right, and the esm is supposed to be permanent. so arguably, rules are needed more for the center to protect against the temptation to indulge requests for bailouts more than they're needed for the states, right? and so this is the last point, and i'll end on this. if the euro area kind of succeeds in moving to a deeper fiscal union, right, the institutional solution should be first to convert the esm from a sovereign support facility to a union fiscal backstop, right? separating the sovereign from the banks, which simon emphasized. and second, to reestablish the no bailout clause. and i think this, right, is the formula for solving the problem of maintaining defenses for the union against blackmail from the periphery without creating fiscal moral hazard for the states. so let me leave it at that. and we'll come back to some of these other points in discussion. >> great. that's terrific. thanks. i'd like to move on to the political aspect now. because obviously the economics is highly political. you know, we have had what five or s

right, and the esm is supposed to be permanent. so arguably, rules are needed more for the center to protect against the temptation to indulge requests for bailouts more than they're needed for the states, right? and so this is the last point, and i'll end on this. if the euro area kind of succeeds in moving to a deeper fiscal union, right, the institutional solution should be first to convert the esm from a sovereign support facility to a union fiscal backstop, right? separating the sovereign from the banks, which simon emphasized. and second, to reestablish the no bailout clause. and i think this, right, is the formula for solving the problem of maintaining defenses for the union against blackmail from the periphery without creating fiscal moral hazard for the states. so let me leave it at that. and we'll come back to some of these other points in discussion. >> great. that's terrific. thanks. i'd like to move on to the political aspect now. because obviously the economics is highly political. you know, we have had what five or s

right, and the esm is supposed to be permanent. so arguably, rules are needed more for the center to protect against the temptation to indulge requests for bailouts more than they're needed for the states, right? and so this is the last point, and i'll end on this. if the euro area kind of succeeds in moving to a deeper fiscal union, right, the institutional solution should be first to convert the esm from a sovereign support facility to a union fiscal backstop, right? separating the sovereign from the banks, which simon emphasized. and second, to reestablish the no bailout clause. and i think this, right, is the formula for solving the problem of maintaining defenses for the union against blackmail from the periphery without creating fiscal moral hazard for the states. so let me leave it at that. and we'll come back to some of these other points in discussion. >> great. that's terrific. thanks. i'd like to move on to the political aspect now. because obviously the economics is highly political. you know, we have had what five or s

probably [indiscernible] of the european super nationals, the european union, the eide, esm and so on, they us ff. it will create some momentum. >> the french continues to be a concern for so many of us. let's talk about why at the moment. the pmi data out shortly. how concerned do you think the ecb will be that the u.s. regulators are whacking european banks with big fines? >> i don't think it is specific to european banks. banks that settled a few months ago get away with much lower [indiscernible] usually, they have to pay much more in a. -- much more now. >> stay with us. we have plenty more coming up. >> welcome back. you are watching "on the move." this was-based company, some m&a in the retail world of this morning. the stock is up 5.7%. we will be talking with the companies ceo in zero later on in the program. good news out of the -- ceo in zÜrich later on in the program. good news out of the retail sector. numbers better than expected. the historic low could be good news. shares climbed this morning. let's put it in perspective. ryan, remind us of the numbers first of all. >>

aqa spmbings the al qaeda group most capable of carrying out sophisticated attacks against the west esm with cannot risk trusting one of the world east most dangerous places with its most dangerous terrorists. the fundamental question is how much risk should we take with our nation's security. this helps ensure our homeland remains safe from attack. i urge my colleagues to to support it and reserve the balance of my time. the chair: the gentlewoman reserves the balance. the -- does the gentleman from indiana rise to claim time in opposition? . mr. visclosky: i rise in strong opposition to the gentlewoman's amendment. i believe we need to set conditions to close the detention facility at guantanamo. this includes retaining the option to transfer detainees from this facility elsewhere. it is in the united states national security interest to do so. guantanamo has become a rallying cry. it serves as a recruitment tool for terrorists and increases the will of our enemies to fight while decreasing the will of others to work with america. part of the rationale for establishing guantanamo in t

tell us how things look the r n hes down nice conditions,specially if you are heading out to the esmedou t86ee nor, temperature along shore in the mid-80s. for the phillies, northerly wind, milesurer temp 7eratur p.m. by 9 78. heading home, temperatures in the mid-70s. it is a nice night t tak in a average s. for this time of p a bit, down to 83 degrees. i will letou kno t's in ore for the weekend, comingp inbcert forecast. >>> philadelphia police need your help to find this man. investigators say he robbed a 7-11 in fishtownarly this morning. helaeshed a gun and demanded money from the register. he got away with cash then left the store. no one was hurt. >>> aggravated assault charges are dropped against a man charged in a case of road rage. e man is accusedf shooting abbu and aside surveillance video shows that day, the red eclipse in that to itas fou arod the corner from the suspect's south philly home. he will be back in court next month on chaes tt si aecdame>>> theay ety oamaged a side mirror and a backw. one was hurt. >>> new at 5:30, a sharp decline in home seams ro philadelia