the euro zone economy is going from strength to strength but the european central bank warns of complacency saying there are still pitfalls along the way we talked to the chief economist of baron back bank to get this risk assessment. and we've all heard the story about the bull in the china shop but have you heard about the robots in the glass factory. but come to a business i want to get germs in berlin so euro zone finance ministers will pick the replacement for euro group chief your own deisel blown today the job is one of europe's top posts and it was especially crucial during the two milters years of the eurozone debt crisis some years it seemed the eurozone was a doomed and with it its currency but recent data shows that life in the old dog yet years of recession on three bailouts if there was ever a poster child for europe's economic crisis it was greece but now the country's fortunes appear to be turning around growth is returning and borrowing costs to fall and. southern european nations spain and portugal are also showing signs of recovery that's especially good news for the e.u.

the eurozone but left open any moves by the bank to exit its monetary stimulus scheme the european central bank has kept its benchmark refinancing rate at an historic low of zero percent and it will stay there for an extended period of time that's despite policymakers demanding the bank's president mario draghi increase rates to match an ongoing recovery in the eurozone economy and the right setting council plans to continue its bond buying program at thirty billion euros a month from january until at least the end of september dragan says an ample degree of monetary stimulus is necessary and he has ample reasons i'm going to triple decisions have preserved the very favorable for years and. still need force. to do sent. for me. for new stuff projections indicates a strong economic expansion and a significant improvement in the group. over to frankfurt to get the reaction from man all the training for daniel cope i guess the c b is justifying its actions based on those growth forecasts that are coming through here this is very controversial actually banned because many people here on the trading

confident or just complacent the european central bank is saying its controversial monetary policies are working because the eurozone economy is forging ahead. also on the show traveling along the new silk road how the greek port of pier ayers is drawing a billion dollar investment from china. business but first the bankruptcy of lynn left as the last line standing in germany prompting fears of rising ticket prices rightly so says the german competition authority the cartel watchdog has analyzed prices for all of us booking classes and concluded they were unduly raised by up to thirty percent of council says it was merely the algorithm that came up with these prices the competition authority said it does not buy that excuse possibly opening the door for punitive finds it even cost them a lawsuit against loved ones. is using its newly obtained position bring in only by financial correspondent who's standing by in frankfurt really is it abusing a monopoly already. well yes or no if you look at the argument of cost for the c.e.o. that it's the algorithms that sounds like a real he child

economy on the whole is alive and well the european central bank says in its year end report business in the euro zone has been growing for four and a half years creating seven million jobs these evenings it's monetary policy of interest rates near zero percent and an extensive bond buying program has helped the e.u. recover from the two thousand and eight financial crisis and is now helping the sponson of the economy the central bank does not anticipate a change in policy anytime soon. so no surprise there then but how long can or will the e.c.b. stick to its guns are not joined in the studio by professor ansgar becker and that he agree is the e.c.b. monetary policy working at first glance this seems to be the case if you look at growth rates a consumption investment just stimulated maybe about international factors as well so the main target is not hit by the central bank look at inflation expectations but very low still at about one percentage points if you look at core inflation that is inflation without energy prizes foot prices and some forecasts are saying and it needs to be zo

the european central bank owns 01’ reach. european central bank owns or holds bonds linked to steinhoff. so globally international creditors and regulators are looking for a nswers creditors and regulators are looking for answers and maybe once there has been a meeting with the banks, looking to convert some of the debt into a credit facility, that will keep steinhoff likud until those auditing figures have been released, until there is a clearer picture as to what was wrong with the accounting in steinhoff. we will have to wait and see what comes out of that meeting. but for now everybody is looking for an answer from the ecb to the south african finance ministry, to the regulators in various markets. it is amazing how quickly this has snowballed. we we re how quickly this has snowballed. we were talking about the massive drop in the valley of the shares. investors very much stampeding for the effort. part of the issue is the fa ct the effort. part of the issue is the fact no one seems to have seen it coming. this seems to ha

group takes a new president the eurozone economy is going from strength to strength but the european central bank warns of complacency saying there are still pitfalls along the way. also coming up in israel's economy isn't top says well president nicolas maduro is new cryptocurrency bring a solution. with the story about the bull in the china shop but have you heard the one about the robots in the glass factory. all that and more coming up in business as welcome as one of the most influence. jobs in international finance president of the so-called euro group that is the group of finance ministers of all eurozone countries today the group will pick the replacement of its outgoing chief jeroen deisel the euro group as a crucial instrument during the tumultuous years of the eurozone debt crisis some years it seems the eurozone was doomed and with it its cards but recent data shows that's life in the old dog yet. years of recession on three bailouts if there was ever a poster child for europe's economic crisis it was crease but now the country's fortunes appear to be turning around growth is returnin

pace you might be asking why the europeans haven't implemented similar monetary policy to united states will one of the main reasons is that their respective central bank structures adjust to different so the e.c.b. is a european union institution in which the eurozone member countries have voting rights the u.s. federal reserve on the other hand is regulated by us no but it's actually opened by private banks now the fed structure is very hard to fathom minutes governess and chairperson are actually chosen by the country's president prime objective is to maintain price stability so it's trying to keep inflation close to or. actually below two percent now the fed doesn't have that obligation its job is to prevent financial crisis but it does also want to hold inflation at around that level of two percent now the e.c.b. doesn't take the job market into account when it makes policy but the fed always employment data very closely because it's supposed to ensure full employment which it defines as no more than six percent of employers will americans without a job well our financial correspondent daniel coupes at the frankfurt stock exchange for us today dan

european central bank as well as the bank of england hold their meeting today. reet journal." what can we expect? >> good morning. the european central bank is still really far off from raising interest rates through the markets betting that will not happen until 20 night team. the big questions here or will we get any more of a hint as to when their massive bond purchase program will finally end? we know it's going to at least september. what their projections are for growth and inflation through the year 2020. bank of england very recently acted, so not expecting too much on the policy front that will be very interesting if we get any sense of what they need through the recent brexit development and what that could mean for the u.k. economy. very busy day nearer. five central bank meeting if you also look at the swiss central bank is something going on in norway and turkey. a lot of central bank action today. lauren: called the big bank meeting. bases in central bank meeting. i make it a joke. >> thanks for having me. lauren: thought it was funny. thanks for jo

and yet in two thousand and twelve for the first time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever it takes we lean our mandate within our mandate to have a single monetary policy in your area into the prize the million euro area and to preserve the. i don't indeed need to lose or i don't know who niggas get he will prove it when i hear the new plan lebanese you eva dia equity in exist apart the push to be did dissociate with a good community libby leisure no more back toward the banks and high up in gesture they act to maybe do as you know as well as situational lucian or small maxima to keep precisely what i don't know even exist about me as you all talk about one amongst one hi all been do dishes on her litany in a span left one way to move i do what men do not have it when it bad really matters if you know the dentist in atlanta if you're more on talk about sato up in jordan i said. what about simply writing off the debt. cancellation can be done to preserve the social order because we don't transform it most revo

and yet in two thousand and twelve for the first time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever it takes we live in our mandate within our mandate to have a single monetary policy in your area into the prize the million euro area and to preserve the. i don't indeed need to lose or let you know who niggas because you know pretty when i had on you plan lebanese you even here it would be in exist apart the push be did dissociate with the gift khamenei libby lesser know more but torn that box on high up in gesture to actually be directional as well as situational lucian or small maxima to keep precisely what i don't know even exist about me as you all talk about what i most want hi all been did you feel lost on her litany left was one way to move that i'd walk home and do not deny it even that bad really matters if you know how to get back to dentist in atlanta if you're more on talk about some follow up in jordan i said. what about simply writing off the debt. cancellation can be done to preserve the social order beca

the theme of the day for some of the world, central banks, this is the european central bank and the nk of england leave their benchmark rates unchanged. the ecb underlining ample stimulus is still needed to reach inflation targets. in the u.s. politics, the tax plan roughly more feathers -- roughly more feathers -- russell -- will marco rubio joined together to build the bill. thathe massive merger could shape the media landscape for decades. disney is buying assets worth of $52 billion from fox. the reaction from london and los angeles. it is time to get to the markets. we are 30 minutes into the trading session. abigail doolittle is here. abigail: we are looking at a relatively bullish start. the dow is now higher for a six day in a row, putting it at another all-time high. the s&p 500 moved down fractional yesterday, so we don't have a record high yet. the nasdaq since late november, but bullish action. and a man thinks we are going to continue to gain right into the end of the year on two factors, the possibility of future and cast into the u.s. on tax reform that could come back

and the markets across europe are on central bank watch with the fed meeting starting today. we also have the europeanentral bank the bank of england as the week progresses. and we'll be getting the inside track on how artificial intelligence is helping to ‘drive‘ the self—driving car revolution. and as world leaders meet to talk about climate change what steps do you think they should take? fewer flights, less driving, perhaps laced meat? let us know. just use the hashtag bbcbizlive. hello and welcome to business live. get in touch with your top tips or ideas when it comes to making us all a bit more environmentally friendly. let's start in paris, on this day, in 2015, a landmark deal to tackle climate change was agreed by almost every nation on the planet. now, two years on, national leaders are meeting back in paris to discuss the deal and how to pay for it. the deal commits 195 countries to keep the rise in global temperatures to less than 2 degrees celsius from the pre—industrial era. the international energy agency has estimated it will take $3.5 trillion a year for the next 30 years to contain

european markets look like. we'll hear from the bank of england and european central banks tomorrow.nd we'll be getting the inside track on how to feed a hungry planet. we hear from one woman who believes she has the solution to the issue of limited resources and it involves bugs. and as facebook fights backs against claims by a former boss that the site is "ripping society apart", we want to know do you agree or is facebook right to defend itself? send your comments to hashtag bbcbizlive. lots of comments from you already. so keep them coming in. is facebook ripping society apart? facebook says no. many of you disagree. we will talk about that later. the world's most powerful central bank — the us federal reserve — will today announce if it plans on raising interest rates for the world's biggest economy. any rise will be seen as an endorsement of not only the strength of the american economy, but also the global economy. this is ten years on from the financial crisis. there have been three rises since december 2016 and markets are already factoring in another rise later. us economic

european central bank meeting today, lots of traders watching out for the central banks.ns of millions of cards and presents being sent. in many companies, it means extra staff. in the uk, the royal mail has 20,000 extra pairs of hands to call upon and today they have got ben thomson with them as well! are you help or hindrance in manchester? how dare you! i am a help, of course. they have been putting me to work this morning. this is going to northern ireland, let me put that there. they have taken on thousands of extra staff to make sure they get through all of this stuff, parcels going all around the world, and they are expecting to deal with more of them, today is the busiest day for them, today is the busiest day for the royal mail. they normally deal with 2 million parcels and letters. they will deal with 3.5 million over the next 24 hours, a huge logistical challenge. one of the bosses here. good morning. how do you deal with this? a big upswing in business, extra staff, big challenge? huge planning effort, we start planning immediately after christmas. we recruit

so is it all rosy not quite says the european central bank while things are improving economic with remain italy's fragile banking sector is a big concern and public debt in the country is high should europe's third largest economy find itself on shaky ground the euro would be likely to suffer too. all right for more on the health of the european single currency and the economies that belong to it i'm joined by holger schmieding chief economist at berenberg bank sometimes in london sometimes here in berlin today you're here berlin good to have you with us so let's just pick up on what we heard in the end i mean the european central bank warns that the euro is not out of the woods just yet if i came to you as a customer and i would ask you for a risk assessment for euro zone economies what would that be like ah i would say that the eurozone economy is probably in better shape and the japanese the british the u.s. economy among the major regions in the developed world the euro going to be actually looks best it's on the right track we still have significant unemployment but it's fourteen fas

certainly in the united states policy that may be implemented from the european central bank here as well but not right away we're going to find out in the coming hours that is the european central bank holds its last final big meeting of the year but in the united states the fed pushed the benchmark rate to between one point two five to one point five percent now it's the third rise in interest rates this year from fed chair janet yellen and the move is being seen as a vote of confidence that the country's economy is on solid ground more than eight years on from the global financial crisis now and eyes of the global recession the fed has held rates at zero it started to raise rates again for the first time in twenty fifty and since then they've been gentle lifts to ease the economy back into rates striven monetary policy the central bank says it expects the job markets in the economy to strengthen further and predicts three more rate rises to come next year oh you can speak to a financial correspondent on your port in frankfurt now daniel you're going to be tracking that e.c.b. meeti

central bank governor. says it's high time the regulators moved in he doesn't class bitcoin as a currency but rather a speculative product of wagner he is a council member of the european central bank germany's biggest tech conglomerate siemens is in the midst of major job cuts it's a bigger employer around the world especially here of course that's why management's been called into the economy ministry for talks in berlin. making noise to make sure their voices are heard german tech giant siemens is planning to slash six thousand nine hundred jobs worldwide around half of them in germany the company says the move towards renewables has put pressure on its turbine division eastern germany will be hit hardest with sites in the cities of gurlitz to be shut down completely protesters accuse even c.e.o. joke of leaving them in the lurch. so this isn't necessary that's why we're so enraged joe casey himself said after the last election that the rise of the if he can be seen as a failure of the elitist class well he belongs to the elites and if he continues what he's doing in eastern germany the populist message will resonate all the more populist the. german economics minis

and for the european central bank but on the on the overall i do think that the euro zone has a much much brighter future as compared to the u.k. i do think that the european central bank has done tremendous job in terms of that bring in the recovery we do think that we do unemployment rate could easily fall to point to two point five percent in two thousand and eighteen and we could see substantial g.d.p. growth which could be in a round of a one point nine percent and also inflation could be picking up as well so do you think that will help with wages in the eurozone because like you said unemployment is lower and we could see an increase in g.d.p. but wage growth like here in the u.s. has been kind of slow so what do you predict for two thousand and eighteen yes for sure certainly i think with a lorry and unemployment the slack in the economy would reduce and that we could certainly see that higher wages kicking in because remember there are certain cities. that we have them be the biggest economy of the euro zone germany where complete are actually losing contracts because they do

powerful financial bodies in the world their meetings are attended by the president of the european central bank and the european commission for economic and monetary affairs nineteen countries use the single currency meaning one thousand finance ministers are in the group and today they voted on who will take the helm of the single currency bloc on january giving the job to portugal's ninety s. and taina he inherits a more stable euro zone than the one mr dyson blome had to chair. well that's a big job but what does it may let's cross over to brussels correspond marx hoffman who is standing by of course in brussels max what gives some ten of the edge over the other candidates. it doesn't hurt when you have the right countries backing up a bit in this case it seems that the big countries france and germany backed them up although officially at least the germans have not acknowledged it but think about it i mean is a socialist and i get america could use a bargaining chip at home in germany for example because he's trying to form a coalition with the social democrats in the social democrats in ge

>> after the crisis, the federal reserve, the european central bank could reduce short-term interest by about 4%. but at this time, japanese interest rates were near zero. so there is no way to address the situation by way of traditional monetary policy. to choose to resort quantitative easing. think we need to attain 2% inflation target. if it's the global standard now. >> i'm asking you, maybe global central banks have everything. everything is hitting inflation targets, and the world has changed, maybe. >> there's that argument, yes. but still, i think for the aterve and the ecb, aiming possible 2% as soon as -- i think that is quite reasonable. so the bank of japan, too, aims at achieving 2%. ahead as we revisit the top interviews from bloomberg's asia coverage in 2017. up next, john mickelthwait talks with when gender and in davos. and later in, more conversations with ceos. >> the last couple years, i did feel it on the system. >> this is bloomberg.. ♪ >> you are watching a special edition of "bloomberg best," highlighting conversations from the year 2017 on asian business and

investors it's really interesting because we also have to remember for example last week when the european central bank again announced that interest rates will stay here at a record level of zero percent also experts don't really expect that we will see big movements at the stock markets next year so for many investors it's interesting because it's really a way you know to get something you know out of your money and also for many of them of course it's very interesting it's not as regulated you know as for example traditional stocks ok i can hear the word regulation again and again that seems to be key in frankfurt thank you so much. this time of year you have a lot of classical concerts here in germany classical music is an integra part of german christmas culture and that extends all the way to the country's corporate culture so many people play musical instruments here that it is not unusual for large companies to have their own all playing together it's not just fun it also boosts team spirit and that's always good news for the bottom line. what you heard of vite company fits the bottle she leads

smaller companies or start ups so few months q new york think you know move in frankfurt the european central bank has left its benchmark financing rate at a historic low of zero percent that's despite policymakers demanding the bank's president mario draghi increase rates to match an ongoing recovery in the euro zone economy. europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole is also up but that's just not enough for now you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because while druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very favorable for announcing conditions that are still needed for seeing the return of inflation rates towards levels that are below but close to two percent the incoming information including our stuff projections or new stuff projections indicates a strong piece of econom

the banks in london to continue to do business with the continent it's very likely that the european central bank will continuously want to take a very strong supervision of this. business but as you know the hard core breaks the tears hate everything that smells too much like european jurisdiction on british affairs. and frankfurt thank you china's exports have jumped over twice their predicted amount in november exports rose more than twelve percent much higher than the predicted five percent it's a sign of strength in the world's economy and the world's second biggest economy as it transitions from an investment based economy to one powered by consumer spending after years of slowing growth g.d.p. is now also likely to outstrip the government's official forecast. germany's imports grew quicker than its exports in october narrowing the country's controversial trade the day it has bad weather and a dip in tourism figures analysts say that germany more broadly is on a stable footing with exports driving overall g.d.p. growth germany is often criticized for its high trade as it leads to income imb

economy is on a solid ground raising interest rates for the third time this year the european central bank. in the euro zone recovery it's final big meeting. and in seoul that austrian ally neatly ceases operations today potentially stranding passengers and cuts off the lufthansa drops its bid to take every advantage in subsidiary of the e.u. cartel concerns. this is your business update i'm having a home free in berlin thanks for joining me in the united states the fed pushed the benchmark interest rate to between one point two five and one point five the said is the third time that the fed chair janet yellen has raised interest rates this year in the move is being seen as a vote of confidence that the country's economy is on solid footing now in light of the global recession the fed has held rates it needs erode it started to raise rates again for the first time in twenty fifteen and since then they've been gently to ease the economy back into rates driven monetary policy the central bank said it expects the job market and the economy to strengthen further predicts three more rate rises

inflation rate is up with one point five percent closer to the two percent goal set by the european central bank ok stay right where you are daniel back to you in a moment i want to talk to you about this story as well bitcoin has taken another step towards the financial mainstream starting trading on the chicago mercantile exchange futures market on sunday but it received a lukewarm reception on its first trading day the price of a near month contract was down about five percent on thin volumes the listing comes a week of the big can begin trading on the rival chicago board options exchange its first appearance on a major exchange. has soared in recent weeks rising twenty fold in value since the beginning of the year critics warn of a possible bubble bursting. what's happened to the bitcoin buzz. well actually the bitcoin boo's the still there the bitcoin in general even went up to another record of twenty thousand dollars but i know you were talking about the launch of the new bitcoin future at the c b o stock option in chicago you're right there we're not seeing the bruises we have seen it la

physical and that's the business side of relief in the markets no surprises no rates rise the european central bank has held its last big meeting of the year it's left its benchmark refinancing rate at an historic low of zero percent and it will stay that way for an extended period of time well past the horizon of its net asset purchases and the rate setting council plans to continue its bond buying program at thirty billion euros a month from january until at least the end of september the us federal reserve has pushed the benchmark rate to between one and a quarter and one and a half percent the move seen as a vote of confidence in the economy the central bank expects the jobs market and economy to strengthen further and predicts three more rate rises next year let's go over to daniel cope our financial correspondent in frankfurt dan you're following things there closely details trickling in what's your judgment good news or bad news. well pretty much it is the news that was expected here by investors nobody here at the frankfurt stock exchange was believing that mario draghi would be announcing

crisis, the lehman federal reserve as well as the european central bank could reduce short-term interesty about 4%. but at that time, japanese interest rates were already zero, so there is no way to address the situation by way of traditional monetary policy. huge had to resort to quantitative easing. so i think we need to attain 2% inflation target. if it is kind of the global standard now. kathleen i'm asking you, maybe : global central banks have to rethink this. everything is hitting inflation targets, and the world has changed, maybe. >> there's that argument, yes. among economists. but still, i think the federal reserve and ecb, aiming at to 2%ing 2% or as close inflation target as soon as possible, and that, i think is quite reasonable. so the bank of japan, too, aims at achieving a 2% price target. rishaad: much more ahead as we revisit the top interviews from bloomberg's asia coverage in 2017. up next, bloomberg editor in chief john mickelthwait talks with wang jianlin in davos. and later in, more conversations with ceos. years, i feel 3 financial risk is risky at this time. ris

no move in frankfurt the european central bank has left its benchmark re financing rate at a historic low of zero percent that's this by policymakers demanding the bank's president mario draghi increase rates to match an ongoing recovery there are zone economy europe's biggest economy germany is set to grow around two and a half percent next year according to leading economists the euro area as a whole is also up but that's just not enough for now you know druggy he is once again defying critics once again he's holding rates low and continuing the asset purchasing program that's because well druggy credits the e.c.b. with keeping the eurozone on the right economic course there's still plenty of work to be done. our monetary policy decisions have preserved the very favorable for announcing conditions there are still needed for seeing the return of inflation rates towards levels that are below but close to two percent the incoming information including our stuff projections or new stuff projections indicates a strong piece of economic expansion and a significant improvement in the growt

the european central bank has lifted its growth forecasts for the eurozone economy.ance of 2.2%. the bank also kept its main interest rate at zero and confirmed it will cut the amount it's pumping into the economy from e60bn to e30bn a month in january. israel's teva pharmaceutical industries says it's cutting 111,000 jobs worldwide, or 25% of its total workforce. the world's largest generic medicines maker is struggling with debt and rising competition. and now, what's trending in the business news this morning. quartz reports on the legal backlash after us regulators scrapped net neutrality rules. the first lawsuit to save net neutrality was announced minutes after the fcc voted to repeal it. wired asks: are streaming services like netflix and amazon in trouble — following the fox disney mega deal? it discusses disney's plans for a streaming service that's cheaper than netflix with far more content and bloomberg reports that airbus ceo tom enders plans to step down in 2019 amid a wider management reshuffle and don't forget — let's us know what you are spotting onli

central bank. they open the currency to further speculation and possible bollocks only -- volatility. investors are looking ahead to meetings of the european central bank and the u.s. federal reserve later in the week. hsbc bank is leading the way. the dax down .1% area is just under flatline. monday is the third climate finance day. leaders and officials are meeting at the french finance ministry to globalize the french financial system. to tomorrow.y up day,ore on world finance we are joined in the studio by brett fleischman. thank you for coming in. setnd us what goals were and where are we now? brett: thank you for having me. the big finance was a mechanism to help the global selloff, reduce emissions, adapt costs. it was the green climate find. it set a goal of $100 billion a year by 2020. that fund is about 10% funded. there are issues. the u.s. as you know committed $3 billion. was delivered by the obama administration. trop stepped in and the rest is history. brian: they are shifting to a clean energy system. where does that figure come from? how much is public, how much is private? brett: the number we most vocus on from a grassro

try using dawn beyond the sink. >>> the european central bank is widely expected to hold steady on rate hikes when it meets today. mario draghi is likely to argue that eurozone growth continues to require ultra low rates ecb watchers will be looking out for signals from the ecb of an end to the asset purchase program, and a gradual end to quantitative easing. asset purchases were cut in half at the ecb's last meeting. speaking exclusively to cnbc, jeffrey gundlach says he doesn't see rates rising any time soon >> the real worry from the central bank activity would be forward about a year mr. draghi has said astonishly that they will continue 30 billion euros per month of quantitative easing at least until september, and threw in, to put a cherry on top of the cake of stimulus, and negative rates well past the end of quantitative easing. sounds to me you'll have negative rates as long has mr. draghi is around which is another two years. >> let get out to annette for more many are trying to figure out what 2018 will hold for the ecb. already we know the bond purchases will be trimmed in h

and mario draghi the new and departing directors of the european central bank sent a secret letter. exposed by the. newspaper. they remind him of the basic measures expected of italy. structural reform favoring competition and italian bonds including the full liberalization of local public services through large scale privatization. that secret lesser cost quite a backlash because the e.c.b. has no institutional jurisdiction to enforce policy making in an e.u. member state. it was judgment the judgment of the e.c.b. . it was necessary in this absolutely dramatic circumstances where forty percent of the g.d.p. of the euro was under attack one of. the berlusconi government implemented many of the measures proposed in that letter while at the same time secretly trying to introduce provisions to private eyes water thank the proposal that italians had rejected in the referendum. cool. intervened and said no you cannot remain should use. legal provisions to be repealed as a result of. this calls the european commissioner olli rehn to write to mr berlusconi again asking for clarification.

upwards now you might be asking why europeans haven't implemented similar monetary policy to the u.s. but one of the main reasons is that their respective central bank structures are just too different so the e.c.b. is a european union institution in which euro zone member countries have voting rights the u.s. federal reserve on the other hand is regulated by u.s. law but it's owned by private banks the fed structure is rather tricky to fathom and its governors and chat person all chosen by the country's president now they see these prime objective is to maintain a price stability says trying to keep inflation at below two percent a year the fed doesn't have those obligations its job is to prevent financial crises however it does also want to hold inflation at around two percent now the e.c.b. doesn't take the job market into account when making policy but the fed always employment data closely now is supposed to ensure something called full employment which it defines as no more than six percent of employable americans without a job. now the meeting of the world trade organization in one his ideas has ended in discord a three day summit of world tr

government authorities and the bank of japan and of course to my mind the three now is the european central bank. these raids in europe are extraordinary. i observe interest rates for a living. we all have to have some job. i thought i had seen it all. there's something called telecom, which as you might surmise that the telecom business and it has speculative grade that to be sure of, but still junk and outstanding for the year 2022 123 and meals, not quite investment grade securities are less than 1%. 0% is the way you begin to describe, but bear in mind the rate of inflation which doesn't explain why your 2%. so the yields are less than the expected rate of inflation in central banks to impose in the gives you no question against the credit risk inherent in a low rate of security. these are purely uneconomic yield and they are the world is so europe is 3000 miles of salt water away. however, through the agency of arbitrage and that these rates are to a degree everyone's rate. so they really feel great. so it's fabulous. maria bartiromo come you should know she is an author as well as a tv per

remember, the european central bank, like the bank of england, has a target of 2%, it's the oppositeo sense —— the president of the eu no sense —— the president of the central bank will try and give this a notch. 0n thursday we get the revised third—quarterfigures in thursday we get the revised third—quarter figures in the thursday we get the revised third—quarterfigures in the us. that's how the markets are looking. let's go over to wall street. everybody is waiting for president trump to sign the republican tax reform bill. it's his first major economic victory since taking office. companies are looking forward to a christmas gift in the shape of a big reduction in corporate tax rate. figures will also show how many construction rejects were started in november and they are expected to be a little lower than in october. sales of new homes are likely to have slowed but there might be some good news, consumer spending numbers are expected to have risen, and companies releasing earnings this week are package delivery firm fedex as well as nike. joining us is simon derrick, chief marke