anna: that was the bundesbank vice president speaking to matt.out the global recovery and the banking sector. we are joined for an exclusive interview by jose vinals, group chairman, standard chartered. we were hearing about the strains the baking sector is under. in terms of the recovery out of the global corona crisis, do you see the path as smooth or arduous? jose: the path of the recovery is not going to be smooth at all. that 2021good news is is expected to be significantly better than 2020, it is true there are many uncertainties regarding when the vaccine will be available, how it is going to be distributed throughout the population of some any countries. there are many uncertainties. it will be a rocky recovery, but hopefully we will get through it. germany,heard that bundesbank expects germany to hit the high watermark in terms of bankruptcies in the first quarter of next year. we heard from j.p. morgan yesterday that its consumer portfolio is going to take a material hit in the second half of next year. in the u.s. and germany it seems

but first we'll hear from doctor jens weidman, president of the deutsche bundesbank who join guest from his office in frankfort. he is been president of the german central bank since may 2011 2011. he's a member of the governing council of the ecb, represents germany and the imf and other international bodies, and has been chairman of the board of directors of the bank for international settlement since november 2015. welcome. the virtual floor is yours. >> venky very much, asiya, for your kind words of welcome. ladies and gentlemen, it's a great pleasure and honor for me to be joining you today. as i go in here knows, inequalities and realizing an inclusive and sustainable world requires jobs, education, health care, attention to the environment and robust commerce, trade among neighbors and nations. this wise statement was made not recently but more than a year ago by the president of world bank group, david malpass. given the present crisis, these words sound very pressing pres. a few months ago millions of people lost their jobs and the national supply chains were broken. children w

militaries across the globe are preparing for cyber warfare in the german bundesbank to soldiers are working on ways to ward off cyber attacks which strategies do they employ the center for cyber operations is located near here the computer systems of the bonders area are being centrally monitored the i.t. networks need to function reliably especially for deployment to graunt this role is becoming increasingly important for cyber and information command of the art. he has about as many soldiers as the navy. these cyber troops fight off hackers and this is a day just as with industrial networks in the bone despair networks are also continually being attacked with and the way you usually react as with measures to guarantee security of information that these are different measures that have been as valid to protect our own networks and so it whether that really only defending their own networks or actively attacking foreign networks the german government remains silent on this issue but in 2019 a strategic paper was leaked to the public it stated that there are plans to react with hack

it was interesting, listening earlier on to the bundesbank, saying they don't need more policy now.ers suggesting that more qe is on the way. we get the fed minutes tonight. are we going to get a clue as well as to kind of what the mechanisms are for raising rates? i still don't understand how exactly this will work. alix: i'm going to say no to that, but that's my personal opinion. i think that what we will see is any dissent. there seems to be an evolving conversation there and you have to wonder what it is like within the fed as well in terms of using the balance sheet more aggressively and allowing inflation to stay above the 2% level for "a significant amount of time" to see what the consensus is or not. guy: powell was aggressive, saying don't worry about doing damage now, do it and worry about it later. he was worried about the fact the stimulus talks would be off. where they aree right now. it's look, guys, we are struggling over here, you've got to deliver it if you don't, the economy is going to suffer? alix: and what else can they do? if it goes back to the fed, what can

muhammad to asiya and when this bank for -- bundesbank for hosting a virtually. i'm here to set the stage ahead of the imf and world bank grou'' s annual meetings which will ands on covid and debt engage partners in urgent discussions on human capital, climate change, and digital of element. before i begin, i would be remiss not to mention that this is the first time that the positioning speech for the world group annual meetings is being held in continental europe. germany is the major anchor for the world bank group in the rest of europe. it is the fourth largest shareholder and the fourth largest contributor, and chancellor merkel has always been a supporter of the world bank group priorities including tackling debt and covid as well as action on global public goods . i understand that these priorities are also the focus of germany's eu presidency, which runs through the end 2020. ens said, the covid pandemic is a crisis like no other. it's toll is massive qom and people in poor countries are likely to suffer the longest. the pandemic has disrupted likelihoods

jens eichmann of the bundesbank is speaking at the moment, saying german recovery is likely to be incomplete, and culling liquidity and low interest rates crucial. with his workr would think that was unthinkable from him 10 years ago. it is not how people respond in the emergency, and the media aftermath of a crisis. it is how they shift, and the permanency of that shift over time afterwards. to hear the hawk over at the ecb talk about low rates being crucial just tells you about the whole we are in and the shift we are seeing. tom: what is so important here is the percent of gdp of every story out there. i don't have the percent with me of germany needed. but we are miles, even with speaker pelosi's fiscal stimulus, we are miles from the kind of fiscal stimulus economists are talking about of 5% or 6% or even 7% of gdp. we are miles from that. jonathan: after 2021, maybe beyond. coming up, university of london college professor of political science. to --rofessor group professor gupta, ritika gupta will be joining us. jonathan: i believe it is professor norman. this is bloomberg. ♪ ritika:

militaries across the globe preparing for cyber warfare in the german bundesbank to soldiers are working on ways to ward off cyber attacks which strategies do they employ the center for cyber operations is located near here the computer systems of the bonders we are are being centrally monitored the i.t. networks need to function reliably especially for deployment of brought this role is becoming increasingly important for cyber and information command of the art. it has about as many soldiers as the navy. these cyber troops fight off hackers as they just as with industrial networks in the bundeswehr networks are also continually being attacked and the way you usually react as with measures to guarantee security of information these are different measures that have been as valid to protect our own networks and soil and whether that really only defending their own networks or also actively attacking foreign net brock's the german government remained silent on this issue but in 2019 a strategic paper was leaked to the public it stated that there are plans to react with hack attacks in case

sees the yuan performing like the deutschmark of asia, with the pboc performing the role as the bundesbankhe medium-term, he sees the yuan outperforming the euro as well as the dollar. he predicts china's economy will europe ine u.s. and size. he is focusing on china's economic fundamentals and policies as well as long-term thinking as exhibit a fight by the five-year plan. -- as exemplified by the five-year plan. haslinda: looking at iron ore prices, china's recovery has been a pillar for it. what is the outlook for iron ore? sophie: we are seeing pressure on iron ore prices for a third weekly drop. anz sees it going down from here. end of to 65 by the 2021. as to why anz pointing to signs of slowing demand in china as authorities attempt to cool overheating in the property sector. rishaad: sophie kamaruddin there. let's quickly look at chinese markets as we head into their lunch break. a day where we are seeing declines. some controls to liberalize the yuan. thise seeing gains unlike public country equity-wise. ♪ rishaad: we have a very hazy start to the day in mumbai. we have the time c

annmarie: chad, we see angela merkel now taking the podium at the bundesbank. situation. give us a sense of what locally germans are feeling. we have seen protests in italy. is there covid fatigue on the streaks in germany -- streets in germany? chad: there certainly is fatigue on the streets and there is pushback, annmarie, to these measures being put in place. there is a sense of fatigue. a lot of people are wondering about, you know, why are some measures being taken and others are not, for example, places of worship are not going to be closed. merkel said that was important to her not to do that. there is a minority at this point, i would say, who are pushing back. there is definitely a majority in germany that do support the measures and what needs to be done to get things back under control here. jonathan: chad, great to catch up, chad thomas there in berlin. if you are just tuning in, chancellor merkel addressing parliament right now. we are in a dramatic situation, counsel authorities limit their capacity. this following the latest situation coming from