to get back to your original question, will it destroy europe, it won't destroy europe, but it shows there is a divide between what some countries feel about immigrants and what other countries feel about immigrants. we've had 50 years to accustom ourselves to the fact that we are a country of immigration. up until about five years ago, the ruling city didn't accept this. why should we demand from poland that they take the road which took us 50 years in five or 10? we can't. it's true that polish society is in many parts very conservative, but comparing this attitude towards women with conservative muslims i think is too much. media hasing, german been criticizing the polish situation very hard lately because of the changes in media law. now, many polish people can say -- it's already happening. germans are teaching us on media standards, those germans who needed for days to report on what's happening in colon. true thatt, it's poland has very little experience with immigrants in the 20th century and 21st century. very little experience with muslims. people, when they hear about musl

it is the story of comz, the united states army communications own europe, -- zone europe, the very lifeblood of the power of the american defense network in europe. the moment i would like to show it. >> my acquaintance with comz began with a visit to its headquarters in france. it was here during my first force with the commander that i began to realize for the first time how vast is the job of equipping and supporting a modern army. the commander arranged for me to see force had -- firsthand how comz does this massive job so it can be brought to you with understanding. there was much to see. when i was asked to tell the comz story to the american people, i had no idea what the potentially dramatic stories were. it is a story which begins with the needs of combat units stationed in france, germany and in italy. getting the right weapon ammunition, supplies, the equipment to the right men at the right time. this, in simple terms, is a vital mission of comz. it is not a question of any one weapon or one type of ammunition. comz supplies every system in the u.s. army. the m-60 fires 700 to the

so eventually they move further into europe. and to this, i don't have the solution either, but it's a good way that merkel is saying we are trying to help rather than saying we can't help anymore. anchor: it is clear this crisis is going to have implications for decades. will it cost merkel her chancellory? >> it's a big threat. >> i don't think that will be the deciding factor. anchor: we have to take a short one-minute break. anchor: you are watching "dw news"." the top stories we are following, the issue of migration fuels division in europe. austria is cutting the number of refugees it is prepared to accept. it has announced a cap on asylum seekers and tighten border controls. at the same time, merkel has reiterated a call to a europe-wide solution and will be the focus of an e.u. summit in february. the other headline, gunmen in pakistan opened fire and killing at least 20 people. police say all four shooters have been killed. security forcers stormed baca kahn university -- bacha khan. most were shot. reporter: hospital c

europe is taking the right steps but it is taking them too late. reporter: most refugees reach europe via the greek coast and continue on their journey to the northwest from there. some ministers they greek border controls are too lax and athens is not doing enough to register refugees properly. >> if we don't succeed in securing europe's external borders, then the border will shift to ward central europe. it is up to greece to act as quickly as possible to dictate more resources to the problem. reporter: austria is not the only country threatening greece with expulsion. european solidarity is being put to the test again. brent: ireland's prime minister has warned a possible british exit from the eu would cause serious problems for northern ireland. the comments were made during a visit to london to meet prime minister david cameron. he said it could damage trade and lead to political tension% along the border between northern ireland and the republic of ireland. cameron has pledged a referendum on this next year. the video is called till wherever

that is the stock markets here in europe. tokyo up over 5%. europe over to present.ome of the mining stocks doing well. the cac 40 is up over 3%. we've seen some decent data out of the french economy this morning. let's get you all the other news you need to know. here's nejra cehic. nejra: phillips has canceled a $2.8 billion sale of its lighting components unit to a consortium led by geo scale of china. the deal was terminated because of opposition from a u.s. regulator. phillips is trying to split off to focus on consumer health care. s.a.p. has predicted sales for next year that topped its previous forecast as it moves customers to a new version of its software. the company expects sales to increase as much as 23.5 billion euros in 2017. electrolux has set its cfo is to step down. he will stay at the swedish company for up to six months. the announcement comes just 11 days after the ceo left electrolux after he failed to land a $3.3 billion beale -- deal to buy general electric. guy: we are speaking to haruhiko kuroda later today. he will be telling us about his

i think these customers continue to create more jobs of we are in europe if the u.k. in europe.lso think europe has to be more competitive and we welcome that the u.k. helps us be more competitive. that is what i believe. but having said this, ultimately for the british people to decide. francine: there is also rumored you're buying some rbs branches. ana: i cannot comment specifically on that. we are focused on organic growth. as you have seen this year, we bought portugal but that no effect this year. we can deliver a very good shareholders,r growing topline, generating capital and paying dividends. but having said this, we will look at the organic, sorry, in organic opportunities. we looked at brazil in 2015. we looked at portugal. but we are going to be very disciplined. we did not do those transactions. if we analyze, and we could analyze some other options, we will always be very disciplined. francine: would it be in europe or elsewhere? there was a rumor in davos about santander looking at monti de pasci. ana: we are in nine markets plus your. italy is not one of them. we

in greece, the refugee who's racing towards a new life in europe. the dutch relatives looking for answers after the downing of mh17. and why slovenian farmers are the salt of the earth. one of this year's big stories in europe of course has been the eurozone debt crisis. and it's greece that's been right in the middle of it. athens wants more financial support. but most other eurozone countries want to see economic reforms in greece. it's certainly a controversial issue that's been the topic of plenty of arguments between europeans i know. but in a tragic twist of irony, greece is also at the centre of the other big problem rocking europe right now -- the refugee crisis. some of the greek islands have become stepping stones to safety in europe for refugees fleeing war in the middle east. the problem is once they arrive it can take years to be granted asylum, and find a job and a home. but one young refugee is taking all these problems, quite literally, in his stride. reporter: 42 kilometers, in two hours and 15 minutes. that's what houssein hmaidouc

that war without it and is putting europe in a vise.t is essential, not only do have the humanitarian action in europe and neighboring states -- there is a conference in london designed to support lebanon and jordan -- but unless there is a peace process in syria, it is a crisis without end for europe. katty: we know the refugees are desperate, they must be to brave the cold waters of the aegean sea, are you seeing legislation that europe is closing its borders to refugees is having an impact on the numbers that want to get there? david: the numbers are not going down. in the first three weeks of -- 75y, 5000 refugees thousand refugees arrived when the journey across the aegean sea is the most careless. we have 300 staff in greece to work with them. there are bottlenecks all over europe as individual states take unilateral action. the only way to a dress it is for europe to work together. on paper they're a good plans, but they need to be implemented urgently inside of europe. katty: the european union in brussels is contemplating the i

this was designed with europe, not designed in america and forced on europe, it was actually designed with the been much and has more effective because it was multilateral. , canada and australia and other countries. that is a lesson of sanctions. don't go it alone. is, don't be in a hurry. sanctions can work, but not on the timeline of the news cycle. it takes a while. sometimes, you don't know they are working until they work in spectacular fashion. government you are sanctioning will probably deny the sanctions have any effect. they will throw their arms and posture, and all of a sudden, the sanctions worked. don't be greedy. sanctions can help the purpose -- the purpose of sanctions is to change behavior. not punish. and the behavior you want to change has to be achievable. you can't ask sanctions to deliver the other guy's surrendering, running up the white flag. than the are no better policy they are attempting to support. and they must be coupled with diplomacy, which means also, that if you sanction, you have to know when to take the sanctions off. and in the case of iran, the

europe has shown the ability to reinvent itself. anchor: millions worldwide have been forced to flee their homes. 60 million people flee violence and conflict, looking for security in other countries. even if they find it, they must spend months or years in refugee camps. what should be temporary becomes permanent. hundreds of thousands of refugees live in central africa, in chad, cameroon. there are also hundreds in east africa in ethiopia, south sudan, uganda, and kenya. one of these camps is in northern kenya. many refugees have lived there for decades. as long as the conflicts in their home countries continue, they cannot go home. >> some have been here for 20 years. they come from somalia, your treo, south sudan, baroody, and the democratic republic of congo. it has grown to be like a town, with businesses and merchants. refugees are not allowed to work . they have no prospects. he has lived in this hot for years. the water is rationed. innocent cannot leave the camp without permission. when he fled the drc, his father, a journ

so a free schengen zone europe.nd if that collapses, then the concern is the whole european union essentially starts to disintegrate. it's serious stuff for politicians. >> it really is. for decades it's been about opening the borders and open the economy and make europe like the united states of america sort of, like one zone that's more powerful than all of the countries. remind for us, nic, for those who do not understand in denmark. very, very liberal social benefits. once you are accepted into the country, once you get refugee status, once you are gnarlized or become a citizen there, right, it's very, very, very libya rat benefits. >> you're very well taken care of. housing, food needs. if you don't have money, then society will take care of you. it's the same across -- and neighboring sweden as well. they've taken per capita -- like sweden, denmark has taken a huge number of refugees per capita, but what they're finding right now is they're reaching a breaking point where a host of issues, whether it's housing

their arrival in europe is the journey. i recently spent nearly a month in europe. a million refugees arrived on the shores of europe last year, the majority were syrians, afghans and iraqis fleeing brutal wars, in search of a safe haven in europe. this group was applying for asylum in northern europe. >> my friend's house in sweden. >> you're going to germany. >> as syrians over 80% will be granted some kind of refugee status in europe. allowed to stay and to work. but then, there are migrants like karamo. a young man from war torn guinea bisau who traveled thousands of miles by foot for a chance of a new life. karamo is among the hundreds of thousands of migrants from countries whose citizens have become virtually invisible within europe's refugee crisis. they are often from africa, more likely to be seen as fleeing poverty and facing a long and difficult road to legal residency. >> there is a long period when you are an asylum seeker so you are in limbo whether you are waiting to stay in italy or maybe they decide to send you back. >> valentina fabri works for an

europe has tremendous potential. they are certainly overshadowed by these kinds of issues and the brexit as well. stephen: moving away from that debate and another one -- to another one and the future of work at davos, are you worried about what the future for workers is going to look like? alreadythe conclusion is that we are in this revolution now. the world is concerned about the short-term movements of stock market prices, the volatility in asia and concerns elsewhere, but this revolution is happening now, and the confirmation from davos -- the message is very very clear -- this is different. this matters. it will impact all aspects of life from the quantity of jobs, the quality of jobs, and how workers will go about making a living, earning a living, and the content of their job. , thiss very timely discussion at the world economic forum, but the job impact is serious, profound, and requires the correct public policy response. stephen: one of the things we have seen shifting in the labor market is what is someti

but for europe in general.h i side on the side of of the vote to being to stay, i think there is very, very high risks that things could go wrong in the run-up to the referendum and+++ referendum that really feels significant volatility for the u.k. and perhaps europe as well. francine: is any of this new? i loved what tom picked up this morning, the economic losers revolt, but we have had that in the past. we had it in greece, with the election of jeremy corbyn, in france, in italy. there's nothing new, we are just terrified by the fact that it donald trump becomes president, he has the nuclear codes. >> i suppose when you look at the consequences of the financial crisis, what has become evident is that the wealth has become a lot more focused at the top end of the spectrum of the income spectrum. personally, i think quantitative easing has a lot to answer for, , the fact that we have this ludicrous amount of share buybacks continuing to take place, i think in part that is related to the uncertainty. what is f

together, struggling towards a new life in western europe. for many of these refugees, this border crossing and makeshift center near the macedonian town of gergilia marks just the halfway point of their journey. few months ago, relief agencies say most of those traveling here were men, especially young men and that hasn't changed. increasingly they are seeing families with children, very young children, families with babies, and sometimes, children traveling alone. vladimir is a social worker with a macedonian child protection organization, his job to search out the most vulnerable refugees, the children traveling on their own. your specialty sun accompanied minors, what are you looking for? >> victims of trafficking. >> how do you find victims of trafficking? >> boys who travel alone. they have prepared story. they never told you that they are 13, 14, 15. >> they lie about their age? >> yes. >> reporter: with the growing number of unaccompanied child refugees european officials now worry another crisis is brewing. predators taking advantage

he thinks more about going home to syria than going to europe. >> he is saying maybe if he goes to europe and, like, be far away, he would forget about syria. >> reporter: as the new head of care usa, michelle nunn went to the region last summer to assess the refugees' needs and how aid groups could best help the host countries. >> when i asked people how they were going to get through the winter, they said they didn't know. and what we want them to be able to survive and have the opportunity to start to rebuild and to recreate lives of meaning and purpose so they can think about going back to syria at some point and staying where they are and not risking their lives and the lives of their children to cross oceans and to emigrate. >> reporter: care is the organization that created the original care package first sent by americans seventy winters ago to european refugees after world war two. care has updated the concept to help syrian refugees. >> this could be described as the new care package. it's an electronic voucher. >> reporter: the food vouchers that care and other organizations ma

he have the years of the prime minister's around europe.eds to convince them that before he holds a referendum, he wants it on june the 23rd. he needs a deal quickly if he is going to hold to that date. it has to be a thursday because of tradition and britain and other thursdays are full of things like the european championships and school racing againstis time if he wants to hold that referendum. anna: thank you so much. on things like school holidays and football games, all of these things does the future of this country hinge, potentially. manus: you may be laughing about that but i read this this morning. are a lot of people out there following football in the u.k. and it is a hugely important thing. these are the things that seep into the consciousness of the british public. anna: they do not want to have a vote on the day of a football match. let us talk a little bit about brexit. this is something you are familiar with. one really interesting juxtaposition is that if this happens june 23, what state is that find the u.k. economy in?

this was designed with europe, not designed in america and forced on europe, it was actually designed with the been much and has more effective because it was multilateral. , canada and australia and other countries. that is a lesson of sanctions. don't go it alone. is, don't be in a hurry. sanctions can work, but not on the timeline of the news cycle. it takes a while. sometimes, you don't know they are working until they work in spectacular fashion. government you are sanctioning will probably deny the sanctions have any effect. they will throw their arms and posture, and all of a sudden, the sanctions worked. don't be greedy. sanctions can help the purpose -- the purpose of sanctions is to change behavior. not punish. and the behavior you want to change has to be achievable. you can't ask sanctions to deliver the other guy's surrendering, running up the white flag. than the are no better policy they are attempting to support. and they must be coupled with diplomacy, which means also, that if you sanction, you have to know when to take the sanctions off. and in the case of iran, the

border controls mean europe has failed.are people who aren't allowed to join their families because they lack the necessary papers. reporter: a disagreement between neighboring states in europe. as denmark seals its borders, germany upholds the schengen agreement. nicolas jÄhring supports this. otherwise it wouldn't make sense for him to commute to work in denmark. michelle: is this the end of a borderless europe? is this success story over? let us know what you think about that or any of today's stories by getting in touch on facebook, email or twitter. when i was a teenager, and dreamed of living in paris, i romanticized how my favorite authors sought exile in france. hemingway having cocktails on the left bank, baldwin writing in cafÉ de flore and miller, penniless but happy. from american authors seeking freedom of expression to russian artists fleeing the bolshevik revolution, france has had a long tradition of providing exile for the politically and socially persecuted. but for one human rights activist who fled there

is in europe. i also think europe has to be more competitive and we welcome that the u.k. us be more competitive. that's what i have said and that is what i believe. ultimately it is for the british people to decide. francine: there are rumors you are buying rbs branches. ana: we're focused on organic growth. .his year, we bought portugal we can deliver good results for shareholders are you growing top line, paying dividends and finding growth organically. we will look at inorganic opportunities. we looked at brazil in 2015. we are going to be very disciplined. we did not do those transactions. if we analyze, and we could analyze some other options, we will always be very disciplined. francine: there was a rumor about santander looking at -- pluswe are in nine markets europe, consumer finance. italy is not one of them. we do corporate business but that is not one of our 10 markets. having critical mass is important. 10%.st of these markets spain and portugal, we are at 15%. critical to compete in this environment. botinchairman ana speaking with francine lacqua. let's turn

francine: what about playing japan versus europe?t seems the diversions between europe's central bank policy and the federal reserve has been already overplayed. so, does it have further left to go, or du play japan-- or do you play japan-europe? antonin: moore, located in europe, refugee crisis and so on. -- more complicated in your. but then some of the headwinds are not playing in japan. for now, i had myself and go for both. the last pillar we want to look at where we look at markets as we see that, especially as the world is trying to, um, rotate in quality versus value. still make sense versus value being more risky. we are trying to -- create a hybrid screening. we think the companies that generate a lot of free cash flow will be supported on the way balancestrong that wa sheets. it will be leveraged into potentially m&a. it is a strategy which over the last 14 years has only underperformed twice. so, it's a strategy which we think is the right way to look at it. getting this are quality aspects coming from the balance sheet b

people look at europe and say oh, europe is the number one brockssi. >> coming from the european economiese exposed to emerging markets. and those companies will suffer. . that will actually benefit from the resent trends. you know, this . . you know that led to very high commodity prices. great news for assign and complete their expose. hat's why they will benefit. >> he wakes up three minutes away. the happening high. you know, you shouldn't use that as a metric for trading. what metrics do you look at? because we have a stain grass do what valuation metrics you metric these. . >> we still are a vilt matchup. >> i heard you. it's a whole different environment with q.e. so we finish our toment. the valuations i release is probably fixed his. we look at enings through the cycle. we do look at price to book. obviously we take a long, hard look at these valings. max now, we go back to the cut. >> the jon he's going to stay aquay with us. reer about 1 is minutes and it features the hard. the future unby 30. -- includingess jet who announced disappointing first quarter results. this morning de

versus 13% in europe.he trade weighted euro looks very weak, but the dollar is strengthening massively. that will not go away with the policy change we are expecting. that will have a further weakening on earnings in the u.s., particularly for companies which export. for domestic companies is a much for story. guy: you have the smartphone story that we will dig into later, but one of the market is china and the dollar. the dollar can come in and out, but china -- i wonder how that is. yesterday we learned that the head of the china statistic euro is being investigated for corruption. we don't know if that is associated with his current role, but there is a suspicion around the data continuing. is that our best bet, given that we were told the consumer is ok, that this was just manufacturing? the consumer cannot be ok. what is the story there? >> we don't have to use just the official data. we have something called the evidence lab, where we hold things in china face-to-face. the housing market theire looks

and an early cycle europe.s of the interest rate policy, we do not have too many ntstances where a diverte interest-rate policy has worked for europe. with maisie a consequence of the turbulence in the market taking interest rate rises in the states less likely rather than more likely. it will slow the u.s. economy and make it less likely we see rate rises in the u.s.. that will gradually seep through into stabilization. tom: in our control room is 200 the onethey will find chart in the server. very good, how quickly they got that up. the new normal with g7 regards the new mediocre meaning no nominal gdp and tepid revenue. how can i have confidence in the markets if my top line growth globally is not there? anne: what that chart poses to us is to what extent do we need to adjust ourselves to a lower growth rate for the economy? i think we are hooked on aggregate measures of growth. the japanese example, you have seen a more challenging demographic over the last 20 years. the gdp growth has been g, but the gdp p

the majority who arrived in europe made their journey from here. they crossed the sea to reach greece. that is why the european union has been talking to turkish officials. in fact, this efficient reached an agreement a few months ago. part of that agreement, the e.u. would provide turkey with an initial amount of more than three billion ur rows. that would be spent to raise the standards of living, to encourage them to stay. the money would also be used to step up border patrols, but the money has still not arrived. despite that turkey has taken steps, it has granted syrians work permits sop now it makes it legal for them to work in the country, and turkey also imposed visa restrictions to stop refugees arriving by air to turkey, but clearly this hasn't been enough because according to the e.u. the numbers of refugees and migrants arriving in greece is still on the rise. they're talking about two to three thousand a day. they say they have been clamping down on smuggling networks and stopping people from making that journey, but at the end of the

certainly one of the strongest allies that david cameron has in europe.s decision, any final decision on eu reform, is not done without a miracle, and she feels the weight within the eu. i think there is no doubt whatsoever about the willingness on behalf of germany and angela merkel in particular to find some kind of accommodation that allows david cameron to effectively camp can keep the u.k. in the eu. david cameron is racking up the air miles recently to try to persuade his eu colleagues about the need for reform. you mentioned angela merkel seemingly being on his side but there are 20 or so nations that to not seem so amenable. >> that's true. outcome of time, the last month's eu summit in was surprisingly positive the prime minister in that there was a remarkable show of goodwill for the u.k. it's almost certain they will find some kind of compromise that he can take back home to show to voters. no one knows what the shape of the compromise will be. angela merkel has been clear that there are certain line she cannot us there will be a compromise. wh

efficient high-speed rail systems tie europe together.further enhance the continent-wide transportation system. within cities, sleek subways move millions underground. on the streets above, public transit reduces traffic congestion. and nearly every city is creating traffic-free pedestrian zones, making urban life even more people-friendly. as the world grapples with climate change, europe is taking a leading role in developing alternative energy sources. and while still preserving the historic character of its cities, europe has found a way to integrate innovative architecture into the landscape, giving the old world a modern face. and the human face of contemporary europe is more diverse and vibrant than ever. even as this continent of 500 million people unites, it's finding ways to allow its rich mix of cultures to celebrate their unique identities. from norway to greece and from portugal to bulgaria, people are proud to preserve their distinct languages, foods, and traditions. announcer: this program is made possible in part by... his

europe is in a state of alarm

>> again, turning to europe what we're calling for is a coordinated response by the governments of europe themselves. look, there needs to be more financial resources in putting to reception centers in greece and italy, the main countries where the refugees and migrants turn up. then there needs to be relocation. on an orderly process. my colleagues are on the ground in greece and italy and elsewhere providing lifesaving support with our ngo colleagues and our government colleagues as well to refugees. but what's needed is a coordinated unified european response and as i said it's wrong to criminal acts are criminal acts and three will be carried out by criminals. but it's wrong then to politicize those acts and spread it to a large group of people. >> brian hansford from the united nations high commissioner for refugees. i appreciate you being with us tonight. thank you. >> thank you. >> haiti delays runoff runoff elections. >>> and the catholic church's striction opposition to same sex marriage. >> our american story is written everyday. it's not always pretty, but it's real... and we s

the people of europe, are they confident moving forward or not?ne of the reasons why we endure it is because we cannot really quick to fight it and when you try to with new indices, it does not normally work. confidence atf -- the moment really high, not really. the refugee crisis is not helping. the is a sense that even on some of the reforms that we implemented, princeton, the banking union backtracking from some of the states in particular, germany with all the talks, this is clearly creating this very negative atmosphere around europe. francine: given this negative atmosphere and we see it today with risk aversion, charles, what is your biggest concern given the real crisis we are facing right now? --rles: we have a longer long list of potential risks we are seeing for 2016. talking about the eurozone, one of the top right is the amount of assure the european union has come under right now -- is the amount of pressure the european union has come under right now. one of the main pressure points we see is showing in -- is schengen. risk thatwhat

addressing europe's migration crisis. the eu has struggled to find the united approach dealing with the flow of refugees. more than a million arrived. also in solving the problems which caused people to flee their homes in the first place. >> these are the survivors. wreck you'd -- rescued after 12 others drowned attempting to cross the sea of greece. migrants continue to brave the trip to europe. politicians are discussing ways of tackling the ever-growing influx of refugees at the world economic forum. >> controlling the outside borders. >> the refugees that of already arrived have to be distributed more fairly. it can't work. >> turkey has pledged to keep its borders open and is demanding more support. >> this is not a turkish crisis. this is a global crisis. all institutions. >> the finance minister says it must go beyond europe. i don't want to use the term marshall plan but we need something similar. we'll have to invest billions to reduce the migratory pressure on europe. the alternative would be to turn europe int

hassan rouhani is now here in paris, continuing his landmark tour of europe. and, more cases of those eco-virus -- of the zika virus have been diagnosed in europe. controversy over how to diagnose and combat illness thought to have caused thousands of birth defects in babies in brazil. she was one of the best-known faces of francois hollande's government, but outspoken justice minister christine tamara has cleared -- christiane taubira has cleared her desk. delano d'souza brings us up to date. delano: sometimes, you need to fight for what you believe in. sometimes, to fight for what you believe in means you have to go. words christiane taubira used to describe why she is stepping down as france's justice minister. parliament in france is discussing a key divisive constitutional reform. it would see convicted terrorists stripped of their french citizenship. taubira vehemently just -- opposed it. taubira: i quit the government over a major political disagreement. type chosen to remain loyal to myself -- i have chosen to remain loyal to myself. the terrorist dang

reporter: in europe, it's the biggest movement of people since world war ii.leeing war, hardship, and persecution, many end up in italian detention centers. doyle: you know, migration is the oldest adaptation strategy that man knows. if you think about it, how people spread around the world through migration, so we're not talking about something that's just been invented in the last couple of months or weeks now that we're paying more attention to it in the media. doyle: i mean, the italians, because they are closest, if you will, to north africa, they take an enormous number. many of these migrants and refugees wish to go through italy very quickly and move on to sweden, where they may have family, or germany, where they know there's a chance of a job. so the italians have been extraordinarily generous. they've funded the mare nostrum maritime rescue operation for two years. they've saved hundreds of thousands of lives, and they continue to do so. but they're in a tough place, too, because like every country, they have their own domestic politics, and there's

it needs to continue in europe.t is note u.k., obvious that the bank of england is ready to go off to the races. in much of the emerging markets, we still need further easing. agethan: to his point, the of the central bank intervention is not over. hsbc would call it q.e. extortion. are we getting to the point where the central banks cannot deliver what the markets want like they did before? arnab: i think we are in for some more tightening. i think that there is an element of this kind of q.e. fatigue or exhaustion taking place. it is not clear to me that we have reached the outer limits of monetary policy. i think more could be done if necessary. i think there are a variety of different things going on in different parts of the world. one is that the u.s. economy is recovering. credit is recovering. it is transitioning to more of a normal recovery. the rest of the world, the diversions is very clear -- the divergence is very clear. emerging markets are still going to a multi-phased adjustment that has a lot furthe