africans migrate into europe. because we have an economic situation in africa that needs to be addressed by our league which we talked about that is ostensibly nancy is that to let me that's very important to me let tell me how you feel about the possibility of people of parties gaining significant votes in the european elections because they almost exclusively campaigned on the topic of migration yet because the to say thing to europe because that is a new trend all over the wall of nationalization. kountry is becoming more national kountry is becoming more solve recognize doing since on their own ways and that is why you see that british ones who go out of europe you see a lot of other counters wanting to be. that has many fest it's also it being in the not just it you can see the nationalization is springing off even africa you see a lot of elections have taken place on the government opposition opposition parties were taken obama governments because people need a new lease of life people need a new life new go

nations was europe it was within africa and then in europe but i think that we. it's trying. this situation so far that everybody stands well they're all coming to my country we have to do something have to close the borders and stuff so i think that first of all we have to know each other and europe and europe have to know what is africa now. actually we need it why because you see in africa there is the most young people and this those people are not people that is they have their very it will be dictated and they have a lot of parts left to give and we should come to that positive part in just a second i would like to wrap up the part who's to blame actually because there's always a lot of blame game between africa and the european union with a tweet from the rwandan president paul kagame mean if somebody doesn't really mince his words very clear tweets always and he tweeted if you look at history of this migration for a long time europe was inciting inviting people to go to europe the message was your countries of africa are governed badly and you should come to us that t

has come up with its own asia or europe connectivity package do you think that is europe's.or ball of the one belt one good initiative i would say that is. but here we have to find channels to to combine these different plans etc because i would not agree totally with you. but i would say that this rivalry understanding is just being more than only economic rivals it is a way of how we are treating each other and that is a term from the cold war times and that means we are competing each other not. to break the other one economically politically etc that i think is leading if you are looking into the global challenge into the wrong direction if for example one point four billion people in china want to live their way of. living or one point three million a billion in india and one more billion and other asian countries so what does it mean for resources what does it mean for the production what does it mean for the climate so here i think we have really obligation to find channels to cooperate and i would welcome that in europe participating in these different plans and we'l

that is up to europe. but we might think about how we can work with our remaining providers we have in the united states and in europe to help them offer better packages. >> my name is pat malloy. i trade lawyer, former member of am a the china commission. i was interested, when secretary shriver mentioned, i was general counsel on the senate banking committee when we wrote the --cifiussif legislation. we put that in the 1998 trade bill. the assistant secretary said we need another round of reform. secondly, i never understood, is ifius at the commission level within the e.u., or other member state level? because i see that germany has done something. but it was never clear to me. it would be helpful to get an understanding of that point. >> thank you. nice to see you again. i think what i said is one round may not be sufficient. maybe i said we need a second round. >> one round of reform will not do it for us. that, as an- i hate official when your words are thrown back at you. [laughter] >> the union doe

for southern europe, for instance. but it's a problem that contributes to the trade deficit with the united states, which president trump so frequently points out. i would note, on this german trade surplus, the famous economist, there is no example in economic history, at least not since the beginning of trade statistics, that is since the beginning of the 19th century of a country of this size which has experienced a comparable level of trade surplus on a long-term basis. not even china or japan, which in most instances have not risen above 2 to 3% of gdp. now, the informal -- i think their informal eu rules suggest that trade surpluses are deficits of more than 3% of gdp should not be tolerated. why is it being tolerated in germany? it's a special irritant to president trump. so unfortunately, i think that the prospects for flexibility on the part of the eu is part of the trump/juncker dialogue. and i point especially to agriculture. since the president, mr. line highser, all noted that without some attention to agr

across europe. but take. people off neo liberal economic perspective have been in power for quite some time everyone has to take responsibility in this very challenging time and of course there is a demand in our society due to the be good the normal that we are leaving and the fact that we just. economic and financial crisis yes we. are going much more coming back on the show at least six in the wood but we came out the without a measure of these two options in any case one issue when i am saying that the many of them only say no and they yes. the magic example. they can buy hold the. example. they say no for three they do not succeed. and you see that from one e r. or the. police and the. right wing parties are still despite. in power in italy in hungary in austria in poland there. in france it is expected that there are going to consolidate our presence in. the may elections. what is it in the policies of the. driving the support. i am asking you to be critical. because you are ultimately in charge of. ana

indeed the most successful military alliance in nato for seventy years has guaranteed peace within europe peace in the transatlantic relationship and in fact really is a big very important part of the transatlantic relationship and it seems to me that sometimes when we talk about the military aspect we seem to forget that this is also just the corp. the transatlantic relationship which as we all know at the moment you know has its major problems and various a seven decade success story maybe but the celebrations to mark the anniversary in washington have been described variously as restrained low key or even ugly what's the problem the problem is that there's a separation between the american public the american elite as represented in congress and the american president and if you notice the american public there's a bunch of new polls out is still for nato and has barely budged in europe but europe is also still for nato but has gone down a little republicans of course are much more skeptical which republicans though and that's where that is the second constituency to just mention is co

and europe and. europe and the united states. in this case is much more the responsibility of united states i think if i can say they'd been leader she would decide. that europe is becoming the worst united states. you can ask you one more question about values because it's very interesting to me you've been very supportive of president micron's call build a new european raney. would say that you have to kind of put your own house in order before embarking on such grandiose plans when it comes to values what do you make of. that wasn't in keeping with. the weather. in the middle class from my point of view big mistake of managing a measure decision about the taxation on them specifically asking about action because when you have people that are breaking out destroying everything are the other hand also have the use of explosive grenades and. mains and kills people we are not seeing that even in authoritarian societies these. are not seen in the. at least ten fatalities and several thousand injured. and people losing eyes people l

this this goes across the pacific and now we're seeing it in europe. or in the you hang it where you are nani your head go ahead remy in new york go ahead. well i agree that you really see a shift here internationally with the with the new tribe administration used to have two options on the table you have the american option which is basically on the third equal level call democratic dearie the idea that by promoting free trade we're going to help you know population grew in terms of the economy push towards democracy and not go to war and basically that was the basic idea behind the european union the rise of the faculty the rise of free trade and therefore have moving away from nationalism and to listen and that was best embodied by the clinton administration and the obama administration that was pushing for more free trade agreements that you can actually criticize those in terms of the impact that he has on the quality but definitely the idea was to try to have a wall where you have absolute gain for everyone to work together and trade together wi

have felt that their goal is to take over europe. it would appear to me that the generals seem to be holding our whole -- our positions quite well and that vladimir putin has backed off on his position. guest: i do think you're right. i don't believe russia wants to go to war with europe. i do think they want to try and extend their influence both in europe over the countries that were formally part of the soviet union. said any times that the loss of those countries was the greatest tragedy in russian history. i don't think we are at war with russia. we are in an ongoing struggle, certainly an intense competition but i don't think russia wants to have war. it is using other means, as we have seen all too starkly. they are doing that in spades in countries in central and eastern europe that are much more vulnerable than we are. ferment trying to unrest. they have been very active in extending their influence and reach by their intervention in syria which gives them an additional foothold in the middle east where they have a base in t

i think the fears in europe -- no one is going to say europe will be gangbusters in growth.ountries like germany are much bigger exporters than the u.s. some of the consumer numbers are not consistent with going into recession. the idea will going to worldwide depression is overblown. jonathan: a few dynamics we will work our way through. let's start with united states and the idea that we are late cycle. victoria, i would love your insight into this. there are so many people who believe we are late cycle. when you ask them why, they will tell you it is because it has been going on for a long time. can you define late cycle by duration alone? victoria: no. it's like what you were saying a moment ago, it can go on for a much longer time. with the central banks where they are, the federal reserve on pause, you had india cut rates, you have a situation where things can continue for a longer time. there is no set timeline on how long this has to be as long as you have fiscal policy and monetary policy situated in a place where it can continue to boost that, i think you can keep

how europe can and is contributing in the us and china and has pointed out recent challenges to europe that makes europe stronger with the european union but when it comes to traditional centrist trade that has demonstrated and that we cannot be bypassed with those repercussions forever there are other issue areas they have not played such a big role of security issues of the chinese industrial policies. that are emerging to allow them to contribute in a way they have not seen before. and with that greater footprint and that division of labor has developed and european union and that is a division of labor is still seen as europe and the groupings would take action on common eu policies to have greater freedoms of those initiatives that would be followed up in practice and such efforts and with those allies to come from an independent decision with the europeans with the priorities to address multilateral institutions to link up those european initiatives with that conductivity plan adopted by a 2018. to have a more specific example of how this works and that has taken place that was m

many of them in defense of europe. two world wars and the cold war made it clear how important america is to the security of europe. and equally that peace and stainlt in europe is important -- stability in europe is important to the united states. our alliance has not lasted for 70 years out of a sense of nostalgia or sentiment. nato lasts because it is in the national interest of each and every one of our nations. one her we represent billion people. we're half of the world's economic might and half of the world's military might. when we stand together, we're stronger than any potential challenger, economically, politically, and militarily. we need this collective strength because we will face new threats and we have seen so many times before how difficult it is to predict the future. we were not able to predict the fall of the berlin wall, the 9/11 attacks, or the rise of isis, or russia's illegal annexation of crimea. since we can cannot foresee the not foresee the future we have to prepare for the unforeseen. we n

in europe will never work and also in some part of the of the west europe when they were because the second prize the individual to the collectivity in their work in chinese working from one thousand is a concept that seems the foundation of china but. is there any middle ground i mean we are talking not a major infringements on human rights or putting people into concentration. camps or simply talking about streamlining policy on technical issues. to compete with china which is not going to sit around and. look for example to the agreement the world today you're. of trade agreement or why the united states. members they negotiate. to delegate to negotiate to today you are. in front of. the want to negotiate. this one example the second example europe has been through does make a. unique case in the story. and to the. security to buy many and even the chinese. just. example of enormous success. because just the few days ago your own country signed a memorandum of understanding with china and official. at the time. even agreed formally on the new policy. looks like your own country do

merican have bases in europe but there are also four countries in europe that have host base arrangement us like call it call it a nuclear sharing arrangements. germany the netherlands belgium italy and possibly turkey so those countries are the ones who sort of serve a soto nuclear strike role where their aircraft would be equipped and handed over nuclear weapons in times of war. until just a few years ago all political parties in the german one is talking head been calling for the nuclear weapons to be removed. these nato fighter jets are on patrol over the baltic states their mission is to intercept any russian military aircraft that approach nato airspace without warning. a number of participants at the annual munich security conference are concerned about growing tensions between east and west. the conference chairman is professor wolfgang ischinger. india and fia yon's i didn't. since the ukraine crisis that is since twenty fourteen sixteen we've seen a massive increase in but say incidents. four and fortunately these of not lead to a real confrontation so far. for the for these in

let's start with europe.ya, you have an interesting call on the periphery i want to explore with you. it is the idea that after years of behaving like credit, the periphery can start behaving like a sovereign again. walk us through it. priya: the biggest reason the periphery traded like credit was this redenomination risk. the idea the eurozone can break up. i think draghi and the ecb have put an end to that. i think that should get priced out. that is already getting priced out. the other thing is on the ecb. they have told us they are not hiking until the end of the year. they have done the tltro programs. they are going to help the periphery. what they are trying to do is extend the cycle as much as they can in europe. european growth is weak. i think there are big structural issues with europe. if there is a reach for yield in europe, where do you go? you are at zero in bonds. you want to go into the periphery. i think the periphery spreads will continue to tighten. gershon: we tend to go with the extreme

we think it is an important time to stand up for europe and the eu.e world. —— most important piece project. we have driven prosperity and shared it more equally among people, in europe. where does brexit fit in on this, you do have british companies as pa rt you do have british companies as part of the roundtable? yes, when we look at the challenge in the geopolitical context, but also, as you said, in the introduction, from climate change, from digitalisation, we need to invest, we need to be upfront. we used to say in the oil industry, it would be the stone age, but we ran out of stone, we found better ways to do it. —— we used to say in the oil industry, we didn't leave the stone age because we ran out of stone, we found better ways to do things. still, we are not doing good enough for where we need to be. we need a stronger policy framework. we are pushing that. on the digital side, that is going to patch everything in our societies. we are not as good there. we seem to fall behind both us and china. we need to accelerate that, that is urgent for

is less interested in europe but in the same time as us provides a nuclear umbrella that protects europe and the us is less interested what we are going to do is that a replacement is there frankel british answer is a european answer and the sort of nuclear question is the germans because the germans participate in the nuclear deterrence was epilate planes which are too old and needs to be replaced so the new questions come in from all angles and particularly in germany it's a very easy unpleasant topic but we need to talk about it and that's going to be i'm afraid it's going to be a big mess as you ok let's talk about germany donald trump has repeatedly suggested that american allies above all germany are freeloaders and there are other nato members who believe that germany is not exactly what might be seen as a reliable partner let's just get a taste of the case for and against germany. germany is helping in mali with troops supporting the united nations mission in this west african trouble spot there training mali and security forces among other top. and in afghanistan with some twelv

europe one straight but. this has to lead to a reciprocity that we are still struggling to achieve using and a much finer. china. needs. european industries are increasingly falling under chinese control. it is going to create european enterprises need to get the same degree of access to the market as the chinese get in europe. china is a global player when it comes to digital infrastructure europeans have long been familiar with the dominance of chinese giants like who play. instruments spying on europe. none of us is naive. e.q. china relations facing new challenges time not even a thoughtful. the only one on hardball and you said you were looking for the closest possible relationship right here or should we disregard the spying of china should we disregard the human rights situation and just go for a very close partnership close partnership includes human rights as i would say but this includes also. concentrating on the question how we can come. out and that means that you have to focus on the source. iss

or with a softer brics it both comes along for europe and you think that there is also in europe inception that britain needs to go through this i hear more and more the argument in continental europe that. britain is going to be such a problematic member of the e.u. the metaphor of poison is used but if we're thinking about new long term the decades the prospects of the european union along in relation to china trumps america to climate change then it's clearly better to have britain inside so it wouldn't be easy initially but we'd get for it and we'd be a better place at the end what do you think if there was no idea what would be the actual outcome what would it mean for for their relations with the i think it would be poison for the general. i think there'd be a huge blame game. we would blame it on continental europe the brits would blame it on me but the brits the continental europe for braman on the brits and then the economic fallout will be ready very very serious indeed. some brags that he is arguing actually it's would be better for europe better for the e.u. to not have. europe

europe is the missing link. as we go through the second and third quarter, if we get stabilization and global growth, we have three things historically which should give us a weaker dollar. that is the key to europe competing and possibly outpacing. thank you very much indeed for coming to cs. jonathan stubbs joining us from city group. vonnie: let's check in on the bloomberg first word news. here is we need a young that here is renita young -- here is renita young. u.s. gdp grew stronger than expected. the economy got a big boost from inventories and trade. that offset a slowdown in consumer spending. president trump meets with japan's prime minister shinzo abe today, i day after trade talks began with the two countries -- resumed, actually. both sides are hoping to reach an agreement that focuses on agriculture and vehicles. the u.s. wants to reduce the trade deficit in japan. it also once rate or access to the country's agricultural antset -- it also w greater access to the country's agricultural market. -- t

weapons will be crucial for europe's security comes to fans under thirty will continue to recur for a policy follower of the european council of foreign relations and believes that germany's received news international credibility from dismal to realize well well well rica let me begin with you nato of course styles itself as the most successful military alliance in history is it right to do so i think it is right to do so because nato is indeed the most successful military alliance in nato for the last seventy years has guaranteed peace within europe peace in the transatlantic relationship and in fact really is a big and very important part of the transatlantic relationship and it seems to me that sometimes when we talk about the military aspect we seem to forget that this is also just the core pillar. the transatlantic relationship which as we all know at the moment you know has its major problems and various a seven decade success story maybe but the celebrations to mark the anniversary in washington have been described variously as restrained low key or even ugly what's the proble

many of them in defense of europe. two world wars and the cold war made it clear how important america is to the security of europe. and equally that peace and stainlt in europe is important -- stability in europe is important to the united states. our alliance has not lasted for 70 years out of a sense of nostalgia or sentiment. nato lasts because it is in the national interest of each and every one of our nations. one her we represent billion people. we're half of the world's economic might and half of the world's military might. when we stand together, we're stronger than any potential challenger, economically, politically, and militarily. we need this collective strength because we will face new threats and we have seen so many times before how difficult it is to predict the future. we were not able to predict the fall of the berlin wall, the 9/11 attacks, or the rise of isis, or russia's illegal annexation of crimea. since we can cannot foresee the not foresee the future we have to prepare for the unforeseen. we n

many of them in defense of europe. two world wars and the cold war made it clear how important america is to the security of europe. and equally that peace and stainlt in europe is important -- stability in europe is important to the united states. our alliance has not lasted for 70 years out of a sense of nostalgia or sentiment. nato lasts because it is in the national interest of each and every one of our nations. one her we represent billion people. we're half of the world's economic might and half of the world's military might. when we stand together, we're stronger than any potential challenger, economically, politically, and militarily. we need this collective strength because we will face new threats and we have seen so many times before how difficult it is to predict the future. we were not able to predict the fall of the berlin wall, the 9/11 attacks, or the rise of isis, or russia's illegal annexation of crimea. since we can cannot foresee the not foresee the future we have to prepare for the unforeseen. we n

what does a one set in europe. we see us is it the conventional so is it the disarmament initiative. so we don't like that topic particularly don't like it in germany but we need to talk about what is our reaction. and the second nokia topic which we hafiz if the us is less interested in europe. but in the same times us provides the nuclear umbrella that protects europe. just as interested what we are going to do. is that a replacement is there a franco british answer is a european on so. and this nuclear question is the germans because the germans but dissipate in the new credit heavens was employed at planes which are too old and needs to be replaced. so the new car questions coming from all angles and particularly in germany it's a very. easy and pleasant topic but we need to talk about it and that's going to be i'm afraid it's going to be a big mess this yea. okay let's talk about germany donald trump has repeatedly suggested that american allies above all germany how free loaders. and there are other nato memb

located in the heart of europe connected to the home. experience outstanding shopping and dining offers and try our services. biala gassed at frankfurt airport managed by from. german chancellor angela merkel has been in dublin for braggs at talks with her irish counterpart lee over a this comes nine days before britain could leave the european union with a deal which would endanger the open border between the republic of ireland and e.u. member and northern ireland which is part of the united kingdom. a proud member of the board until last month so if you want our legs russia's phone that the current employees truly want you have treated me interesting but we're not.

one billion of that is in europe.hes are you going to have to close in spain, and consequently, an estimate of the job cuts you might have to make at home in spain? jose: customers are changing their behavior. -- the relationship with the banks is changing and using less the branches and the more the digital channels. if you look at our numbers in the last 12 months, we grew our digital customers by 6.5 million, huge number. manus: what does that mean for the reduction, let's say, in branch space? adjusting ouren physical distribution network in all countries, especially in staying as consequence of the merger with banco popolare, we have been closing branches. we have been working with unions to look at the next phase of the restructuring. of that dialogue, out of those negotiations, we will state the figures but significantly fewer branches. manus: can i talk to you about your current capital rate earning? of full getting a hold ownership of the mexican business makes very good sense. what is -- has the response bee

the fight to defend the judeo christian basis of western civilization so that's just not just in europe but right across the world. to our viewers on p.b.s. in the united states and all around the world welcome we begin the day with the latest battle for tripoli ever since more market off he was ousted in two thousand and eleven libya has. floundered as a failed state it's political poverty matched only by its wealth in oil and the armed men trying to control it or tonight the world lord khalifa have talk is leaving his troops in a campaign to take tripoli the capital of libya as you win back government france have tars closest western ally claims it knew nothing about the assault yesterday the u.s. pulled its small contingent of forces out of the country and worries are growing that fighting could lead to another wave of migrants trying to flee and get to europe have tours forces already bombing tripoli's main airport which puts them very close to their goal and to the goal perhaps of throwing libya back into a civil war. in benghazi members that have to as a militia prepare for their