and you'll choose a new president of the parliament and this year by chance the head of the european central bank is that too but here in brussels the plum job is very clearly president of the european commission not only is the commission the only branch that can propose legislation which of course potentially has a huge impact on all $28.00 member states but this person also will decide who gets which dossier so every country will propose a commissioner but then the president of the commission gets to decide who gets to work on trade who will head up the energy. directorate general who will get security who will get stuck with force or fisheries so that will have a huge impact on the future direction of the european union and nobody is going to give up the fight for that job easily now because a lot of power plays in the works there and we'll see how they you know roll out here there's some disunity that we have to mention among european leaders about how the next candidate should be chosen and germany's angela merkel is pushing for a quick decision let's have a listen. we want to find a soluti

who will be the presidenty of the mighty european central bank? we look at some of the candidates. hot java! would you pay 75 dollars for this cup of coffee? yes, 75 dollars. find out why this brew carries such a hefty price tag. a major round ofjobs horse—trading gets under way today at a brussels summit of eu leaders, now the elections for the european parliament are behind them. they'll be considering who should run its top institutions, including, crucially for the markets, the european central bank. the current ecb president italian mario draghi — who famously pledged in 2012 to do "whatever it takes" to save the euro — must leave his post in october when his eight—year term ends. eurozone leaders are likely to converge on a consensus candidate among those with a realistic chance of succeeding him are bank of france governor francois villeroy de galhau, finnish central—bank governor olli rehn, the head of the international monetary fund, christine lagarde and bundesbank presidentjens wiedmann. mr draghi's successor will have a bulging intray. the ecb's key interest rate is cur

institutions and now need to be replaced including the head of the european central bank and other key jobs up for grabs is that of commission president which is currently held by john paul 2 whose turn is due to end on the 31st of october but e.u. leaders disagree who should succeed him and how that count as it should be chosen the german chancellor angela merkel and french president emmanuel mccraw are at odds over these issues get more from brussels bureau chief max often in just a moment 1st though let's take a look at what makes the job of the european commission president so important now the european commission proposes legislation so the president has a powerful role in shaping laws that affect to be entire a u. secondly the commission president appoints the e.u. commissioners with one commission from each member state the president decides who's in charge of what which countries commission is responsible for trade migration energy and so on so let's take a look at the 2 front at the front runners 1st of all germany's money for the vague he is the leading candidate for the larg

and the european central bank releases this financial stability report. for any comments on risk and trade uncertainty, also don't miss my interview with the ecb vice president. in the evening, the ua for europa league final is played in baku. , witha london derby chelsea squaring off against arsenal. anna: let's talk about what is going on in the car industry. ault's chairmann arrives with one goal, convincing them that the tie up with fiat is a go=er. -- the ceo ofe nissan said there may be opportunities. at the very least, it could take pressure off of nissan as it attempts to read -- rejuvenate its business. what does nissan bring to this proposed big global alliance? they have got a few things. one of the biggest would be its imprint in the electric car industry. they have the leaf, the number one selling electric car. it is a very strong brand, globally. and both need that. plus, that a big for electric cars in the technology behind it. thater big advantage is wherever nissan goes, mitsubishi motors is likely to follow. that is the other japanese ca

considering who should run its top institutions, including, crucially for the markets, the european central bankecb president italian mario draghi — who famously pledged in 2012 to do "whatever it takes" to save the euro — must leave his post in october when his eight—year term ends. eurozone leaders are likely to converge on a consensus candidate to replace him as part of a package of eu jobs, balancing nationality, political affiliation and gender. among those with a realistic chance of succeeding him are bank of france governor francois villeroy de galhau, finnish central—bank governor olli rehn, the head of the international monetary fund, christine lagarde and bundesbank presidentjens wiedmann. mr draghi's successor will have a bulging intray. the ecb's key interest rate is currently zero, leaving it little ammunition in the event of a downturn or crisis. i'm nowjoined byjanet mui, an economist, cazenove capital who do you think the markets would favourite to replace the current president. the markets will favour anyone who is in the german bundesbank president, possibly the markets would f

that is the picture across the board right on the back of this european central bank financial stability review lets put out the conversation, i want to bring in a couple of our guests on the show today, the european economist at sp global ratings, and senior investment director at aberdeen standard investments who both join us one of the downside risks posed tr th from this ecb financial stability review is that of growth, saying that there is downside risk to economic growth but that it is going to detract from growth prospects but not fully derail it. i see in your own forecast you've got growth of 1.1% for euro zone this year. i mean, what would be the catalyst for things to start picking up again in your view? >> yeah, so that's a good point. i think what's been happening globally has had an impact on the euro zone growth outlook so we've seen trade slow down significantly. it has had quite an impact on export economies like germany but even italy the hope is that trades globally will kind of stabilize or at least pick up in the second half of this year but of course we still see a

and the european central bank is circulating updated 10200 euro bills from today and your bank notes make use of innovative security features feel look and tilt that's the method to spot them as a brand new satellite hologram showing small your symbols that move around the number they're easier to read for the visually impaired but my friends will be happy about that and you know it's complete the 2nd generation of your. lasting business with a. kick off special. 6 times i'm defeats. european champions championships and the olympic victory the german national soccer team but some of the stuff. i'm told still germany's womenfolk most all so successful. pick up the. w. . what secrets lie behind these moves. find out in an immersive experience and explore fascinating world cultural heritage sites. d.w. world heritage for 60 get the. present europe at its most fascinating at its most exciting. it's most creative colorful glamorous trendy tasteful innovative brilliant charming exciting. and phil is a staple. on t.w. . every journey begins with the 1st step and every language but the 1st w

they would happen name already and move on to the european central bank.y much a political situation. until you get the political hurdles cleared, they do not want to go there. when you see two factions that compete as germany, angela merkel, and emmanuel macron and what he think should be a much more commission president. francine: thanks so much. joining us now is commerzbank global equities economist. a million questions on the back of the ecb and these negative yields. what do you think will determine how the market functions? is it who the next ecb president is or negative yields? >> i think it is negative yields. markets care about a growth economy. the geopolitical environment between the u.s. and china and the fallout of the european elections. what it means for european policy. i think it is something markets are getting the retaliation. francine: what does that mean? does europe need to placate populists but give them room to grow through spending? er: there are a lot of issues at play. ,ith regard to the fiscal rules i think the italians will pu

and the european central bank is circulating updated 10200 euro bills from today and you bank make use of innovative security features. feel look and tilt that's the method to spot them there's a brand new satellite hologram showing small euro symbols that move around the number they're easier to read for the visually impaired but my friends will be happy about that and you know it's complete the 2nd generation of us now from boston business with a. plug . in. kick off special. 6 times undefeated european champions. and i'm limping. to a national soccer team the team inside the sun. i'm told still germany's winning football lists. double. their super shiny many hide themselves away super secretive then you'll have the thing going and going super rich definitely around 20000000000 more like. germany's wealthiest people live why do they keep such a low profile we have a super rich to catch a glimpse of top of the discrete lives of the super rich starts june 10th on c.w. how about taking a few friends who could even take a chance on love. don't expect happy endings. to the church. sleep.

and the european central bank is circulating updated 10200 euro bills from today and your bank notes make use of innovative security features. feel look and tilt that's the method to spot them as a brand new satellite hologram showing small your symbols that move around the number they're easy answer read for the visually impaired and my friends to be happy about that and you know it's complete the 2nd generation of you know for business with it. the 1st coming most of the men door is grand the moment arrives. join her journey back to. freedom. in our interactive documentary during an orang utan returns home on t w don't come to tanks. it's all happening go to visit. your linked to from africa and the world. your link to exceptional stories and discussions pillow and look i'm still to do such a clean program tonight from one gentleman from the news of these events and while i would say d w it comes to africa join us on facebook d w africa. i'm not laughing at the shit i just sometimes am but i stand up in which the german thinks deep into the general culture of looking at the stereot

to the european central bank says italy should obey the rules will face market punishment b.c.b. vice president louise to endorse says that it mean higher borrowing costs for rome that would hurt its economy even more generous spending programs on the italy's populace leaders have created friction in brussels. where investors ditched them in droves last year now cryptocurrency is making a remarkable comeback the value of one bitcoin has surged 125 percent since the beginning of the year this month alone so half those gains pushing it towards the $9000.00 mark it coin was the 1st and is the largest crypto currency and has become the standard for digital currencies that built on a decentralized p.t.p. a network others include life light coin if syria z. cash and dash and big players looking to create their own new digital currencies facebook is looking at a product called global coin or the u.s. bank j.p. morgan has come up with its own j. p. m. point very inventive it well let's talk to tell us how he's from the block chain application platform. so as is bitcoin finally coming of

but also of the council of the parliament and this year by chance also the president of the european central bank but here in brussels the job you really want is president of the european commission not only is the commission the only branch that can propose legislation which of course has a huge impact on all member states but this person the president will decide basically who gets what job for the next 5 years so every country will propose a commission candidate but the president will decide who gets to trade who gets budget who gets energy who gets stuck with taxation or fisheries so that is a really really influential post and that's what everyone wants it and there's going to be a lot of horse trading over this job now there's some disunity amongst european leaders about how the next candidate should be chosen but germany is pushing for a quick decision let's have a listen to what she had to say. we want to find a solution as quickly as possible because the european parliament will meet at the beginning of july and it would of course be desirable there were already proposal of the european

elections the heads of major in you institutions must now be replaced including the head of the european central bank now another key job up for grabs this commission president that post is currently held by a drunkard but his term is due to end on a pope or thirty first e.u. leaders disagree over who should succeed him and how that candidate should be chosen a german chancellor angela merkel and french president in modern mccomb are at odds over this issue. let's take a look at what makes the job of european commission president so important. now the european commission proposes legislation so the president has a powerful role in shaping laws that affect the entire e.u. and the commission president appoints the e.u. commissioners with one commissioner from each member state the president decides who is in charge of what which countries commissioner is responsible for trade and migration and energy and so on well let's take a look at the front runners in this race for the top job there is first germany's month a day by he here is what not him yet but this is from tim amounts we'll look at in a moment

the commission is crucial because it will have to be counterbalanced at the european central bank. if you get a southern european at the commission the idea is you get a much more hawkish boys at the -- hawkish voice at the ecb. david: you said you have to get a commission president before you can decide on the ecb president. what kind of time are we talking about? maria: we understand emmanuel macron has made this clear. he wants to clarify who will be the next commission president and then he can talk about other jobs like the european central bank. what is clear is today it is unlikely we will see any agreement. this will be a long negotiation. we're talking weeks. it could drag on for longer because european officials do not agree on the timeline and do not agree on the names. the concern, when i speak to officials in brussels is we could see a void of power in the european commission. many officials in place will have to be gone. frank you -- thank you very much for reporting from brussels. that is maria tadeo. let's turn back to sarah mcgregor in new york. huawei has made the

and politics as they seek a new president of the european council and a new president of the european central bank that is in there on the red carpet. for one of there on the red carpet. for one of the last times. eu leaders would like to nominate the lucky candidate by the time of their next scheduled meeting in brussels at the end of june, so there should be a month of frantic horse trading. but the european parliament gets to approve the final decision and they think the final decision and they think thejob should go the final decision and they think the job should go to somebody who puts themselves forward for it during the european parliament elections, somebody like various people from the centre—right and the ce ntre—left people from the centre—right and the centre—left or the liberals, or because of the compromises involved maybe it will go to someone com pletely maybe it will go to someone completely different like the chief brexit negotiator michel barnier. one thing is for certain many names will come and go because this is just the start of this process. adam fleming. the various polit

european banking system is dead. it is a zombie banking system and it is being held alive by the european central bank.he 1999 moved to euro currency was a failure. and they can, i can't trade this in order think any investor should try because they can kick this can for decades. the fact is there is no growth in any of europe and there is negative growth in most of europe. maria: by the way, pmi was also negative in japan. the presidency is he working on a free-trade agreement with japan. let's take domestic for a second. how do invest in this uncertainty around china? if it comes the floor will probably pass but we don't know, tell me how your allocating capital. >> i am really recommending to client, it almost unsecure hedging because you are saying, you can get overly pessimistic. and things that warrant caution are, you can't overdo and recently can't get overly optimistic. it's a great time for a more balanced and moderated view. even with strategic allocation which will mean different things to different ambassadors. but we believe that there is plenty of reason to stay long stock market as long

deficit are european investors, and they are not central banks but private sector.ans they have a wider range of assets to buy real estate, equity, whatever, and it has to be in treasury bonds. at the moment what is happening with the treasury market, in terms of the deficit, is supported by investors who might go somewhere else to read in terms of where might they go and why they might go there, for example, look at the european growth, there might be more incentive to reinvest in europe instead of moving it to the u.s. obviously that would take away support for the dollar and the treasury market. a big pickup in european growth, or outside the u.s., would cause problems for the yield going higher and the dollar going lower. manus: does the resolution of trade and cause -- trade angst caused the whipsaw ability out there? laurence: yes, but resolution is a big word. it seems as you get tensions up , it does not seem it is in anyone's interest to call a complete truce and say it is over. it is not like trade belligerence is playing badly in the u.s. politically as f

they will have to clarify who becomes commissioner present before they can focus on the european central bankproblem here is that mario draghi needs to leave the european central bank by the and of october. the question is, does it open the door to perhaps a more aggressive pu.. -- pull. that load is all that we care about, isn't it? maria: that's right. he said he does not like the idea of financial penalties on a country like italy, but this is a story that is very much on the ground, flaring up again. it has to do with the election on sunday. the election by a lot, and that balance of power has really changed the coalition. this, so thees need, is he has a mandate to cut taxes across the board. this is problematic, and we understand a letter will be sent to the italian government to once again clarify their fiscal -- their the ground fiscal stance. on the ground, many italian officials will tell you the rest of the country is losing its voice. the europeanead of parliament told me yesterday -- let's take a quick look. >> if we want to achieve good agreements with european union, it is poss

there will also be top jobs at the european central bank. and also the donald tuskjob.steer the course of the eu's bureaucracy in the next five years and they will be tackling those big issues which we mentioned after your first question. climate change, dealing with issues in iran, and russia, trade with the us, and all of the issues there are about trade deals and tariffs. big, big questions that the eu is going to have to grapple with. migration, climate change, how they steer that direction is going to be very important and crucial will be the character that comes from this, why the leaders have moved in this direction. a power game indeed. thank you very much. the scottish government says its looking at backing a trial ‘universal basic income' of £2,400 — just over $3000. that means everybody — no matter who they are — gets a lump sum every year. the thinking is that it would eliminate the stigma of poverty, and help people afford the bare necessicities. it's already been tried in various countries, including canada. the bbc‘s james cook has been to ontario, to fin

the european central bank is rolling out its new 100 and 200 year old notes, which are more compact and more resistant to tearing. they are now the same size as notes.euro though the -- cash remains the method of choice for the majority of transactions. ofe in france, 2/3 transactions are still carried out with good old-fashioned cash. i always think that the colorful european bills do not look -- it could be the fact that i have never seen a 200 year old bill. genie: i love the bills. thanank you for that, brian qui. do you like dressing up? >> no. genie: listen to this. theersailles, there was fanciest custom party i have ever seen in my life. 630 guests got a chance to pretend they were royal inhabitants. a lot more on the annual event, honoring marianne to annette and fashion. coming up. >> how are you? hawley: bali, indonesia. over 4 million tourists flock here every year chasing sun, surf, and tropical perfection. the hindu island captured indonesia's holiday market decades ago and continues to grow, but it's not a paradise for everyone. almost as well-known as bali's beaches is k

european central bank in frankfurt. they are hoping to counter the narrative that say climate change is a lesser threat than it's made out to be. the focus is on the students hoping to push the climate change agenda. >> as you say this protest movement is certainly gathering steam. you have talked a little bit about what's happening elsewhere in the globe, what else is occurring across the world this friday? >> well, as you mentioned earlier we're expecting up to more than one million young people to get involved. protesting at least 110 countries. that's a huge figure. earlier today we also saw protests in new zealand, australia as well. of course australia taking on importance there given it just recently recorded its hottest summer ever on record. on top of that the recent election of a center right coalition who has made climate hange much less of a priority. the last big focus even coordinated on an international scale, that was in march 15. in the last two months a lot has happened since then. we have seen almost

the eu later this year, so president of the commission replacing jean—claude juncker, the european central bankg some of those horse trading. what was absolutely clear is that they are looking to a future without the uk, the danish prime minister said to me he is going to miss the uk because they were always there defending and talking about deepening the single market, the luxembourg prime minister said he was glad this was a summit when brexit wasn't finally going to be discussed. thank you. the church of england has been strongly criticised for the way it handled allegations of child abuse in the diocese of chichester and the former bishop peter ball. 18 members of the clergy in the area were convicted of offences during a 50—year period. a report by the independent inquiry into child sexual abuse said the church's response had been marked by "secrecy", and its apology "remained unconvincing". 0ur religion editor martin bashir is at the inquiry in central london. tell us more about it. this is a damning report that describes the diocese of chichester‘s response to allegations of child abuse

success soon they also have to find replacements for european council president and chief of the european central bank mario draghi by the end of this year earlier this year the money said he wanted to see a new written a song take place. well if he can reform the way directly elected positions of filled in the e.u. institutions. may be more akin to a revolution. in the u.k. says is facing some hammy issues and getting through the deal will tell you why and those are other stories after this break. what politicians do something if. they put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. you somehow want to. let you go right to be 1st that's what the full story of the morning can't be good . i'm interested in the waters of our. city. welcome back to the program clashes have broken out in several french cities between yellow vest protesters and police in what is the 26th consecutive week of demonstrations across the country. i. look up. to loosen it up each other as a lot. of. i . the rally in paris the sas they got caught in the rain and many could be see

and author of the new paper the gloom of central banking to welcome to the kaiser report. it's nice to be with you i toured the european central bank recently released a fifty five page report called virtual currencies games tell us about it tell us about the gloom behind the e.c.b. report well it's very interesting it got out last week and when you read it it's first seems to be just about you know it could be about any online competition for a for central banks or any other types of currencies but when you read into it there's a hundred and eighty three mentions of the coin and they also mention that they they wrote this reports because they got a lot of questions from the public in the past few months and i mean this has to be because of bitcoin so you know that of course there is the question why why would one of the most powerful financial institutions on the planet why would they bother writing a bit clinical as you could just as well see it as some kind of mathematical puzzle work by give each just send back and forth some bits and bytes over the internet so why do they take this seriously and that caused me to

also have to find replacements for european council president donald to disk and chief of the european central bank mario draghi by the end of this year earlier this year the money will said he wanted to see a new written a song take place in europe well if he can reform the way directly elected positions of filled in the e.u. institutions well the us may be more akin to a revolution peter all of a burly. geo political analyst reiner roth told us he does not believe the so-called lead candidate system has lived up to expectations. in my understanding of some kind of diet or lean lead candidate system is a kind of democracy simulation because of the citizens cannot directly choose which candidate is the best option and who represents best the people's interests so it's a party issue of the parties before hand select their most appropriate what they think is most appropriate how to get and this is quite dysfunctional because even in germany we can see that the german. lead candidate for that you keep e.u. is fighting against german interests just to get votes from for example east european parties wh

also have to find replacements for european council president donald tusk and chief of the european central bank mario draghi by the end of this year earlier this year the money will said he wanted to see a new written a song take place in europe well if he can reform the way directly elected positions are filled in the e.u. institutions well the us may be more akin to a revolution peter all of our r.t. early coming out nice came here diversity in the u.k. says it's facing some hairy issues in getting students through the door we'll tell you why amongst our other stories after this break. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race in this on off and spearing dramatic development that only i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. we have a situation that is very new and that's why. it's like i feel like before the war were 2 people were mourning and there was no end of the school board in order to so that the boy it was treated right after the world. as a med

the president of the european parliament and this year coincidentally the president of the european central bank is also up for a change and so you've got this huge bargaining process going on amongst all the european union leaders and that adds a lot of tension to the process but here in brussels the plum post is definitely president of the european commission this is the most visible job day today this person is in charge of the only branch of the e.u. institutions that can propose legislation so that can potentially have a huge impact on all 28 member governments the other thing this person does is choose who gets which commission so each member state will propose a commission or a commission or candidate and then the president of the commission decides who gets what job so which country which commissioner is going to be in charge of energy which is going to be in charge of trade or culture in sports or the digital economy so that's really a lot of influence and it really charts the direction for the european union over at least the next 5 years and there is some just disunity we have to ment

european commission president come from germany she may have her eyes on the open seat of european central bank that's another of the seats that opens up at the open at the same time right now with the european council president and with the european parliament president and all of these seas are decided in tandem they're all part of a huge bargaining process and no country is going to be able to solidify its power in more than one of these jobs without a lot of negotiation so this is another reason why we are seeing so much jostling so much arguing over how these people are chosen and who it's going to be and as we head into a european union summit tonight we know that chancellor merkel and president mccone are meeting ahead of the summit to try to tee up a franco german compromise but even if they do there are 26 other member countries who are going to want to have their input into how these jobs are chosen there are such important jobs and the positions last for the next 5 years so no one is going to be complacent about who gets these positions are teri schultz in brussels thank you. the aus

success soon they also have to find replacements for european council president and chief of the european central bank mario draghi by the end of this year earlier this year the money will said he wanted to see a new written a song take place in europe well if he can reform the way you know directly elected positions of filled in the e.u. institutions. may be more akin to a revolution peter all over all to early. times most still to come including cambridge university in the u.k. so this facing some hairy issues in getting students through the door we'll tell you why after the break. what is it calling the coin is magic internet a new type of digital currency decentralized digital scarcity chancellor. of 2nd for bankers call the genesis blog for reason calling it civil disobedience a source of optimism because i can control my own financial death any it's just a new way of coming to consensus is a game changer in the human history and this is columbus discovering a new world this paradigm shifting technology that transforms economics and finance in a heartbeat the apollo 11 landing on to the max and s

also have to find replacements for european council president donald to ski and chief of the european central bank mario draghi by the end of this year earlier this year the money will said he wanted to see a new release songs take place in europe well if you can reform the way you directly elected positions are filled with the e.u. institutions well the us may be more akin to a revolution theater all over altie burly. several lawmakers have been injured and one hospitalized after hong kong's legislative assembly descended into chaos the ball was triggered by a meeting on plans changes to the island's extradition policy. the only thing a proposal was announced early this year by the region's probating leader it comes after a case involving a man from hong kong who allegedly killed his pregnant wife while on holiday in taiwan i currently hong kong can't extradite people to jurisdictions with which it has no agreement free speech advocates are concerned that suspects could be sent to face trial in mainland china or thirties however say the change is needed to ensure justice. well there are many thin

council or the european central bank all crucial positions i'm not sure the austrians will have the say they would have expected before this crisis in austria . in brussels thank you know the blue cross thank you. rice and nationalist parties had been predicted to surge to success in european elections but things didn't quite work out that way. france's marine le pen was one of the far right leaders celebrating last night victory over the party president emmanuel mccall was razor thin but hugely symbolic she say's it means things will have to change in france in future. she was a soft cheerleader she believes he can get out of the situation where she finds himself tonight the failure to defeat the his experience you know is within reach and which she will play recklessly with the saying that an image will not work that is not what the french people expect. in britain and to european leader nigel farrar she also said the success of his bags party showed not just that britons want to leave the e.u. but that they also want politics to change fundamentally. but the most significant victory

also have to find replacements for european council president donald tusk and chief of the european central bank mario draghi by the end of this year earlier this year the money will said he wanted to see a new written a song take place in europe well if he can reform the way directly elected positions are filled in the e.u. institutions will vast maybe more akin to a revolution peter all of our r.t. early. geopolitics experts. told us why he believes there is such a rift right now in europe over this whole election process. germany is supporting more. spits and candied doubt process why because of modern political mother of germany is it federer soviet understand bit of a system and all saw must of the. biggest number of m e p's invent national parliament from a national delegation is a german delegation france has a different id because they have not that many. peas in your bed parliament for french people. they are more there is not defeated while moderates much more in nation state more there and they value more. european conceit of the concept of mean eastern and of the european considered