they have seats in the eu, european parliament, and i'm fairly sure they will have seats here in the tional parliament in september. >> as i was coming to this broadcast walking to the island, there is a mass protest of what are called your anti-racist. hundreds of them protesting the the party of swedes. can you explain what the swedish party is? >> the swedish party are not in parliament, but it is a massive party. -- nazi party. no discussion about it. they want to throw immigrants from sweden. they don't even believe in the democratic system, but they are taking part in the elections. they are the swedish democrats. there are ready in parliament. they are not nazi, but they're racist. first we of the swedish democrats and now we have -- i am ashamed of them. >> the swedish party also allied with the swedish resistance movement. explain who they are. >> that is the violent part of the nazi movement here in sweden. they have attacked several people just this year. almost killed one person on march 8. now taking part in combat in ukraine with fascist groups in ukraine. >> explain. in

martin scholz as head of the european parliament. he lost in european elections, but was returned to his post by european deputies. >> now he faces a tough task of uniting an increasingly factitious group of lawmakers. parliamentary elections in may saw the rise of the far right and eurosceptic parties who want to dismantle business as usual in brussels. >> the first session of european parliament was marked by a symbolic show of dissent. eurosceptic mep's turned their backs as the european anthem was played during the opening ceremony. many were angry at what they called a done deal -- the reelection of the parliament's president. the socialist is the first mep to fill the post for a second consecutive term. >> nobody in the european union can ignore this parliament. this unique institution. either on the national level or on the european level. we are a source of democratic legitimacy in europe. >> three political groupings in the european parliament put forward their own candidates, including the far left. >> we want to make the po

well i have to say in the european parliament discussions it's going to be. trade investment and trade partnership it now appears to. be toxic in. any way. that the. free trade agreement between the european union and the united states. the u.s. is going to respond. i don't know i. would. that would take. some kind of agreement. on lest we forget of course germany is. why is it being spied on therefore. it appears. maybe they should. play. protection but similar. they want to. protect our communications in a way that would make it very difficult for the american so we either need to have our own secure communications or some agreement with the americans to cease and desist from a doing at the moment we've been getting a lot of reaction on this the experts here in r t tell us that american intelligence agencies are basically. there for is it actually possible to break free of washington's influence there speer. in the immediate future probably don't but certainly. if you want to european security space. create communications. with the americans from continuing

juncker, that the european parliament is really effective armament for the european union. s he agree with me that we must assert our national parliament and it must avail and therefore he is completely right in what he did this weekend? >> my honorable friend makes an important point. there are those in europe that say the only democratic legitimacy in europe is the european parliament and somehow the parliament is the essence of democracy. this is completely wrong. it consists of president to have a much bigger democratic mandate been the european parliament. if there is another such election like this, you could have a candidate for the commission presidency that was deeply against the interest of other member states. perhaps a candidate who did not believe the baltic states belonged in the european union. that is why the principles at stake are so important. >> initially, sweden, poland and italy expressed reservations about the appointment of mr. juncker. what does the president -- what is the prime minister think is needed to change their mind ? >> all of these countri

european parliament president has been reelected in strasbourg. the german social democrat was voted in during the first session of the eu parliament since elections in may. our european affairs editor joins us from the eu parliament building. this -- first, does this reelection, smudges of touch, as much of a surprise -- does this reelection come as much of a surprise? >> i wouldn't call it a surprise but it is a clear-cut victory. this in the first round of votes. heis important to say that becomes the first president in parliament's history to secure a second consecutive term. the result ofy the center-right and the centerleft. the center-right european people's party agreed to endorse martin schultz, providing that the centerleft would support the nomination -- support a different nomination. that will take place in a 2 weeks time. and it looks like he will indeed be elected by the european parliament. this is where we stand today here in strasbourg. >> this is the first day in parliament for the many anti-eu mp's who were voted in may. how voc

as you know, there is a grand coalition within the european parliament. basically the center-right has scholz,o endorse martin who is a socialist, in exchange for the support of the centerleft when it will come to vote for juncker for the european council. a bit of horse trading, but that is often the rule. >> thank you very much indeed. thank you for bringing us up to speed. some world cup updates, all eyes big evening in france, two clashes, argentina and .witzerland the score 1-02 argentina. some delighted argentine fans. -- later on,lgium belgium will take on the united states battling it out for a spot in the quarterfinals. isn leave the -- dan levy standing by. argentina now through to the quarterfinals. yes, that is what everybody would have expected. they would not have anticipated how difficult it would be. threeid really require group games. he basically scored the crucial goals in all of those matches. goals,have a hand in the scored by a rival of his during the spanish league season. messi with a brilliant run. breaking of the swiss heart and

the trust of european voters, who opted in much larger numbers this time for eurosceptic parties. that has changed the makeup for the -- of the parliament theireptic mp's turned backs as the european anthem was played. ♪ hundreds of thousands of protesters marched through the streets of hong kong on tuesday to call for greater democracy. annual july 1 rally marks hong kong's return to china in 1997. the year's march was one of biggest ever. discontent in hong kong is at its highest level in years after beijing insists it will have the last say over who can run for election in 2017 as the city's next leader. >> ukrainian president petro poroshenko appointed a new defense minister and the new army chief on wednesday. a military shakeup designed to make the ukrainian army more effective as it stepped up its offensive against pro-russian separatists in the east. but diplomatic efforts continue to focus on bringing an end to the fighting, which, for many in eastern ukraine, can't come soon enough. in this city, residents say the resumption of fighting this week was more than they could bear. are pension hasn't been paid for three months. no

addresses the european parliament today, the first time since the elections in may. uld discuss the central bank so-called key program, denying to semantic european economy. a bloomberg survey shows economist forecasts he measures will hand thanks more than 700 billion euros in funding. israel shot down a drone flying from gaza this morning. its assault on rocket firing its seventhtered day. about 170 palestinians have been killed. will rise toat medically if israel goes for a ground invasion. -- rise dramatically if israel goes for a ground invasion. russia and germany are calling for new crisis talks on ukraine. in a meeting yesterday, president vladimir putin and chancellor angela merkel agreed they should meet as soon as possible to secure a cease-fire in ukraine. clashes between the nations government and pro-russian rebels have intensified since president poroshenko called off a cease-fire at the beginning of the month. global headlines. let's get to global markets. start at the week across some of the major benchmarks. concerns last to over some of the portugue

ecb president mario draghi will be addressing european parliament were he will likely announce another trillion dollars in support for european banks. just last week he said the european balance sheet likely to go up another 50%. there is plenty of sugar over there. >> the portuguese news continues to devolve. >> plenty of hope right now. here in u.s., no economic data but we should mention janet yellen will be addressing congress tomorrow. earnings today, 8:00, citigroup. scarlet will be all over that. >> we know second quarter trading revenue will probably be around 20% to 25% down. potential settlement with doj. >> $7 billion? >> that is the number circulating. >> two separate events. items of note, watch out midwest, there's a polar cortex coming your way. 40 degree temperatures at night, 60's in the day. >> 70 here, maybe. >> tom, you're looking very serious. trying to figure out which scarf to wear with your bow tie? >> there goes the gdp numbers. >> sorry. is how stupid this game is. >> we should point out, bastille day in france. their equivalent of july 4. >> let's get a data

the members of the european parliament will either confirm jean-claude juncker at the next president of the european commission or reject him. look at the figures. jean-claude juncker needs the backings of half the number of seats plus one, a simple majority. in theory, jean-claude juncker can rely on the support of the largest groups in the european socialist, and the and democrats. there are some rebels within these groups. that includes the british labor. they do not seem to like jean-claude juncker. he will rely on the support of other groups. the liberals, the fourth largest group in the parliament. i think he should get a majority. i think he will get the majority, but voting is by secret ballot. one last thing. when he addressed the assembly, jean-claude juncker call for an investment plan for europe, a sign he is trying to woo the centerleft. >> what would be his toughest challenge? >> the heads in state will meet in brussels to discuss further appointments. that includes a replacement for the top diplomatic chief, and replacement for the president of the european council. con

everyone expected shulz has been re-elected in the european parliament. you up to date. >>> we move to the iraqi parliament. the first session has been adjourned after the first step to forming a unified government. the government is undermined by the ongoing huge crisis engulfing iraq with militants have declared a counter fate. i spoke to our correspondent in baghdad earlier and asked how any kind of government could be formed with a country in such crisis. >> yes, of course, this is happening, an ongoing crisis and chaos if you like. but it was the push of the religious authorities in iraq that made this happen. i mean the parliament session two months after the election. then the constitutional time lines. but now the iraqis are trying to reach some kind of agreement to elect the speaker of parliament then president for their republic and prime minister of course. they have weeks to do that. they have to kick off the process of forming a government under circumstances. >> do we have any potential names as to who could be the prime minister? >> well as

. >> now the european parliament gave the former prime minister of luxembourg its backing to become president of the european commission. today's vote secures jean-claude juncker a five-year term. pretty an and hungary objected to his candidacy, but the other embers gave him their full support. young is vowing to breathe new life into the european economy. meanwhile, the british prime minister, david cameron announced his more sweeping cap net shake up since he took over. in an unexpected development, william hagan has been replaced by the former defense minister, hilip hammond. analysts say this movement will help counter the influence of the anti-e.u. party. we are joined by a professor of application, who joins us from birmingham in the u.k. thank you for speaking to us. the opposition labor party is calling this a massacre of the moderate. what sort of signal does this reshuffle, in particular with the appointment of philip hammond send to us here in europe? >> well, in your report you touched upon several of the things that are most important. there are three. the first is that we are 10

-- she used to be a justice minister under nicolas sarkozy and is currently a member of the european parliamentthe ump paid her phone bill. it came up to 10,000 euros for one year, 833 euros a month. she had the worst -- obviously has a worse phone plan than i do. >> we will leave it there for today. the look at the international press this morning. thank you very much. looking a great deal at last night's humiliating defeat for brazil. we will have a look at sports news today. bigok ahead to tonight's match, which will determine who germany will see in the finals. >> world cup hosts brazil were left to a shock after their record defeat against germany, 7-1. silva, brazilr and leaked five goals in the first half. to add insult to injury, one of them made a player the record world cup score. -- scorer. more german to two goals was no consolation. >> it was raining heavily. theeemed to rain goals in first half. a complete capitulation by the brazilian side. we did say before the game there might be problems defensively, but no one envisaged the way they just collapsed. in the end, they were handi

ny ofis what men me -- ma the members of the european parliament has suggested.tates once again the way. they have nowhere near as much exposure as europe does to russia. >> he said he would consider not selling the second one. we have a an interesting story at bloomberg today. it might even be too late to cancel the sale of the second one. according to a person with knowledge of the contract. the storyn is saying about a second ship is not so different to the first. the second is 75% built. they are all finished. if it is a case of whether this is too far along, contractually, to turn around. this person from anywhere telling bloomberg it might be too late -- youhe point of sanctions is -- you have certain rules. legal need ironclad arguments to make sections stick. you need to wait for the investigation into the crash decisions on sanctions could be made. >> could take months or years. but that story to the site. and talk about another of our top headlines. the that toll in the fighting between hamas and israel. diplomats are still trying to organize a cease-fi

independence party have not exactly given the warmest the welcomes to a new session of the european parliament headed by leader nigel farage they turn their backs on the orchestra to started to play them to mark the beginning of the session it was part of a way to express their protest against policies along with the reelection of the parliament's president they claim returning german socialist martin schultz to the post was a quote. even before the focus. of the news this hour but up next because i'll be martin is breaking the set once again. as a new physician i swear to abide by the hippocratic oath. to the best of my ability and judgment. i will prescribe for the good of my patients. i will not give deadly doses to anybody. or advise of those to do so. i will never do harm to the. doctors of the dogs on. war is probably the most complex of all human activity. all of us are still locked up. in the phenomenon of friendly fire probably extends back to the invention of gunpowder. just killed a bunch of people you know don't know if they're on the premises there are of us people. right now read

stated that the case has shaken confidence in the united states and the german member of the european parliament called the incident deeply shocking which caused a deep loss of trust that this isn't the first time that american intelligence has been called snooping on its allies let's take a look back at the scandal now the full scale of the snooping came to light last june the agency accessed up to a half a billion german data connections every month and a month later it was real that german intelligence cooperated with the n.s.a. using the agency's infamous x. keyscore software and in october an international scandal erupted as it was revealed on the cell phone of the german chancellor angela merkel have been tapped at the end of the yab it becomes clear that the british intelligence agency was also dropping on german targets in february this year german media reported the n.s.a. had to the then chancellor shooters phone calls in the run up to his two thousand and three us led invasion of iraq often publishes william and hall believes that the us isn't going to stop spying on its allies any ti

president addresses the european parliament for the first time since elections were held in may. what are they going to do with it? that's the big question. and a person with direct knowledge of the matter. the deal may include a payment for the justice department. the u.s. justice department is said to be busy. reports some times traders have been offered immunity in exchange for information about their superiors. we are going to the air show. and the winter should be on the ground. we are disappointed. >> where is the top gun? >> and i will bring us up to speed. will bring us up to speed. >> i hate to wind you. what is not disappointing is the news we have already seen. we were talking about how it is possible they're going to announce a new variety of a 20-year-old aircraft from airbus. we have had confirmation of that. choices going to be rolls-royce, something our next guest will be pleased about. everett. d by paul thank you very much for joining us. you are pretty pleased they have chosen rolls-royce engine. >> that is fantastic. we are having a reasonably successful time.

watching us spies being exposed on a weekly basis a degrading spectacle on a member of the european parliament sees germany is being treated as if it was america's worst enemy this certainly isn't the first n.s.a. scandal berlin's being involved in let's take a look back at the previous ones. the full scale of the snooping came to light in june last year the agency was shown to have accepted off to huff a billion german data connection to every month a month later it was revealed that german intelligence cooperated with the n.s.a. using the agency's internet monitoring software then in october an international scandal erupted as it was revealed the cell phone of chancellor angela merkel had been top of the end of the year it became clear that the british intelligence agency was also eavesdropping on german targets and in february this year it was reported the n.s.a. a top then chancellor gerhard schroeder's phone calls in the run up to the two thousand and three u.s. led invasion of iraq now let's get more on this from know to have a commentator on international affairs thanks for joining us t

we need to ensure that certain laws are put in place that can stop that and i hope that the european parliament after all the evidence is taken of the last year will reintroduce the recommendations that were put to it in two thousand and one after the echelon scandal which will build a separate infrastructure for europe which will ensure that we can use open source software and wean ourselves of this dependency on u.s. corporate software so i think this is a great opportunity i just hope the germans will seize it you mentioned dependency and it's very interesting actually because it's not as a governor and in germany which is frustrated by people as well as we can so take a look at some figures you'll see that a recent poll actually showed that around half of the germans want to see their country become less dependent on the u.s. do you think that this is all you learned through the spying claims. i think this is been a huge spur to this impetus i mean many many people in the tech community in europe we've been saying this for decades the free software foundation for example if we advocate that

you know the rise of those parties that will be represented in the next european parliament listen again those have been a difficult five years for the opinion and we have lost a lot of. our growth has been actual as the minus. but it's not been because of the launch month there's been because of the global financial crisis if a notch month has brought the growth of the g.d.p. also in the old member states and this being always the engine of economic development that's never been a part of the problem and i accept that some for some for police forces and extremist forces in europe the launch mentor says he's a target but the figures and the facts speaks very clearly here well mr fuller it's an old rhetorical trick to call people who disagree with you a populist or extremist well i think everybody's entitled to his or her own opinion now speaking about the growth according to the european commission website wait wait wait wait no no i'm sorry i'm sorry i don't i'm sure i don't accept your argument that i called those who do not agree was municipal police i didn't say that there are many p

watching us spies been exposed on a weekly basis a degree writing spectacle and a member of the european parliament says germany is being treated as if it was america's worst enemy well this certainly isn't the first n.s.a. scandal berlin has been involved in let's go over here and take a look at the other scandals that we've seen in the past for example the full scale of the snooping first came to light last june the agency was shown to have accessed up to half a billion german data connections every single month then a month later it was revealed germany's intelligence cooperated with the n.s.a. using the agency's infamous x. keyscore software in october an international scandal erupted as it was revealed the cell phone of chancellor angela merkel had been tapped as peter all over just told us and then at the end of the year it became clear that the british intelligence agency was also eavesdropping on german targets and that in february this year it was reports of the n.s.a. had tapped the chancellor gerard schroeder's phone calls as one that was in the run up to the two thousand and three us le

independence party have not exactly given the warmest of welcomes to a new session of the european parliament headed by leader nigel farage they turn their backs on the orchestra started to play the e.u. anthem to mark the beginning of the session it was part of a way to express their protest against policies along with the reelection of the parliament's president they claimed returning german socialist martin schultz to the post was a don't deal even before the vote. after the break an eye opening report on the work of doctors involved in the torture of detainees to stay with r t international. have you ever heard the expression pleasantly surprised well that is how i felt when i heard that the supreme court of the united states had ruled the digital information on cell phones of arrest of people cannot be seized without a warrant finally the american people catch a break in a court decision this ruling is linked to the two cases in which the police used information on a suspect telephone to press for further charges against them i think this is the most important aspect of this decision is

stated that the case has shaken confidence in the united states and a german member of the european parliament called the end. deeply shocking which caused a deep loss of trust well this isn't the first time that american intelligence has been called snooping on a. look back at the scandals about we've seen and the last couple of years the full scale of the snooping came to light blasting the agency access up to half a billion german data connections every single month then a month later it was revealed that germany intelligence cooperated with the n.s.a. using the agency's infamous x. keyscore software now in october and it's a national scandal erupted as it was revealed the cell phone of the german chancellor angela merkel had been tapped as well at the end of the year it becomes clear that the british intelligence agency was also eavesdropping on german targets that in february this year german media reports of the n.s.a. had tapped the then chancellor gerard those phone calls in the run up to the two thousand and three invasion of iraq the german and american security systems are so interw

what's in us spies been exposed on the with basis of degrading spectacle and a member of the european parliament says germany is being treated as if it was america's of course and the me well this is certainly isn't the first and the same scandal berlin's been involved in actually if we take a look back at the previous ones and see here the full scale of the snooping first came to light last june the agency was sounds out access up to half a billion german data connections every single month and months later it was revealed that germany's intelligence corporates had with the n.s.a. using the agency's infamous x. keyscore software that. an international scandal erupted as it was revealed the cell phone of chancellor angela merkel had been tapped as well at the end of the year it became clear that the british intelligence agency was also eavesdropping on german targets and in february this year it was reports that the n.s.a. has happened chancellor geraci phone calls and of on up to the two thousand and three u.s. led invasion of iraq well one american investigative journalist told r.t. the revela

the worst day in all the year i think about more than three hundred came up in front of the european parliament so i think quickly based on the experiences that we have with. aggression against gaza people are ready to come to the streets and to protest and to show solidarity with the palestinian people who are a victim of this aggression yeah that's the people but what about western governments do you think they're ready to react in any active way so far we've only heard words . that's what's the key thing of you took concerning his words and not having to have it to do something. they deplored the victims at cetera but for us it's clear that finally has to take a stand i. think they have the power to do something to. give some sanctions against israel that can hurt them. but sure the people will have to pressure them they will not do with themselves the figures themselves are quite staggering we've seen some five hundred children dying gal's as a result of israel's past military operations do you believe the west actually knows what is going on to the young in this region. i'm sure they know

independence party have not exactly given the warmest of welcomes to the new session of the european parliament headed by nigel raj they turned their backs on the right as it started to pay the e.u. and them to mark the beginning of the session as part of a way to express their protests against a new policies along with their rejection of the parliament's president and they claim returning german socialist modern shills to the post was a quote done that deal even before the vote. romania millions of acres a fertile land but a huge bulk of it stands on use now the government's failing to draw enough domestic investment so is now selling it off to foreigners you get a piece going up explains what this means for local farmers. from dusk till dawn for uganda and her family farming isn't just a business it's their entire life. we have different types of animals here and also grow crops to get everything from this land both our food and things we're trying to sell in the millage. but typical story for millions of romanians so heavily depend on agriculture different types of crops and farms are seen e

mario draghi has appeared before the european parliament.mors that he was getting ready to step down as head of the central bank. ecb.will stay at the all the rumors of a contrary coming from some interested parties perhaps are unfounded. >> let's get back to the farnborough air show. airbus dominated the first day with $21 billion in sales. the deals give airbus an early lead. rollings tally coming in at about $7.7 billion. could going fight back with more deal announcements today? expecting what are we from day two of the show, anna? >> we are expecting that boeing might have a bit of a fight back today. it could be leasing companies that we need to watch out for. day one really did go to airbus. with the headlines from airbus was the launch of the 8330 neo- making a a330neo, more energy-efficient. today we are looking out for the leasing companies in terms of bowling for sure. people familiar with the situation is saying that we need to watch out for these leasing businesses, in particular air lease and boc aviation. are we going to see b

but there is also the european parliament and often times the european commission has a good idea, a solid proposal, but it becomes amended so heavily in the european parliament that not much is left of it. >> absolutely, it's not acti actionable. i want that. >>> now, in corporate news, volkswagen has denied reports it's eyeing a bid for u.s. truckmaker paccar. the head of daimler's truck division made comments late wednesday, saying multiple sources have said volkswagen will make the move next year. shares are trading higher in frankfurt trade. >> now, we are waiting for the uk services pmi data out this morning, the forecast at 58.4 and it's come in at 57.7. so actually, a significant weaker than expectations. expectations are actually a slight pullback, 58.2. just in line with what we've seen in previous months. socgen saying this morning that the expected contraction is to be more in line with what we're seeing in the services secretary either of the uk. but that's significantly weaker right now. we're seeing sterling around 20 pits lower, so a such lower, sterling, as a result

by that, he has caused a lot of criticism. >> with the european elections over, it is time for parliamento reconvene. with all of the pop of the traditional ceremony, the queen came to open the procession. it was a rather gray morning in london. the ceremony can be traced back to the 14th century. this year, there was a modern touch. the queen traveled in the new diamond jubilee coach. once again, the duchess of cornwall us underlying that one day, it will pass to the next generation. a quick last of the trumpets and the queen moves through the royal gallery to the house of lords. the queen and the duke of edinburgh take their places on the throne. people always remember, the slamming of the door in his face, a symbol of independence of mp's. times andknocks three is finally let in. as usual, there is a very audible heckle from dennis skinner. >> demands the honorable house attends her majesty immediately in the house of peers. >> coalition's last stand. >> and the walk from the comments to the lords with rival politicians engaging in polite conversations. funnel into the lords and the qu

let's watch and hear how he was received when speaking earlier in the european parliament about the currency translator: let's be proud we have created the single currency. it doesn't split europe. it protects europe. >> a mixture of boos and applause there. chris morris, what did you make of it. who were the people booing? >> have a guess. it was british mep's, front nationalal mep. cheers had it in the chamber. that deflects the fact he's going to win election shortly. we're expecting the prediction in a next couple of minutes. there's a bigger euro skeptic element in this parliament more than before. on the center ground, right, left there's a similar approach. in they're prepared to give him a chance. he set out this morning saying he wanted to focus on ten policy areas not on naturally given. there are millions of young unemployed in southern europe. he said jobs and growth has to be number one priority. that's the thing he's judged on most the next five years along with -- although he didn't mention it this morning -- the question of whether they stay in or leave the european union. >>

in the recent elections for the european parliament, nationalists, populists and even xenophobic party ds surprisingly well. the uk independence party beat ute all the established parties. france's national front won handily guess the ruling socialist party. in greece, the quasi-fascist golden dawn won half a million votes, awarding seats in the parliament for the first time. many commentators have described this as a consequence of the dereliction and slow recovery that still afflicts much of europe, but similar voting patterns can be seen in countries like syria, denmark, which are all doing well economically. the parties that do well center their agenda not to economics, but on immigration and culture, on promoting national identity. you can see it not just in europe but around the world. look at prime minister abe and his plan to reinterpret japan's pacifist constitution and remilitarize after 70 years. or putin in russia, erdogan in turkey, xi jinping in china, in all cases assertive nationalism is the core part of the leader's appeal. why is this happening? one explanation is as

in the european union, the european parliament elections in may, sweden was the first country in europe ever to send a militant feminist party to the parliament. and one question is, whether that party will come into the national parliament in september. we also see a very strong green movement. of the second-largest party in european election, which may prestige success for them in september. >> there was a rally here against immigrants, explain. >> with a very small number of hundredants, several anti-racists protested. one can say sweden, like every european country, has a right-wing populist party with an anti-immigrant focus. but sweden also has the strongest antiracist movements in the world. a recent study in march by the european commission found that added -- attitude toward immigrants were more positive in sweden than any other european country. >> sweetness allowing anyone from syria to come here and get political asylum. >> that's right. but it is the only industrialized country to take that stance. even germany, which has been generous to syrian immigrants does not have suc

also we have the honorable sharon bowles of the european parliament. she is the chair of the influential economic and monetary affairs committee which is guiding the european parliament forming consist of votes for the end. we are delighted to have you all here. we are going to start with can find. karen shaw petrou adman willow and with the right honorable -- the honorable sharon bowles who will get to the bush is doing across the pond. >> thank you. i wish i had that cool british accent. that will really be neat when she gets up to speak in words like rubbish and things like that. i love that stuff. i want to take the comptroller. happy birthday, even though you were born in the civil war kind of an auspicious occasion. but nevertheless, wonderful job you and your staff are doing. i want to thank boston university and com. com, thank you for having me here today. i painstakingly wrote out a 15 or 20 -- probably a 20 minute speech that i'm not going to give because i don't like to give speeches. that's not like me. i feel too much like a regulator whe

european union shipping in. see whether they are pressureccept more from the parliament. >> energy policy.k that they will manage to make leeway in natural gas and renewable policy? difficult. in the context of what is happening in ukraine, we don't see a rapid solution to that crisis. at this point, specifically the moment in which the commission is on the way out to make significant inroads in terms of energy policy is very limited. he could try to push for that kind of chapter and story, but i don't think he will be able to achieve much at all. >> stay with us. we would take a short break. >> will come back to "countdown." the budget deficit is a bit of a red herring, isn't it? is the debt level that is the worry in italy, which is the second after greece. 1.9. >> how on earth do you get that at level down? >> that is the mission impossible at this point within the existing rules and everything else. .ou are right the focus on the budget deficit is pointless at this stage. the focus should be on reducing the debt burden and about growth. not much talk about that. there's is an idea that

and the european parliament that we don't quite know what are regulators are saying it needs meetings because the normal course of things in democracy is turned upside down. you normally have the political backers among the regulators. now is that the regulators doing a first amendment comes with comes with some kind of political signoff. for us in europe, that is both stages both in the first stage of legislation and then we can veto the rules if we don't like them. in the u.s. you have the first stage, which is again in congress and then you have the lawyers and the court during the second stage. but there is some kind of signoff of what is done. i'm not sure that this is complete so it's a little bit earlier political engagement, especially when you're into new areas it's going to work. i will have another poke at things from a bit dissatisfied with. i'm not dissatisfied. i've got a lot of respect for central banks, but they are not immune. at the moment, they are the one in the majority on all of the financial stability board. they don't have the full range of expertise across all

the things that frankly for people here in congress, you ought to be thinking about, is the european parliament comes over here all the time. they constantly are thinking of ways to hurt u.s. companies putting them into law and saying, we're doing it to protect privacy and when they come here, they hear nothing from congress to suggest that anything is wrong with the positions that they're taking. congress here needs to be as aggressive about protecting u.s. interests as europeans are about protecting european economic interests. that means taking action to prevent and to specify consequences from any effort to screw around with the safe harbor over this issue, which really has nothing to do with the law of privacy in europe, which the safe harbor already fully vindicates. >> let's say there's an art imitates life and a company decides to become the google braff zill. >> we call it orca. >> to do a sort of check the box exercise? i would like all of my data to avoid a u.s. server, can the zeros and ones really do that? i wonder, there's a certain element of this dialogue we're having which is v

one of the things for frankly people here in congress you ought to be thinking about is the european parliament comes over here all the time. they continue standpointly thinking of ways to hurt u.s. companies. when they come here, they hear nothing to congress to suggest there's anything wrong with the positions that they are taking. congress here needs to be as aggressive about protecting u.s. interests as the europeans are about protecting european economic interests. that means taking actions to prevent and specify consequences from any effort to screw around with the safe harbor over this issue which really has nothing to do with the law of privacy in europe which the safe harbor already fully indicates. >> let's get away from a second and say there's an art imitates life and a company decides to become the google of brazil, is is there an -- >> we call it or cut. >> to do a check the box exercise of i would like all my data to avoid a u.s. server? can the zeros and ones really do that? there's an element of the dialogue we're having which is pragmatic prom a policy perspective, but i don't

. >> that is mario draghi testifying before the european parliament.ove beyondeady to its current efforts? our next guest says the central bank is using smoke and mirrors to put off qe. great to haves you with us. smoke and mirrors from the ecb. >> the biggest thing that he has in his favor is that asset prices have not moved up significantly. as the prices have moved significantly in advance of him doing anything, that works tremendously in his favor because he keeps talking about it. when they do do it, they will expand their balance sheet at some point, they do not have to launch the program from the outset. >> this initiative of targeted lending, we will not be able to get your hands on this money. why would any bank want to buy sovereign bonds? being anvision this as constructive force, targeted lending they will do with the banks? >> they have to focus on the flow. the issue with the balance of payments worked in both directions. faster credit growth in parts of the economy and more ecb easing can weaken the balance of payments. that could lead t