all across europe fourteen e.u.states impose sanctions on austria now there's barely a peep and in fact we hear the social democrats in austria have not ruled out themselves entering a coalition with the freedom party what's going on i have feeling that the freedom party moved more to the center they tried to. get rid of people and positions extremists and far right of course there was a few arguments and t.v. discussions also were anti-semitism was lying under the surface but i think that you've got to to leave it there and not bring it up like before that's one point the other thing if i may i would like to come back to that how men who just this is our last chance in europe i disagree i think this is the biggest chance for what europe has now to to change the system to change the bloc towards more integration towards more europe with these societies and these countries that want to move forward ok let's come back to that in just a moment i saw him shaking her head rather vigorously and i went it's not true that t

rather than with more europe. when hungary was a candidate for the europe, a lot of people invested and got credit in euro currency and then had problems paying back their mortgage. he won a lot of votes and won the latest election. a group of core european countries will create the kind of extreme where others will follow or we had a situation where for a long time we have different speeds. of differentidea speeds has been debated for really be can there different speeds on immigration? the european court of justice, for example, has just rejected a challenge from hungary and on quarters. if austria tries to balk at taking more refugees, might it also wind up getting a reprimand? withe: yes, but i agree matthew. i think the issue is decided in the sense that no country in all of e europe wants to take more refugees. any european country no matter which does not want to have more integration towards europe. that is even true of germany and also of the netherlands, of belgium. what will happen is, of course, the on

is europe the e.u. is europe much broader i think it's very important in a way to clarify who to sort this out you know because usually when we mention europe people consider that it is only e.u. so the twenty eight order twenty seven if you consider that the u.k. still out but is only as a way to look at what europe means and as you may know you know my last job. before creating the global com past was as a director of education and you said the council of europe and the council of europe comprise. seven countries and member states including russia including turkey including. crane and many other countries that are not part of the e.u. are well aware mr buswell let me add them and they're all my question because when we talk about the european identity or the european values which by the way while we're at the center of the ukrainian kong for a conflict i think we in russia at least we mean first and foremost the european union and the values the so-called european values that it sets out to promote yo

there are expectations for more europe, but also a different europe. challenges that we face on the continent are all bigger than what can be addressed by a single member state, be it migrations or climate change, terrorism, trade competition, all these challenges have to be addressed at the european level. and there is a very high expectation from the citizens to have a more efficient, more active, more dynamic europe. do you think there is a desire from the people of europe for, to use your phrase, "more europe"? if you look at the polls, eurobarometer, it shows more and more expectation about europe. which does not mean more trust about the way the european union functions at the time being. there is a lot of expectations, but it's also a demanding attitude to, say, be more efficient, do more. but minister, never mind the polls, just look at reality. i mean, you know what happened in britain. you know, frankly, looking at germany, that there is now a significant proportion of the population in germany who are prepared to vote for an extremely eurosc

in europe, it's time for a show of confidence. only a courageous performance on the world's stage will persuade those hesitating within the e.u. who will do a better job. she or he -- one way or the other, this election will decide the course europe takes. damien: here in berlin you can really feel that an election is about to happen. on the streets, there are more political rallies than ever. but what is the mood like in the rest of the country? we have been to the north german coast. because of the geographical location, it is one of the smallest constituencies in germany, the issues being discussed a there are very different to those in the rest of the country. >> langeness is one of the halligen, 10 small islands off the north sea coast. it's home to more cows than people. everything locals need is brought here by ship, including the ballot cards for the upcoming election. the polling station is the local school, which is attended by 19 children. the mayor is setting up the ballot box. not many politicians bother campaigning h

sure so i think indeed this shows that people in europe really want more flexibility there's all of europe more demand for. basically having more control over one's own fate i would say that's why we see all this populist movement in europe from the left or the right this is what they sort of having common they feel they're losing control over their own fate and indeed also the cuttle on the scottish independence movements they of course have always existed but in the last ten years they have become much more popular and again if we wonder how to deal with that i think we have to look at switzerland cicerone as a country where there's a lot of decentralization we're the decentralized entities the continents can decide it's over taxation policy too much larger extent than was the case elsewhere so and this really helps to keep switzerland together nobody in switzerland wants to wants to sort of secede from the country because the country allows a lot of flexibility people are generally happy with how swiss run this so if the e.u. is wondering how can we become more stable they have to look

in europe you know in one club from europe. here's the question it was with the sixteen yeah. with the national team and now it's the second. place on the first plane in europe from the top and you know use the sec as a sort of. the new seems happy and i bet you were given time to adapt he's making good money and his chance of playing in their own growth. following our fraternity banya looks like it was the right. down. to just a game so i thought. i was i. going to miss. b. or doesn't assist us just a definite team also father. just . couldn't it was over and. football is loved in africa. break players have come from the continent and their success will everywhere they go but why all the african coaches in europe's top leagues we ask are they simply not given the chance. very good just to go to america come on come up look look look down here an african coach puts his team through its paces this is forty. a traditional club in the dutch second division sunday only say as one of the first football players from africa to turn coach in the european league. to task ahead of me wa

i don't think that europe or the e.u. is trying to impose its values it is indeed trying to promote its own set of values and i think it is important you know way to bring together and to create this esprit de corps among europeans and the way i think europeans can be proud of some specific and important achievement by the e.u. if you take for instance the leading role of the u.s. played for instance in the paris agreement on climate change i think you know there are a few specific positioning on global issues where europe is trying to come up with a set of common values and i don't see we can say we should say that it is trying to impose whatever minister but i agree with your point that there have been many achievements by the european countries and there are many values that people are quite naturally and genuinely are aspiring to but i think you would also agree with me that the european countries on a number of occasions joint military interventions to protect quote unquote democratic values that was perhaps not they

how is their integration going those who have to rights to stay in europe that. granted asylum. or i was will will be for me perry in the reasons except it as residents of the european countries they have to be integrated and this is not of one way street. the governments regional governments local governments have to offer the opportunities for integration but people has also be ready for integration we have in austria just in our piece discussion because some radical islamic movements are against the integration of. muslims who came to australia i was i'm favor i was i helping i was i want to be integrated so. it is also a cutie of migrants and refugees. to contribute to the only to gratian learning the language of the country where they live accepting their way of living living in this country is accepting equal rights for men and women for example there's a clear request well what do you think is going to happen to those tens of thousands of people who got eighteen are they going to end up settling in ghettos like in paris and other major cities. no one shoul

i think europe is at least or some european countries are at least trying to face the end deal with the consequences of all of their own actions the united states. it was also a major player off of that intervention and yet we know that the trumpet ministration has just recently decided to cut the refugee selling at forty five thousand for the fiscal year of two thousand and eighteen reaches five thousand last done a year before and represents an new record low for the united states what do you make of that do you take it as an anomaly of the trumpet ministration or is it perhaps the continuation of a long a longer term trend i think that certainly mr trump has sort of created an alternative world when it comes to refugees and the numbers and where they're coming from and their requirements that they must meet etc etc and that alternative is cutting more than by half the numbers that mr obama had promised and the united states has always big on back and forth on this matters but lever to the degree that the trumpet ministration. has brought in terms of the numbers so clearly we have

blackrock dominating the etf market in europe.ou control five times the assets of your nearest rival. do you expect more competition? does that concern you at all? and do you think it will be across all etf asset classes? stephen: it does not concern us. i think we will see more people looking at the etf market as it grows. and i think probably, what we think, anyone who was looking at the etf market can play a positive role in driving a greater adoption. ultimately, i think this is an industry where you have large players and niche players. that is what you are seeing in the u.s., and i think that is what we will it evolved to in europe. nejra: you said that even though mifid ii could be a positive boost for the etf industry but it could take a while for this to translate into something tangible. how long are you thinking it could take and why exactly? is it about the fragmentation of the european market or something else? stephen: i think when you look at the rules, there are certain rules that can have an immediate impact. ther

there are expectations for more europe, but also a different europe. the challenges —— the

in particular europe and london.: with all this regulation on the cards other than mifid ii, what does the buy side look like after it has absorbed all this legislation? >> it is a good question. i think that once we get through mifid ii and it is digested, the ultimate look of the asset management industry is it will be more transparent than it was before. it is probably going to see pressure on fees that it hasn't seen before. i think there will be more competition around, for investors and that will be a good thing. nejra: sean, thank you so much. head of market and regulatory intelligence, great to have you on the program. coming up, we talk cryptocurrency, bitcoin soared above $5,000 for the first time. we get the latest from washington. this is bloomberg. ♪ ♪ nejra: welcome back to bloomberg markets, rules and returns. there are two side to do introducing new regulation. on the one hand, regulation builds credibility and confidence in the marketplace. when the rules are not clear it creates uncertainty for mark

the boy had a point about this is that you don't feel that the europe you joined is a valid europe any more you say your government now apparently sees itself as protector of european values your prime minister said twenty seven years ago here in central europe we believe that europe was our future today we feel that we are the future so why do such as you what you suggested here this from a man who boasted in twenty fourteen i want to enter breaking with the dogmas and ideologies that have been adopted by all question suggested something which is completely untrue. we are not breaking away from european values and the perception we had we stick to it and that's the difference others are trying to make is something different we have agreed to you believe that you are the future of europe we believe that that hundred that's quite a tall order for one goal jairzinho yes sure but hungary is not standing alone i mean if you take a look as for the past especially two years what are the bad boys in the european union you can name them better let's let's talk serious the central european coun

open borders is about people coming from outside of europe and within europe i think on the continent with internal eu migration in the way that there was here in the country here because i think that will be solved. lots of that will be very confused anyway. fear that all of those outside europe people arriving in germany would come through the borders and have come to us, it was a much more anti—muslim, to put it crudely, feeling than it was really anti—polish or east european. i think i agree with stephanie that the danger is not so much that the far right parties will take power because their rhetoric and thinking seeps into what used to be the centre—right parties, and moves the whole spectrum to the right. and i think that is happening, and in europe we also have two very right wing governments, hungary, poland, czech republic, and so the issue is how to manage this so that it doesn't infect the whole system. but i also don't think it is about immigration only, i don't think that the far right vote is only about immigration processes. in terms of germany and angela merkel, she h

sign him in europe you know in one club from europe . here's the press it was with the sixteen yeah. with the national team and now it's the second. place on the press plane in europe from a top you know but he was the sec is a sort of. the new seems happy and scandal beo were given time to adapt he's making good money and his chance of playing in their own party wrote. the following offering to obtain yeah looks like it was the right. just again so i thought. i was i. going to miss. beard as a little sister's just a definitive as a father. just . couldn't it was over and. football is loved in africa. break players have come from the continent and they're successful everywhere they go but while the african coaches in europe's top leagues we ask are they simply not given the chance. very good job to go down to come on come on. look at an african coach puts his team through its paces this is forty. a traditional club in the dutch second division sunday only say is one of the first football players from africa to turn coach in the european

in in europe did with africa in the past two centuries the same way that the u.k. and france and most recently the us have had have done in the middle east these are all things that are historical that go back a long time and there cannot just be fixed in a matter of a decade or more the borders of many of these countries see both in the middle east and in africa completely artificial and all of those things now a plane rolled into this mr by the mature you just said sad that there is things cannot be fixed in an hour in a matter of years and yet there has been some a temporary solution to it i know that you believe that you're about migration was state stabilized largely because of the agreement between the e.u. and turkey and i'm correct recently has been i think very blunt about using blackmail to get what it wants how stable is that migration stabilisation isn't europe still add at the mercy of president erred on the whole i think once referred to migration as a tap that can be turned on and off yes you know certainly he holds the upper hand on this and he alwa

let me turn to europe a bit. i understand what strategic autonomy anyones in the french sense, the nuclear deterrent and ability for full spectrum. the european union is using that term now, that term has been adopted in the groel strategy, strategic autonomy. i'm having a hard time understand what strategic autonomy means wind their european union setting. does this mean the eu can act independently from nato, from the u.s., at counter-purposes? i put that as a reflex because i think many in washington didn't fully appreciate after the horrible terrorist attacks in paris, president oland invoked article 42.7. never been invoked about the eu defense. did that do what the french president wanted to it do? a message of solidarity? did it put in your word that european intervention -- did it put eu defense into the mix? help us understand that. i think that's confusion. >> well, first of all, for the time being, there is a growing conscious within the european member states that their security is at stake. it's not

she was once described to me at the queen of europe and that crown is now tarnished. domestically everything on side, it was easier until the refugee crisis sparked a fragmentation, this unfortunate seeping into the far right, and that means she's going to have to take care of her backyard and implement with macron a wider european vision, which is pretty much on the rocks at the moment. even macron at home will not necessarily want to put some of vision through. so, i think she is quite weak and i mean something for europe, more than just germany. but i do think this sense of a loss of identity and loss of culture is notjust about immigration and foreigners coming in, it is also about the decline of the old communities, industrialisation, it is about what has happened all over europe for economic and political reasons and notjust because of foreigners coming in. germany had been thought to be a country that had kind of got the balance right. that it had had a sense of confidence about its social system, that people felt there was a german identity and leaving aside t

it looks very much in line with the rest of europe. the front of center story for us in europe. as matt already indicated, it will get more complicated as we work our way through the next 90 minutes. we have under 90 minutes until we have catalonia making that decision, the spanish government have given the catalonian president until time a.m. -- time.a.m. local this is what the -- matt was talking about. if that were to happen then that hashen charles puigdemont been pushed to say we will unambiguously declare independence. how do we think the next few minutes are going to go, what can we expect over the next hour or so? headlines,re getting the president saying if our economy gets -- if we get suspended -- this kid make it more -- could make it more complicated. if the economy gets suspended and there is a unilateral republic he declared. something that he is doing and puttingimself time and rajoy under pressure. hashas promised -- rajoy calmest they will take over the region if they do not scale back to -- scale back. this has never been done before but right now it would be