into a political environment and we will see what christine legarde will be doing out of it just before christina god comes in do you reckon he's going to take this last opportunity to set spock's flying at at his last meeting today i reckon that he will lower the deficit rate and i reckon that he will do something with a q.e. program so he will end his term as he started it how functional is this whole system such a big player e.c.b. buying up all these bonds really dominating market by printing money. that's to $64000.00 question how stable the system is because the transmission mechanism the processes do not really work with the banking system the banking system is weak we have politicized central banks all over the world i really cannot answer the question i am very doubtful about the future of the monetary policy system whereas having sat that so far it works but the jury's out whether it will survive or not in the end will present a god change your opinion on that not really she she will look into the strategy o c c e c b she announced it already she will look into whether one dif

their counterpart in the european union is marking an official leadership transition on tuesday christine legarde officially became the new president of the europe european central bank and the former managing director of the international monetary fund with 394 votes to confirm her in the european parliament 206 members of the european parliament voted against muslim guard and 49 abstained from the vote reuters reports in ms the guards latest financial policy making position she will likely have to decide on whether and how the e.c.b. takes on a new investigatory role in a year's long cascade of scandals at deutsche bank reuters reported that e.c.b. staff are considering opening a formal investigation deutsche bank for alleged an authorized purchases of their own securities specifically bonds classes. wide as 81 and 82. joining us now to once again orient us to the global event economic events of the day is richard wolfe professor emeritus of economics at the famed you mass amhurst and author of democracy at work a cure for capitalism richard wolffe professor wolf there is so much to get to here

s 25 seat board with no women in its ranks while christine legarde prepares to take the reins from mr draghi on november 1st. tempers have been flaring in the united kingdom's parliament as prime minister boris johnson sped back from the un general assembly in new york after a court ruled his suspension of parliament was unlawful after yesterday's ruling mr st john the prime minister should have done the owner will sing and resign. and reporters are told remembers all the city disagreed with its government's commitment to leaving on october 31st they had a very simple remedy i suppose. they could have voted for a general election or you're being asked to make sure it did sorry a pretty good to be sure to distribute your. why are you. certain. you took the full belly we create position. you will exhaust you cool you will get. joining us now it's a new sort out the latest in the bread saga is hillary ford which board member of the british american business association and hillary you know all the experts on the presidents here say the u.k. supreme court's decision to call the suspension

reached a historic low of 0 percent he's even handing on negative interest rates to his successor christine legarde something once considered thinkable the e.c.b. also bought 2.6 trillion euros of sovereign bonds from financially weak a member states and later a private company bonds the cash injection saw the eurozone economy pick up speed again and unemployment reseed critics say asset purchases are a form of borrowing against future generations but doing whatever it takes to put an end to the eurozone crisis and also put a swift end to speculative financial market bets against the euro aimed at causing its collapse. over the walls for now and our correspondent court against the people there think the decision is the right one in order to deal with these largely outside factors that are hampering. yeah interest rates in the euro already had been negative now they are bid to more negative yes that's the big debate over here if that's really going to work the trick to get the european economy going once again but also this very aggressive step to relaunch a bond buying program that was a bit of a s

christine legarde the outgoing chief of the international monetary fund gets one step closer to becoming europe's top central banker. also on the show it was the biggest tax fraud case in german history 2 british stockbrokers allegedly involved to have their day in court. this is v.w. business i'm joined in in berlin welcome we begin in europe where a key committee within the european parliament has backed former i.m.f. chief christine lagarde bid to had the european central bank while addressing your lawmakers she said she wants to keep monetary policy loose largely sticking to the playbook employed by the man still in the seat until november 1 mario draghi. a 1st impression of what the e.c.b. is monetary policy could look like and christine lagarde who is set to take the helm in november the former i.m.f. chief and french finance minister doesn't plan to rock the bolt. i therefore agree with the view of the governing council that a highly accommodative policy is warranted for a prolonged period of time in order to bring inflation back to the famous below but close to 2 percent that cou

a new incoming president christine legarde does that have anything to do with it. i think that has something to do with that something that we can only speculate on because there is no official statement yet from the e.c.b. or of course from the i've been allowed to go herself explaining her actions but it seems logical that she leaves at the same time that guard comes in because look guard has made it clear in statements that she believes what the e.c.b. is doing is right and that she also sees room for going even lower so she's along the line of mario draghi on the line not along the line of setting a lot of. what he voted for thank you and that's all your business. the for. the for. with its own gravitational. the finest musical compositions. with some mystery terrific. don't tell me that she wasn't just. don't tell me that there's never. more yeah and the joint should come up in the morning. of august. the bombs come. starts oct 11th. in our. readings and from berlin and a warm welcome to arts and culture and here's a quick look at some of what's in the pipelin

a new incoming president christine legarde does that have anything to do with it. i think that has something to do with that something that we can only speculate on because there is no official statement yet from the e.c.b. or of course from you know a lot and schlegel herself explaining her actions but it seems logical that she leave at the same time that guard comes in because look guard has made it clear in statements that she believes what the e.c.b. is doing is right and that she also sees room for going even lower so she's along the line of mario draghi on the line not along the line of setting a lot of. what he wants a friend for thank you. both is one of france's most famous ones now at the center of a human trafficking case french police have launched an investigation into 4 job agency managers hues of abusing seasonal workers in the country's famed vineyards. the grapes harvested in these far reaching vineyards will be pressed to make the 2019 beaujolais after another warm summer wine makers here are looking forward to a 1st taste but many of the people p

for as long as it takes now christine legarde is coming in we don't know what her policies will be tours this but wear a suit. i mean she would not have received the job had she not promised to feed capital to capitalism and this guy looked at the money lost and gained in across the euro zone because of quantitative easing because of negative interest rates and as we've pointed out report it's been a transfer of savings capital taken from savers and pensioners and transferred to debtors and he's added up the numbers and what he found was that the monetary policy conducted after 2012 in europe has implied a cumulative loss of gross interest income of 158000000000 euro just for german households and up until 2019 on the other side of the balance sheet they found a german borrowing households saved a cumulative 99000000000 of interest expenses the net result is a loss of 58000000000 euros to german households humans are pretty stupid you know in antiquity prehistory is the old civilizations used to throw children on the bonfires to try to appease the gods you know here we're going into nega

in is marking an official leadership transition on tuesday christine legarde officially became the new president of the european central bank and the former managing director of the international monetary fund with 394 votes to confirm her in the european parliament 206 members of the european parliament voted against muslim garb and 49 abstained from the vote where it is reported in ms the guards latest financial policymaking position she will likely have to decide on whether and how the e.c.b. takes on a new investigatory role in a year's long cascade of scandals at deutsche bank reuters reported that e.c.b. staff are considering opening a formal investigation deutsche bank for alleged authorized purchases of their own securities specifically bonds classified as 81 and 82. joining us now to once again orient us to the global event economic events of the day is richard wolfe professor emeritus of economics at the famed you mass amhurst and author of democracy at work.

new pressure on the institution at it undergoes a sensitive leadership transition following christine legarde departure menuhin is backing georgieva the world bank's chief exec to replace legard georgieva who has a close relationship with menuhin could be installed at the i.m.f. as early as october at which point minister will surely renew its efforts to engage her to address beijing's currency policy terms trade war with china is now threatening to draw one of the.

around him keep telling us because they want us to vote for them next fall and we noted also christine legarde today formally taking charge at the. the european central bank the question of investigating deutsche bank from own novelistic self dealing is working its way through the e.c.b. bureaucracy quickly do you have any insight or expectation about how that process might play out under ms the guard's leadership. well she's been a very pliant and conservative friend of the banking system if she goes after deutsche bank it will be for one of 2 reasons either the behavior of deutsche bank is so much worse than what other banks are doing that it has to be done because of the risk of what it will look like if that bank folds which some people think it will and she will have not done something about it on the other hand she has to be very careful because if she goes after deutsche bank for a whole list of misbehaviors you have to understand that many other banks do dollars things also and then the question will be raised by her subordinates if not by her if we're going after the bad guy what abou

like moving to the other side of brags that the incoming president of the european central bank christine legarde said in a confirmation hearing for that post on wednesday she seemed to offer some very mild concessions on the issue of negative interest rates and quantitative easing suggesting a review of the policy and said that while the quote continues to be positive we need to be mindful about the. central side effects and take people's concerns seriously so i already hear you laughing peter is this just the usual kind of statement that political nominees in these kinds of scenarios make so the critics can claim some influence on the nominee can make minimal changes if any in their actual position. that well 1st of all the fact that rates are now negative is positive proof that the policy is an abject failure i mean clearly it didn't work i mean you're upset over the reason that we have problems is that we don't have low enough interest rates and so they keep lowering interest rates at the problems don't go away in fact the problems get bigger and then when they get to 0 they don't question th

new pressure on the institution at it undergoes a sensitive leadership transition following christine legarde departure menuhin is backing georgieva the world bank's chief exec to replace legard. who has a close relationship with nugent could be installed at the i.m.f. as early as october at which point surely renew its efforts to engage her to address beijing's currency policy trade war with china is now threatening to draw one of the global economies neutral umpires into the fray the i.m.f. the bank daddy of all banks is supposedly independent but are they really the us treasury was supposed to be independent yet they got bullied into trump's agenda the fed is supposedly an independent government agency yet powell bowed to political pressure and now finds himself playing defense this is worrisome if there's supposedly independent bodies are so easily influenced. and one of the world's biggest credit rating agencies downgraded the hong kong sovereign rating on friday as protests and riots continue inflicting long lasting damage to international perceptions of the quality and such from this o