a group of protesters also block the road leading to lebanon central bank on monday. dozens of people called for the resignation of the bank's governor. this is the central bank this is the location where the corruption was thinking place and this is the headquarters of the cops on the way that we're dealing with leaving in the press the information of all the hundreds of millions of dollars that have been taken away from the people and also calls for the people it's very annoying naturally and it shows that the east side is alive it shows that there are youth who have aspirations for the life what about the government. the protests against corruption poverty mismanagement have paralyzed the country banks schools and many businesses are closed but so far there's no sign of the government giving any ground to the protesters. and finally delhi is not known for its air quality in the indian capital as one of the most polluted cities in the world but residents woke up to even cloudier skies than usual on monday a night of fireworks celebrating the hindu festival of the val

will certainly hear a lot of well-deserved words of praise for the central bank governor because of "whatever it takes." in what shapes, does he leave the economy and the bank itself? kathleen: a lot of people will say he stepped up in the crisis and did what it took to support the euro, to keep the euro area together, to keep inflation at the doorstep. this is something he will always get credit for but despite record stimulus, the ecb remains so far from its just under 2% inflation target. look at this number library chart. the white line shows you where the overall inflation rate is, 0.8%. and long way from the line that the court is 1%. -- core is 1%. last week's meeting, the chief for the ecb said compared to september, the euro area is facing a more extended slowdown due to trade tensions. what country in the world isn't? and remember, at that meeting where they did so many things -- reserves, restarted the bond purchases, one third of the governing council opposed that. when mario draghi is speaking at he isess conference, expected to say government, step up. spend some money.

withdrawn and spent in say syria actually did relationship between the banking sector and the central bank is actually quite strong in fact it's that high level of commitment by the banking sector that actually keeping this in place that's actually not necessarily by the way a very very good thing on the one hand it has avoided a crash whereby lebanon has defied gravity in the sense that the economic situation could have been much worse but the fact of the matter that because of this very cozy relationship they've been able to sustain the budget deficit that the government's actually incurred now this comes at a high cost because it actually benefits the backing sector a lot they've made a lot of money and a lot of profits to define mentioned engineering as you know they actually hold more than 60 percent of the government debt so this relationship in my opinion is actually quite strong and it's actually troubling because it's too close to comfort in the sense that you know they've been actually supporting the government but i think the government needs to take certain actions to stop actu

withdrawn and spent in say syria actually did relationship between the banking sector and the central bank is actually quite strong in fact it's that high level of commitment by the banking sector that actually keeping this in place that's actually not necessarily by the way a very very good thing on the one hand it has avoided a crash whereby lebanon has defied gravity in the sense that the economic situation could have been much worse but the fact of the matter that because of this very cozy relationship they've been able to sustain the budget deficit that the government is actually incurring now this comes at a high cost because it actually benefits the backing sector a lot they've made a lot of money and a lot of profits to define mentioned engineering as you know they actually hold more than 60 percent of the government debt so this relationship in my opinion is actually quite strong and it's actually troubling because it's too close to comfort in the sense that you know they've been actually supporting the government but i think the government needs to take certain actions to stop ac

is there a trust issue between the banks in the central banks or as the central bank governor has suggested dollars should be used inside lebanon and not outside is he suggesting then dollars are being withdrawn and spent in say syria actually did relationship between the banking sector and the central bank is actually quite strong in fact it's that high level of commitment by the banking sector that's actually keeping this in place that's actually not this is certainly by the way a very very good thing on one hand it has avoided a crash whereby lebanon has defied gravity in the sense that the economic situation could have been much worse but the fact of the matter that because of this very cozy relationship they've been able to sustain the budget deficit that the government's actually incurring now this comes at a high cost because it actually benefits the backing sector a lot they've made a lot of money and a lot of profits to define mentioned engineering and as you know they actually hold more than 60 percent of the government debt so this relationship in my opinion is actually quite str

withdrawn and spent in say syria actually did relationship between the banking sector and the central bank is actually quite strong in fact it's that high level of commitment by the banking sector that's actually keeping this in a place that's actually not necessarily by the way a very very good thing on one hand it has avoided a crash whereby lebanon has defied gravity in the sense that the economic situation could have been much worse but the fact of the matter that because of this very cozy relationship they've been able to sustain the budget deficit that the government's actually incurring now this comes at a high cost because it actually benefits the backing sector a lot they've made a lot of money and a lot of profits to define mentioned engineering as you know they actually hold more than 60 percent of the government debt so this relationship in my opinion is actually quite strong and it's actually troubling because it's too close to comfort in the sense that you know they've been actually supporting the government but i think the government needs to take certain actions to stop act

we have a lot of central banks meeting today. we have the indonesian central bank. some weakness coming in the indonesian currency. all the earnings stories today, let's not lose sight of microsoft. the sales numbers boosting expectations. u.s. futures look divided between tech and non-tech. we will look at the interest rate decisions as it comes through. matt, you are keeping track of the ecb conversation. what is the focus today? we get a bit a big picture conversation about the legacy of mario draghi. matt: there will definitely be the legacy conversation. that will be front and center. but what is most interesting to me is how mario draghi uses this last meeting to ask for fiscal stimulus from certain government , whether he is more specific or calls out specific government. berlin will be the most interesting to hear about, if he indeed uses his opportunity to do that. you will get a look back on how he saved the euro. i do not think it is a stretch to say he saved the euro from collapse. you will hear people saying he has not been able to boost inflation. you

this week marks the end of the era at the european central bank.ario draghi presided over his final policy decision. he will hand the reins to his successor christine lagarde november 1. here is a look back at his eventful eight-year tenure, full of a conference and controversies. -- accomplishments and controversies. >> the ecb is ready to do whatever it takes to preserve the euro. believe me, it will be enough. >> with these words, president mario draghi is credited by many with saving the euro with these words but he had proved willing to take decisive action. two meetings, he undid the rate hike enacted by his predecessor and later took the key deposit rate to an unprecedented 0% to battle the greek, then european debt crisis and that was just the beginning. >> truly historic. the deposit rate has gone negative. that is stored for any major central bank. >> for all practical purposes, have reached the lower bound. >> as the european economy continued to deteriorate and bond yields surged, the ecb introduced quantitative easing. in early not eve

and the likes of paul krugman these economists that work for the central banks they hire thousands of economists who spend the day sitting in a room at the federal reserve bank of new york of st louis of san francisco of atlanta they sit in these rooms and they say debt is money we owe to ourselves that is money we owe to ourselves and they write it on the chalkboard and this is what they do all day long and they must you know you see this reflection a fractal of everything around us our geopolitics is a reflection of our central bank policy we've created these monsters of debt and we have it has to we keep on telling ourselves it's just money we owe it to ourselves right it's going to be ok it's going to be ok and they keep on doing all sorts of q.e. $4.00 inch or intervention in the repo markets you know asset purchases all sorts of stuff negative interest rates to try to control the disaster that the intervention they had before what we've intervened all over the world geopolitically to sustain also the global economy and there are corporate. levels and so every intervention lea

money and central banks and. and and fractional reserve banking and it just ends up into this this huge enormous pyramid of paper that throughout history the past 300 years every single instance of paper money has collapsed 0 without exception now there's another thing regarding this printing of money for the various populations in order to avoid. acknowledgment of the fact that he no longer have a real economy because of the gold standard mostly now one of the things that we've always talked about is the can tell in effect because when they're printing money it goes to a certain class of people 1st a those closest to the central bank and then that goes basically to the big banks the big multinational banks and they primarily lend to housing speculators right so anybody who's already on the property ladder when all of this thing began. well they benefited from asset price inflation so i want to look at this headline and this is a chart that planet ponzi misfire stein tweeted it's the number of years a skilled serv

withdrawn and spent in say syria actually did relationship between the banking sector and the central bank is actually quite strong in fact it's that high level of commitment by the banking sector that's actually keeping this in a place that's actually not necessarily by the way a very very good thing on one hand it has avoided a crash whereby lebanon has defied gravity in the sense that the economic situation could have been much worse but the fact of the matter that because of this very cozy relationship they've been able to sustain the budget deficit that the government's actually incurring now this comes at a high cost because it actually benefits the backing sector a lot they've made a lot of money and a lot of profits to define mentioned engineering and as you know they actually hold more than 60 percent of the government debt so this relationship in my opinion is actually quite strong and it's actually troubling because it's too close to comfort in the sense that you know they've been actually supporting the government but i think the government needs to take certain actions to stop

slowly at the top when christine legarde takes over the european central bank she'll face colleagues with a very different views over how to prop up a weakening eurozone economy. and who said ship building in europe is dead cruise ships for the chinese market and i'm feeling built in germany. business to have your business i'm in berlin welcome washington appears to be making the most of the world trade organization ruling in a 1st step the u.s. on wednesday announced new duties on aircraft and industrial and i would cultural goods. ruled that the u.s. can slap tariffs on 7 and a half $1000000000.00 of e.u. goods because the e.u. had illegally subsidized european plan make us it sets the stage for a further extension for it's already the world's longest and costliest trade dispute brussels is already mulling how to retaliate. the world trade organization. has given the green light for the u.s. to impose sanctions on $7500000000.00 worth of e.u. goods u.s. president donald trump a vocal critic of the w.c. oh appears to have softened his stance on the organization. you know winds are n

actually attract capital from abroad it's putting a lot of pressure on actually deserves so what the central bank is trying to do is actually slow down sort of the depletion of its reserves in order to actually to contain this situation right now is there a trust issue between the banks in the central banks or as the central bank governor has suggested dollars should be use.

argentina's central bank has sharply tightened currency exchange controls the bank's head says he aims to stay was surging capital flight the bank is also said to buy pay sources juice stabilize the currency this comes after the left wing peronist the better of it and is one of the presidential elections sparking fears of protectionist policies and the debt crunch . europe's largest lender age s.b.c. says its profit slipped 18 percent in the 3rd quarter and warns of further hurt head with the london based bank owns most of its profits in asia especially hong kong which has been crippled economically by widespread demonstrations sowing global growth is also taking its toll. and the american jeweler tiffany is reviewing a 14 and a half bill. takeover bid by the world's biggest luxury goods make-a l v m h i click brand was founded in new york in $137.00 if the share price is trading up by about 30 percent. now imagine you're ill and have your doctor prescribe your medicine but it's too expensive in a pharmacy so you're forced to buy it from a street vendor much cheaper but also much more

a group of protesters also blocked the road leading to lebanon central bank on monday. dozens of people called for the resignation of the bank's governor riad salome. this is the central bank this is the location where the corruption of the comparison is of the headquarters on the well that we're dealing with reading in the press the formation of all the hundreds of millions of dollars that have been taken away from the people and also calls for the people it's going on naturally and it shows that the inside is alive it shows that there are you through have aspirations for the life quote about the government . the protests against corruption poverty mismanagement have paralyzed the country bank schools and many businesses are closed but so far there's no sign of the government giving any ground to the protesters. the angio human rights watch found faubus a report finding that u.s. sanctions against iran through. to iranian access to a vital médecins despite this iranian companies are doing what they can to do business in other countries and they are getting very creative

that is stored for any major central bank.ractical have reached the lower bound. >> has the european economy continued to deteriorate and bond yields surged, the ecb introduced quantitative easing. not everyone supported it and opposition to the ecb was growing. despite signs of recovery in growth and jobs, it became clear europe still needed support. >> additional stimulus will be required. this outlook is getting worse and worse. >> maintaining calls for fiscal stimulus, he cut rates again and controversially resumed qe, reminding investors of his famous mantra. >> the ecb is ready to do whatever it takes. >> what next? for one thing, christine lagarde hopes to avoid his motto. >> i hope i never have to say something like that. you can find more coverage of the ecb and mario draghi on the bloomberg and on bloomberg.com along with the latest news and analysis 24 hours a day. that will be all for bloomberg best this week. thanks for watching. i'm ritika gupta. this is bloomberg. ♪ from the couldn't be prouders to the wait did

yes, absolutely, alongside most of the other central banks, interesting the australian central bank stillg not all central banks have at their hands. i think this is again, a recognition although we are back into easing modes, there is widespread discussion how effective this will be, particularly because the ammunition is mostly used up across some of the big central banks around the world. it is the 1st of 0ctober, around the world. it is the 1st of october, we are at the beginning of q october, we are at the beginning of 0 four october, we are at the beginning of qfourand october, we are at the beginning of 0 four and isn't it interesting that we are almost exactly where we were 12 months ago, treasury yields down, does this bode well or not so well? it is indeed incredibly interesting because we know how painful q for 2018 has been and here we are 12 months on, and the s&p 500 is very near its all—time high but treasury yields are 50% lower. we have seen massive diversions and investors have to find out who is right in a way. there have only been two incidences in the past 50 years wh

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming these things up he was hard working on them and he got the agreement of many good african leaders and he was in the process of actually achieving these goals like for example. the 1st african satellite was launched in 2008 and the 1st stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september of 1999 the same city that qaddafi had to lead his last battle against the ready forces that hated the establishment of the african union was able to stop you there was a lot of us break. financials i don't find any i'm on if you. think the flight. as of last summer by actually the future crocker was kaiser. in 24 you know bloody revolution. demonstrations going from being relatively peaceful political protests to be increasingly violent revolution is always spontaneous or is it always put me in your

however, with inflation still below the central bank 4% target, it gives the central bank 4% target, some room to manoeuvre. jagdip cheema, bbc news, mumbai. let's stay in india, where business leaders are gathered in the capital delhi for the world economic forum. as well as a weakening global economy, tensions over trade are dominating discussions. there are hopes the us and india can sort out their differences over trade, after president trump removed india's preferential trading status earlier this year, complaining of unfair levels of import tariffs. suranjana tewari is at the forum, where you have been hearing from the us commerce secretary wilbur ross? that's right, there's been a lot of focus on the talks over trade and the tensions with the us commerce secretary wilbur ross sharing a stage with his indian counterpart. they traded some pleasant barbs over trade with wilbur ross saying india is the most rejectionist if not the most protectionist country in the world. his opposite and returned said they were discussing a limited trade deal that's likely to regard pharmaceutical

but maybe we look at more exotic central banks. i'm epinot sure what that anyone is whoosh the bank of jamaica. they have a really successful initiative of anchoring inflation expects. they recorded rega with rega heroes singing and making music about price stability why you want inflation target why you don't want have too inflation or deflation. what all of the things would mean maybe differently speaking maybe regula is popular in the u.s. or rap mucus or sports stars that are national heroes such that this is now an observation of form. i asked -- i don't not the english haircutter at some point what they she sthifrpgster reporter brother maybe 20, 20 years knows what the federal reserve is she said no. do you think he know what is price stability means? no. >> do you think he karps about what lebron james james says. >> yes. >> if lebron james would rap about price stability would he listen. >> what whatever he says he would care about. maybe, this might be now a little bit far out. but this could be thinks things we could lear

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build up internal organic. african economies and he wasn't just dreaming these things up he was hard working on them and he got the agreement of many good african leaders and he was in the process of actually actually having these goals like for example. the 1st african satellite was launched in 2008 and the furthest stages of the african central bank were initiated the african union itself was founded in the readies city of sirte in september of 1999 the same city that qaddafi had to lead his last battle against the ready forces that hated the establishment of the african union was abraham will stop you there. for this break. join me every thursday on the alex simon short and i'll be speaking to us from the world of politics sport business i'm showbusiness i'll see you then. later greats the entire proposition financialization new coach because without a base science of value resting to value time you have no basis to value

do is, like most other central banks around the world, the most scenario the bank of england cutting rates? chris: i think they should cut. clearly, most central banks are cutting, with the exception of norway in one or two others. if this continues, that reduces the inflationary pressure in the economy and imports a little bit of deflation. the global economy is slowing. it would be madness to hike here. i think there is clear argument for a cut, and the more cuts, the more you soup that argument. you get this -- you support that argument. you get this virtuous circle. guy: in many ways, the exit process should be the easy thing to do. the longer term relationship and finding stability there is a much more difficult path for both sides to tread. do you have any clear understanding of how that is likely to develop? i know we don't understand what the deal is like here, but let's assume it is a starting point that allows, as you've indicated come of the relationship to be reasonably cordial. what do you think the long-term relationship will look like, and how long do you think it will

to replace the french central bank controlling african economies and to build up the african unified currency gold base to a place to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming these things up he was hard working on them and who got the agreement of many would african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008 and the 1st stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september of 1999 the same city that qaddafi had to lead his last battle against the. ready forces that hated the establishment. was able to stop you there. because there's a survival guide station just like all the stores and. you should. get a. repatriation or get the right to 70. deliver the kaiser report. gandhian by north and so many people because they copied him he's so good that even such a bad copy is sending. i'm not feel to anybody and. i'm here to find the next guy. who looked up live on canyoning a

i asked about the impact slowing growth is having on asian central banks. s to lower policy rates further. the philippines and india and the countries are already decreased the interest rate. i think there are still rumors to do that. -- room to do that. shery: how much room does beijing have given there is so much debt? >> china has already tried to boost the economy by monetary policies from macro policies. some of the policies are more accommodative to have more investment in the countries. i think there are still rules but the challenge is from trade in lower investment issue for them. chinasing debt level over prevents them from taking measures. shery: let's talk about the trade concerns. how would a mini deal, if it was signed this year, how would it help asia? asia has certain resilience to this dispute. although it is effective, countries excluding those growing at 6%, and according to our forecast, down by 0.2%. but it is in the face of 6%. the economy will double if we can keep it. valueis a concern about chain disruptions. the risk is being manage

these central bank will have to signal further easing.ishaad: how far is dollar strength down to these interest rate cuts by these em central banks? frederic: em central banks, but also japan and the eurozone. those are really the two ones that matter for the dollar strength in general. it is against other g2 currencies. with the boj and ecb keeping rates negative and increasing easing potentially, that means the dollar still looks attractive on a relative basis. that gives the dollar some left, despite -- some lift, despite a deficit. the other central banks in the room are holding down their currencies. yvonne: is there anywhere in asia that worries you when it comes to the growth picture? korea seems to be one bellwether where you see no let up when it comes to exports. what are you seeing in the region? frederic: it is a small, trade oriented economy. taiwan, singapore -- these economies are highly dependent on global trade. they will continue to struggle. it is the larger economies where we could see some improvement. that includes c

you sound optimistic there are still things central banks can do.o you expect she can pull out of the bag in terms of incentivizing germany? bob: my confidence that the central banks will ultimately end up in these more innovative operations is not really centered on the ecb being the leader of the pack. the political structure relative to the monetary policy structure is so inconsistent, the lack of coordination of political or fiscal makes it really hard for the cooperation that i referred to, the fiscal-monetary cooperation in various forms to occur. i think we will see it in japan, much more likely in japan. perhaps eventually in the u.s., if we can't generate some structural reform before it is necessary. it is harder to see in europe. i expect some movement toward fiscal, but i am suspicious that it will be a massive change in posture. caroline: james, do you expect a good handing over of the baton to attempt fiscal policy to work? james: it's a tough one. that's one of the positives of essentially appointing a politician in the role, the spec

to replace the french central bank controlling african economies and to build up the african unified currency gold base to play with to replace the dollar and to build the internal organic. african economy and he wasn't just dreaming lease things up he was hard working on them and you got the agreement of many good african leaders and he was in the process of actually achieving these goals like for example the 1st african satellite was launched in 2008 and the 1st stages of the african central bank were initiated the african union itself was founded in the very city of sirte in september of 1999 the same city that qaddafi had to lead his last battle against the. ready forces that hated the establishment of the african union was angry will stop you that after this break. rumple from rhode island comes out of. the set of one of my one of them. a fine actor 90. nasty hi i'm i said. at the salon months and in front of the sensor on. some clothes. a lot of the. theater some when we did the board. welcome back i'm still with was abraham former spokesperson to mama gadhafi you see the briti

deep division about policy within the central bank would not make her job any easier. ock exchange significant he outperformed other markets. with the banking index, up 80%, but still a long way to reach precrisis levels. greece has to get 3.5% of gross domestic product every year until 2022, under the terms with its european creditors, but in september, the imf said a reduction in the greek fiscal targets would affect the economic and social recovery. ofning us now is a founder thought for action, formerly an economist at the world bank, also a member of the greek parliament. also still with us come our alfe inost, michael metc london. good morning to you. europeant where the members had said that there is something at that level that we should seek to adjust? how important is that for greece? good morning. >> good morning. are coming out, if you like, from one of the most difficult crises that the country has had. without having had a war. 25%, 27% of our gdp, and we need to grow back with much stronger and higher velocity rates than we are growing right now. right no

willuropean central bank keep its benchmark interest rate at 0%, deposit rate at -50 basis points. o keep that level until the bank nears deflation goals. mario setting up for draghi's final briefing with the media later this hour. in the markets, you're not really seeing any kind of reaction to the ecb. you some more of a reaction in the s&p futures of that china trade headline. currency market goes nowhere, bond market goes nowhere, commodities go nowhere. joining me now for the rest of the hour is lale topcuoglu, johcm senior fund manager. good to see you. you sat down, and i'm like, what is the number one thing on your mind at this moment? what is it? lale: i should have said brexit. [laughter] lale: never heard of it. alix: what are you thinking about right now? lale: it really is more of the environment. i was surprised nobody picked on saw that little poem halfway down the stairs to my wonderful poem. that's really how i feel. you're just looking out and thinking, what are the risks? where should that money flow to make money for clients and investors? i think on the margin,

founded in 1998 the european central bank is the central bank for all 19 euro zone countries its primary task is to keep prices stable once that goal is achieved the e.c.b. is also supposed to promote growth politicians aren't allowed to intervene. the powerful institution has 2 main instruments number one the key interest rate the e.c.b. lends money to banks and hasn't charged interest on it since 2016 by doing so it wants to encourage those banks to create cheap loans in turn boosting the economy by promoting investment and outlay. inflation is also supposed to rise the central bank wants it at just under 2 percent if it comes in at less the danger grows that prices could fall long term. the e.c.b. can also buy bonds which is supposed to strengthen national economies it holds private and public sector securities totaling around $2.00 trillion euros. by buying the bonds the central bank affectively pumped fresh cash into eurozone economies which is good for growth but critics complain that's actually not allowed because it amounts to state financing. the 0 rate policy also means that pe