in the beginning of next year, the european central bank will make a stop together at the european banking authority quality assets review. so in fact, we are doing now what we could not do before because we did not have the instrument that for instance in the united states you have. but now we have the instruments and i believe the will to make this banking union happen because for your area, it's critically important in terms of -- >> rose: speaking of the federal reserve here, what do you make of what chairman bernanke said recently that many people that there might be some reducing of the quantitative. >> we have welcomed this latest decisions of the federal reserve and chairman bernanke. we believe it was good not only for americans but the global economy. i think it's right. >> rose: even though it was expected that, and it was a great debate within the federal reserve as it turns out and you well know. a close decision. but basically some people read it in this country, you know, as in a sense a moment of concern about the economical recovery. and perhaps there was more optimism tha

low very low on time i apologize one more question for you let's turn our attention to the european central bank its efforts again over side of the banks of seventeen nations your german how would you feel for example about greek politicians having a say as to how your banks in germany operate or even having a say about having them shut down. i don't sing that for example creek politicians can decided to shut down the bank. in germany what is take a european central bank chapter i want to bang. council there and there will be people from different nations and perhaps different opinions but i hope that there will be a rational decision let's say but also in germany germany has also a lot of it wanted us from the you ruin our exports and so forth saw i see still the properly although. some problems in the mood have to populate about the bailout it also seems but there is of support here in germany and i seem to have to be to decide what bank will be closed is a good idea at a refreshing outlook there from a professor and doctor of a political the economy of the frankfurt school of finance dr horst

commission and the european central bank, the infamous troika -- the european commission, and the european central bank, the infamous troika ammann now -- troika, now in portugal. portugal's next payment depends on the successful review. like the greeks, many people in portugal are angry over the austerity measures and protests are on the rise. russia says it has new evidence from syria in placating the rebels in last month's devastating chemical attack. the west claims the syrian regime is to blame for that attack that led -- left up to 1300 dead. u.s. president barack obama has gone so far as to say it was inconceivable that anyone other than the syrian regime could have carried out that attack. russia, however, has defiantly kept to its past position that the rebels could be to blame as a way of provoking a u.s. military attack on the regime. this comes after a landmark deal was reached by russia and the united states to eliminate syria's chemical weapons. meanwhile, the situation on the ground in syria is only getting worse. more them 100,000 have died and thousands more are fleeing th

on life support for its vital functions are being kept running by the federal reserve the european central bank and other banks by constant cash and directions this should only be temporary if a sick man goes through treatment and it doesn't help there's no point continuing it is an ongoing effort now to buy time for reforms and changes but this will end in the world's economies will be left to stand on their own feet which countries economies will be able to stand and which ones won't remains to be seen. now and it was no surprise then that at the event the a merging icon is money huge come together and actually unite themselves i'm talking about the brics brazil russia india china south africa. lay the groundwork for their bridges because of development banks now this bank will have initial reserves of one hundred billion dollars the brics bank is set to rival the world bank in the i that china will contribute forty one billion dollars with russia india and brazil eighteen billion dollars and something. five billion the russian president uses states to explain why the bank is necessary. we ho

they are selling the common currency on comments by european central bank. he said even though the key interest rate was kept unchanged at the ecb policy meeting on thursday, there were dugzs of a rate cut. let's check on how the stock market is faring this morning. at the moment, investors are taking a step back both indeces opened higher and let's have a look at the nikkei that is down by 0.08% at 14,052 points after it managed to hang on to the 14,000 level on thursday and the broader topix is up by 0.15%. we will see how the why know declines against share prices of the exports and we want to keep track of the ten-year japanese government-born yield after the bank of japan maintained their monetary easing policy. back to you. >> all right, sounds good. tokyo is the no the only market open at this hour. i will leave you with a check on those. . >>> prime minister abe has a lot on his mind these days. he is promoting tokyo's bid to host the olympics in 2020 as he meets with world leaders at the g20 summit. abe held separate talks with argentine president.

. >>> the european central bank president says he's willing to provide more long-term loans to prop up the region. mario draghi says the loans may be necessary to keep short-term borrowing rates low and protect the fragile recovery. he told the european parliament he's ready to offer fresh liquidity to help stabilize the region. the central bank pumped more than $1.3 trillion into the banking system through long term refinancing operations. the cheap loans help to avert a credit crunch. there's concern that banks in spain and italy may run low on funds when they've repaid the loans in 2015. >>> prime minister shinzo abe is set to announce on october 1st that he'll go ahead with a consumption tax hike. he's planning to raise the tax from 5% to 8% beginning next april. abe will try to cushion economy from the impact with a new stimulus of more than $50 billion. senior administration officials are trying to work out the details. they're planning to scrap a special corporate tax that's earmarked for reconstruction spending one year early. and they're talking about cutting corporate tax ray

on life support for its vital functions are being kept running by the federal reserve the european central bank and other banks like constant cash and directions this should only be temporary if a sick man goes through treatment and it doesn't help there's no point continuing it is an ongoing effort now to buy time for reforms and changes but this will end in the world's economies will be left to stand on their own feet which countries economies will be able to stand and which ones won't remains to be seen. and indeed we will find out who all the healthy economy is when the medicine when the steroids are taken away swore at the likes of india which is suffering the most at the moment having lost a fifth of the rupee that currency because it's the current says that already suffering in the emerging world as well another topic that is being approached. it's a major major issues when it comes to the global economy as well interesting what mr goodman had to say. but also you were mentioning about the issue of washington tapering off its quantitative easing now i'm a simple man caveated we understan

. >>> policymakers at the european central bank have decided to keep their benchmark interest rate unchanged at a record low level. ecb policymakers agreed to hold the rate to .5%. gross domestic product for april to june in the eurozone countries moved to positive territory for the first time in 21 months. but the eurozone labor market is still struggling. the jobless rate in july stood at 12.1%. policymakers at the bank of japan have revised upward their assessment of the country's economy, but they have decided to maintain their monetary easing measures. the policy board members ramped up a two-day meeting on thursday. the boj changed their description of the japanese economy to recovering moderately. they had previously said that the economy was starting to recover moderately. this was the first time in two months that the central bank revised upward its economic assessment. the board members say business investment is showing signs of improvement as corporate profits are recovering. they also say consumer demand is improving and personal spending is steady. but the policymakers unanimou

. >> inspectors from the international montry fund, the european central bank and europe commission known as the troika are checking to see if greece's reforms are on track. another installment of $1 billion is due in october. >> the world's richest man is announcing a big project. >> a splash of showbiz glitz courtesy of hollywood a list's flown into qingdao or the event. the launch of the oriental movie metropolis, the biggest investment in the tv industry. >> >> translation: i'm happy wanda chose the city of qingdao. there'll be many here to make films and attend the film festival. >> the man behind the project is china's richest man, wang jianlin, his company brought out america's richest entertainment company. >> translation: in the west the development has slowed down. in china it's a sunrise industry that is starting. we have great hope. >> the project, which will incorporate 20 sound stages, hotels, shopping malls and an amusement park is his biggest move into the entertainment industry and further evidence of the growing importance of the chinese market to the world's film makers

now, as for the euro, marketplaces are looking to the european central bank meeting on thursday for the decision on interest rates. as we can see there at the bottom of the screen, euro yen is at 131.17 to 24. with the japanese currency ahead of new york. so there is a lot of focus on central banks and economic data, as well as syria. we also received the federal reserve book later today in the u.s. and will be keeping track of all that. but at the moment, pretty negative start to the trading day today. back to you, ai. >> all right, eileen, thanks for that update. >>> japanese prime minister shinzo abe says he'll decide in october whether to proceed with the consumption tax increase. he says he'll make the call after he reviews a series of economic data. abe made the comment on tuesday in a meeting with economic revitalization minister, akeyeda amatey. they discussed a plan to raise the tax from 5% to 8% next april. abe said he wants to study the bank of japan's survey before making a decision. it's the central bank's quarterly analysis of business sentiment, and is set for release on

>> the european central bank is urging governments not to grow complacent over recent sounds of recoveryshing for more action and reforms. one expert from the frankfurt school finance believes that it is vital if the you is to escape the financial black hole. >> we have reached a peak. there are signs in the real economy, but also in the political area former progress to come in the future. i am not saying we are out of the woods. what i am saying is we're making progress. the situation is still difficult, and we have to avoid the crisis coming back and also to swap over to other countries and the eu. i am pretty confident that after this election, more progress will come. also the political arrangements. also, in germany, germany has a lot of advantages from the euro in our export and so forth, and i think still, although there is some problem in the mood of the public about the bailout and all these things, but there is the support here in germany. >> one line right here for you from rt. is it a bird or a plane? no, it is a drone. head to our website to see a new generation of feathere

. >> the original vision went too far for the parliament and the european central bank. there is no longer any talk of centralized deposit insurance which he had championed. the backlash in germany was too great. many savers feared they would be liable for bank failures in other countries. but with the parliamentarians and the ecb now said to give the green light, he was bullish. >> the facts tell us that our efforts have started to convince . countries are paying less to borrow. industrial output is increasing. market trust is returning. >> but some parliamentarians did not share his rosy assessment. >> austerity is undermining solidarity between states and also between citizens. >> what we see is the second phase in this process. a long period of economic salvation. >> he says the banking union will be an important factor. >> let's get a check of what has been moving the markets. this summary from the frankfurt stock exchange of what was on investors minds on wednesday. >> the upswing of the stock market has softened somewhat, but this is not a big surprise, if we look

the common currency is lower after the european central bank president mario draghi said the central bank is ready to offer more long-term loans if needed. the euro also remains under pressure amid uncertainty over the political situation in germany. chancellor angela merkel needs to find a coalition party after sunday's elections. so there's a lot of catching up to do this morning. and i'll be back later with more updates. back to you, ai. >> sounds good eileen. thanks a lot for that updeet. eileen lee from the tokyo stock exchange. well, a negative start for tokyo markets. let's see how other markets in the asia pacific are opening this tuesday. >>> people who suffer from a degenerative motor disease lose the ability to control their arms, their legs, their face. patients with als as the disease is known, also lose their ability to speak. but therapists at a tokyo hospital developed a device that speaks for patients who can't. so people who've lost their speech have found a way to keep their voice. this man suffers from amny owe troughic lateral sclerosis or als. it causes all his

the european central bank has held its interest rates at the current record low of zero .5%, saying that it remains prepared to cut rates again if the crisis worsens. >> ecb president mario draghi said the situation remains extremely fragile and that he is hairy cautious about recovery. the central bank predicts that the euro zone economy will contract by .4% this year before returning to growth in 2014. onto thursday's market action now, and european stocks climb for the second day running in reaction to the ecb's pledge to keep interest rates low for an extended period of time. our correspondent sent us the summary of the thursday trading session in frankfurt. >> the ecb is stuck at between a rock and a hard place these days. on the one hand, they promised low interest rates for a long time, especially to the financial markets and the financial sector, of course. on the other hand, in the u.s., we see that the yields to go slightly up and the u.s. federal reserve may stop its bond buying program pretty soon, so the markets reacted to the ecb decision only slightly. the euro went down a

life support for you it's vital functions are being kept running by the federal reserve the european central bank and other banks by constant cash and directions this should only be temporary if a sick man goes through treatment in the doesn't help there's no point continuing it something else i want to talk about is the development bank because this was a breakthrough as well and we have the countries of course i'm talking about brazil russia india china south africa and they have set up this which just to put it into context for you would rival the likes of the i.m.f. and the world bank if it was that as a safety net to support the struggling emerging economies so there was a danger that the political tensions would completely override the proceedings but there was certainly plenty business still's on agreements made here at the g. twenty in st petersburg. he would say today up next a special report on u.s. soil would you say what sites like. iraq afghanistan the balkans somalia haiti libya yemen and so on and so on the list of engagements and airstrikes by post cold war nato just keeps getting

rationale and do europe based on intergovernmental cooperation rather than integration of the european central bank is urging governments not to grow complacent over recent to signs of recovery pushing for more action and reforms and a political economy professor horst from the frankfurt school of finance believes caution is vital if the u. hopes to escape its financial blackhole. we have now the peak we reached a peak for example in unemployment and there are signs in the real economy but also in the political area for more progress to come in the future i'm not saying we're out of the votes what i'm saying we are making progress also although the situation is still difficult also in cyprus as well and we have to avoid it to cyprus krises come back and also. swap over to other countries of euro area but as i said i mean we have also you did the election in germany and i'm pretty confident and said after this election more progress to calm also into a political arrangement to fix further on the euro crisis also in germany germany has also a lot of it wanted us from the you ruin our exports and so f

being on life support it's vital functions are being kept running by the federal reserve the european central bank and other banks by constant cash injections this should only be temporary if a sick man goes through treatment and it doesn't help there's no point continuing it but there's an ongoing effort now to buy time for reforms and changes but this will end on the world's economies will be left to stand on their own feet to which countries economies will be able to stand and which ones won't remains to be seen scary stuff just that and he's really talking about this medicine these steroids he's referring to the fact that central banks keep on pumping money into the economy and we know that the federal reserve chairman ben bernanke he said a back in may that he would be tapering those measures. in response to that the emerging markets had money pulled out from the already lost a sawmill fifty billion dollars india is particularly suffering at the moment the rupee has dropped by a fifth of its value so really the leaders here at the g twenty they have to convince us that they are indeed the doc