicolas veron, senior fellow at a very influential think tank from brussels, bruegel and pe terson instituteu.s.xt, nestle sells its ice cream business to a joint venture with a private equity firm. we get details on the $4 billion deal. and remember, bloomberg radio is live on your mobile device, or on dab digital in the london area. tune in. this is bloomberg. ♪ ♪ nejra: this is the open. we are just under 15 minutes away from the start of cash equity trading in europe, and futures on the front foot. let's get a bloomberg business flash. leanne: saudi aramco might hit the much touted valuation of $2 trillion today. premarket bids point to the move. the stock rose to the 10% limit yesterday on the first day of trading. $2 trillion was a value much touted by saudi arabia before the ipo, but it eventually had to settle for a lower offering as international interest waned. predictions of another 15 deadly crashes over 45 years, from an faa risk assessment into the boeing 737 max released by congress, put together after the first of the two deadly crashes that claimed over 300 lives. faa admini