think it is now more important than anything that countries within the european union, in the european economic area in the european economic area, and in this i would like to include the uk, work together to reduce the risk of asymptomatic positive cases that transmit the disease when they travel. and that requires doing testing of pcrs before people go to these destinations. but we have not done this on a european basis. we have come in my view, rushed to fast for re—establishing the flows of tourists without the necessary bio—security measures. tourists without the necessary bio-security measures. you mentioned community transmission and localised hotspots. what other reasons do you think these certain areas have now got coronavirus operates? well, you have to analyse one by one. in the area of tarragona, most of it is attributable to temporary workers that are participating in the harvesting of the fruit. this is a high—risk group that needs be clearly targeted for running some reagent screening, to reduce the risk of transmission. in areas like catalonia, a lot has been associated through the n

what is more important now than anything is the countries within the european union, in the european economic arear to reduce the risk of asymptomatic positive cases that transmit the disease that can travel. and that implies doing some testing of pcrs people travel to their destinations and when they arrive to the destinations. but we have not done this on a european basis. we have, in my view, rushed too fast for reestablishing the tourist flows without the necessary health security measures. you mentioned community transmission in these localised hotspots. what are the reasons, do you think, that these certain areas have now got coronavirus outbreaks? well, you have to analyse one by one. in the area of aragon, particularly in the province of huesca, most of it is attributable to temporary workers that are participating in the harvesting of the fruit. and this is a high—risk group that needs to be clearly targeted for running some screenings, to reduce the risk of transmission. but in areas like catalonia, for instance, a lot has been associated to the nightlife, to the clubs, to the social gat

if we look at european conditions, the economic forecast, there are deeper recessions. forecast at 8.7% for the euro area and for the eu as a whole. gross next 5.8% year. we see that a recession is and it means that we need a ambitious and coordinated response. we took a lot of measures for the immediate crisis response and we see that these measures are bearing fruit. for example, if you look at unemployment rates, those are not as bad as we were fearing. we see the net -- the measures that were taken by the member states to mitigate the risks for the positivity results but now we need to focus on economic recovery and that is important to reach a timely agreement on the eu recovery plan. as you know, the commission has come forward with an ambitious proposal. alix: will it come up as a comprehensive move forward? forward,ards the move i mentioned a number of measures that have been taken already in with of member states necessary flexibility to react with the fiscal rules, prudential rules. measures that have been made to mobilize fiscal and financial support somewhere in the range of 3.4 million euros

european futures makes a little bit, pointing slightly down as we look ahead to the euro area economic data. the s&p 500 and the u.s. closed lower as data showed the economy had the sharpest contraction on record. much worse than the european contractions we are seeing. more than 30% contractions for the u.s.. here in germany, we are looking at 10%. still bad, but not nearly as bad. that is why maybe we see so much euro strength. let's bring in mark. you had a great piece out on all , medium to longer term traders should be long in the euro. you think it is going to 130? >> the big changing moment when was when we got the announcement they would have this recovery fund. they said it was a complete game changer. it was opening up the idea of burden sharing. the biggest change since the fall of the berlin wall. we have had the recovery fund in europe, we have this big divide in the west. it is going to emphasize the dollar thing. we have the whole pandemic where it is largely contained in europe. the uptick is nothing compared to what we are seeing in the u.s., and ongoing deterioration.

friday we will be keeping an eye on the release of european pmi data for signs of a pickup in economic activity. one areais becoming a real risk for europe's economy is unemployment. job cuts are mounting. expensive furlough programs can't last forever. once into the crisis, the outlook is uncertain for companies to commit to spending. and may not all higher back those workers that have been furloughed. we are joined by an economist at schroders. what do you think about the possibility of a jobless recovery in europe? >> the concern with europe was that going into the covid crisis, many of the periphery had quite high unemployment to start with. what europe has done quite well is it has had huge take ups. we see unemployment remain quite low. long can it is, how continue? we think relative to the u.s. the euro zone is doing a good job trying to keep unemployment down. nonetheless, we think unemployment will increase. it will be difficult to get numbers back down again. anna: what kind of peak in unemployment are you expecting to see across europe? >> that does depend on whether europe manages to not have

the world that the european project, both economically and politically, is an extraordinary achievement that i want to protect, i want -- there are always a number of particular areasrms of how decisions are made and how they are implemented that are always going to matter to individual nations. from our point of view the reason this is so important is it creates the inference that we used our national sovereignty to give favorable treatment to a company. that was not the case. i may cause the case and i make that argument in the context of somebody who as a european politician believes in the eu and the sharing of sovereignty. inside that architecture, countries still have roles and responsibility. that is why this hearing was so important. michael: -- tom: thank you so much for joining us this morning. paschal donohoe is the irish finance minister after the extraordinary ruling out of doubling on apple computer. this has been an extra ordinary day. dow up 557.9, the the bid continues. there is no end in sight from the ramp up we have seen this morning. lisa: we are talking about the dollar weakness. the euro has been strengthening and is currently the strongest s

news that leaders of the european union have signed off on an $855 billion aid package to help 27 countries recover economically from the pandemic. >>> let's move to tonight's bay area business watchful employees of linked in might need to work on their net working skills. they are laying off 6% of the work force. that's about 1,000 people. a slowdown in hiring blamed on the pandemic has put pressure on the professional net working company. amazon's prime day has been postponed again and this time there's no future date set. just a promise it will happen sometime later this year. it is the big sales event for the world's largest online retailer. it is because of the pandemic. walmart says it will close all stores on thanksgiving day reversing a decades-long trend. they said in light of the pandemic, it wants employees to get the chance to spend time with their families instead of being at work. >>> coming up next, a nice cool forecast. spencer has a look at the forecast. >>> astronauts are squeezing in one last space walk before the next departure on board the spacex dragon crew capsule. they're upgrading the station's power system. this is fourth space walk in less

area unemployment as a result of the pandemic much less than the u.s. but very significant. >> thank you very much for sharing the report with us jay con, the head of european economics and the chief u.k. economists of morgan stanley just a quick note you can follow us on twitter or tweet me directly on cnbc karen we'll squeeze in a quick break sunday marked the largest one day increase on cases jumping by over 230,000 in just 24 hours. more on the hotspots of driving the surge after this save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. >>> with a total increasing by 230,000 in 24 hours according to the world health organization. they saw the biggest jump in cases. the total number of confirmed infections is nearing the 13 million mark the

areas of concern include china's increasingly asserted to abusive military and economic coercion and state-sponsored disinformation campaigns. including, among others, against india, australia, canada, uk, aussie nonmembers, the european union and several other european countries. at the department of state, both secretary pompeo and i are involved in day-to-day in the full range of policy matters of care and prc. they have launched a number of diplomatic and policy initiatives described in more detail in my written testimony to uphold and defend our interests in areas such as global infrastructure development and telecommunication security. much of what we are doing will serve a global interest under any circumstances the maker actions all the more important we have worked internally with east asia and the pacific along with policy plantings and global engagement center to align internal policymaking focus on our competition with china around the world. as part of a comprehensive approach we are engaged with allies and partners in the g7, g20, when data to highlight the threat not just to the united states interest but the interests of our allies and partners. we are broadening partners across the transatlantic commu

areas of concern include china's increasingly assertive use of military and economic coercion and state sponsored disinformation campaigns. including, among others, against india, australia, canada, the uk, aussie on members, the european union and several other european countries. at the department of state, both secretary pompeo and i are involved day-to-day in the full range of policy matters related to the prc. an issue that touches upon every department of the states work. the department has launched a number of diplomatic and initiatives described in more detail in my written testimony that uphold and defend our interests and those of our friends and allies in areas, such as global infrastructure development, market access and telecommunications security. much of what we are doing with serve our global interests under any circumstances, but the unfortunate trends we see in china make our actions all the more urgent. we have organized internally through the leadership of the secretary of state for east asia and the pacific, along with the directors of policy planning in our global engagement center, to align internal policy making and virtually every single bureau an office in the department. we are likewise organ