since this is really about the euro they want us to make a northern europe and the southern euro zone but in this case what is their advantage for southern countries to continue to have the euro imposed on them it would be better if they reestablish their national currency and adapt the level of the national currency to their economy to boost drivers employment and exports now if jennie wants to keep a euro monks iran that territory that is their responsibility if they see their interests there they're free to do it but we have no interest in integrating a sub-zero structure. so you've also said that you want to defend french interests in the case germany what are those french interests or chairman policies infringing upon. crystal let things be clear i am not to demand of this one make any sense i cannot be mad at germany for defending their interest i simply find that their interests are divergent from ours it is that simple i criticize the french leaders for not defending france's interests and for defending germany's interests for example in the case of the euro we can see that th

why did greece get into the euro? spain get into the euro?u talk to sort of the germans, that was never their intention. never their intention. how did it happen? well, in part it happened because france and germany at that time are representing, if you like, competition versus solidarity. one of my favorite stories about the creation of the euro. it's so emblematic of what happened. just after he got elected to president of france. and he had run on election platform attacking the strong franc. and had this idea that you let inflation run to boost growth. and he came to a summit in italy. and this was the time when it looked as though countries like italy were not going to be in monetary union. and france is anxious about having countries in the monetary union. one, they didn't want to be locked in the deutsche market. but he started attacking the italian prime minister. he said since time in memorial, every springtime, there's a place in the alps between france and italy, and the french alpine farmers raise these beautiful calves, and then

why did greece get into the euro? spain get into the euro? if you talk to sort of the germans, that was never their intention. never their intention. how did it happen? well, in part it happened because france and germany at that time are representing, if you like, competition versus solidarity. one of my favorite stories about the creation of the euro. it's so emblematic of what happened. just after he got elected to president of france. and he had run on election platform attacking the strong franc. and had this idea that you let inflation run to boost growth. and he came to a summit in italy. and this was the time when it looked as though countries like italy were not going to be in monetary union. and france is anxious about having countries in the monetary union. one, they didn't want to be locked in the deutsche market. but he started attacking the italian prime minister. he said since time in memorial, every springtime, there's a place in the alps between france and italy, and the french alpine farmers raise these beautiful calves, and

we can see that the euro was created for and by germany the euro is custom tailored but in a way that fits only germany and not any other country of the european union what would. i want something tailored for me and for this i want a national currency is specially since currency is a part of sovereignty that one currency one country this is the way that ninety five percent of the countries in the world function by the way if tomorrow we go back to our national currencies german marks would be overvalued compared to the euro our new francs would be devalued compared with the euro and went down for benefit and germany would be at a loss currently germany is profiting from the euro since they have a currency which is structurally devalued which gives them a considerable competitive advantage. this european union has fallen under the domination of germany since germany has managed to impose its views on all of the other countries. and to and. from the point of view of the economy of employment of society who have suffered a considerable loss in the last few years and will not continue to

you know, i think what it means negative deposit rates for euro trading is that euro can now be usedre likely to be used as a funding currency. that will be against other g-10 measures. also with u.s. interest rates rising. we saw a pretty good pickup in the ten-year yield this week. and so that also relative yield differential is also making weigh on euro this morning. >> traders are bemoaning the fact that we're not seeing volatility or volume in the fx market. do you think with the ecb meeting and the jobs report tomorrow, that will finally change? >> i think it will. that's what we're looking for. there's not that many events in one year that can trigger volatility and pick up. but i think this is definitely one of them. i also think that as i mentioned last week, last thursday, it looks like the u.s. ten-year yield bottomed which was also a perplexing problem for currency traders. now that that's trending higher, it looks like it will help trade a dollar/yen and euro/dollar lower. we are looking to this event to trigger volatility. >> stay tuned for our live coverage of the ecb

he owes and 6000 300 euros, nine months of work is 9000 euros. the only page 2700. he came here to start collection proceedings. he also registered with the police. he said these people should be held accountable. >> there are 1.2 million immigrants from central and southern europe in germany. there are no statistics on how many of them are exploited or how many came because of false promises. cases every day. >> he is a lawyer. he says most of the problems that they deal with our salary related. people do not receive the renumeration they were promised. they were paid less than minimum wage. that is almost the norm. that thehat is sad is employers are mainly from the same country. >> he wants to fight for his money. any others get up and simply go back home. most cannot afford to get involved in a long legal battle. it shows them where they sleep. in an old junkyard. up there.eople sleep when it rains, they stay down here because the rain comes through the roof. they can only film here in secret. he paid 50 euros a month for his bed. he cannot afford any more. he s

we do play the euro as well because we think a lot of people don't dare to buy the euro and converselyening the euro in the path of least resistance should be up in any term. >> how does the pound fit into your thinking? it's being overshadowed i probably what will happen at the ecb. many are projecting that the boe could raise rates in 2014. what do you think about the trade weighted basis trading near a five-year high? >> people were caught offguard that carney was less dovish and a lot of that was driven by the tailwinds the british economy is following. now in the short term with pricedative sentiment in, we think the euro is the better bed. if you're looking for a volatility play, this is the path that is going to have fewer surprises. in the medium term, yes, the sterling will do well. we are much less optimistic down other people are. >> in the low volatility environment, it is not just .urrencies but stocks and bonds our emerging-market currencies ?till the place to invest the rupee is up this year by 4%. or coulden its gain there be more to come from the likes of india and ind

$.50 -- 22.50 euros.ittle bit of a bump on the news of the pricing. 22.5 euros per share. this is as torture bank 62 -- deutsche bank seeks to boost its capital levels. we are waiting for the ecb decision and mario draghi. it has just not moved very much today. 1.36. that is as everybody anticipates that decision from mario draghi at 12:30 london time. ,nd then just after that, 12:45 1:30, we will hear from the man himself, mario draghi. >> a look at what we are watching. let's get out to guy johnson. awaiting the ecb decision. guy. >> will draghi deliver? we are expecting rate cuts. he give us the wrong this tends ever it that he will do that at the last meeting. then where will we go> ? does he deliver some sort of liquidity options or credit easing? that is probably the central case scenario at the moment. if you want to go to the right of the bell curve, there are other options on the table. will he start talking about some sort of asset purchase program? picking up small or medium-sized loans from th

in a sense that we too are looking for a firm euro after the e.c.b. announcement for a couple reasons one is the markets are incredible but the anticipatory nature since may drag him to be able to do something in june the markets had been discounting that in addition to that what we saw happen with the federal reserve announced q e three back in september of two thousand and twelve they had tipped their hand the market anticipated it to dollar sold off before q e three was announced and then valued afterwards as if the markets were selling the dollar on the rumor and buy on the fact that is the essence what we thought was going to happen with the euro and so far i see the jury's still out that is we haven't really seen a move back towards say one thirty eight and the other hand we haven't gone back to one thirty five so i think that the euro is in a trading range which given the fact they just east policy negative deposit rate i think the euro is still acting fairly resilient. now what about australia or new zealand what other currency areas are you l

it thinks 4 to 5 billion euros. we understand that bouygues thinks it's telecom unit is euros, to 8 billion thank you very analysts think that iliad is right. socgen, credit agricole have all telecom unitygues' and said it is only worth about 5 billion euros. it is a conglomerate. it has huge construction units and general construction as well. 17% of its revenue comes from telecoms. 20% of its business. it is worth 11.5 billion euros as a whole. bouygues as an entirety was worth 5 billion euros in just two years ago. many people are trying to match up the math and wondering how upygues telecom can be worth to 8 billion euros. >> it depends on how big the conglomerate discount is. they could take the business private because they do not think the parts add up to that -- the parts add up. quite at martin was catch, but at that point, you have the cash to take the rest of the business private and realize the volume -- the value. there could be a justification that theluations family think the individual parts are wort

some kind of euro zone bond. this would help break the doom loop between the banks and the government by making it easier for governments to restructure sovereign debt. they can't do that at the moment because the banks are sitting on so much of that debt and by restructuring sovereign debt, they threaten their banks. they need the safe euro zone asset. it's what is implied in a fully -- euro zone unemployment insurance system could form fiscal unit. and, finally and more democratically accountable central bank with a broader mandate. something akin to the mandate of the u.s. fed. so responsibility for price diversion for growth and employment. the problem with everything i've just said is that that requires more, not less, europe. as time goes on, it's becoming harder to make the case for more europe. anyone following the political scene can appreciate that. europe increasingly is now defined by the constraints that it places on governments rather than the opportunities it provides them with to improve the lives

it wants more than that. 8 billionion euros to euros. a fascinating debate. the dell has -- deal has come about because bouygues was trying to get the sfr unit. buyer is aal potential seller trying to sell the unit to iliad. all happening and telecom. m&a. billions of deals announced. 9% year over year. the fastest pace of growth across any of the set is. what is interesting, it is not the only company that bouygues could be talking about. if that isn't early stages. three issues. orange is the biggest player. -- it is in the early stages. whether they can combine number one and three. orange.s of a deal to share costs. a deal to share mobile networks. it is put on ice. we have to remind ourselves for the sudden rush for consolidation. networks. it takes a lot of money to invest what we want our phones faster. you have iliad offering incredible cheap, discount deaks, ation. very difficult situ to invest one need one side. the french minister back in march saying, there needs to be three players in france. the first iranian president to visit turkey. he talked

why did greece get into the euro? spain get into the euro? if you talk to sort of the germans, that was never their intention. never their intention. how did it happen? well, in part it happened because france and germany at that time are representing, if you like, competition versus solidarity. one of my favorite stories about the creation of the euro. it's so emblematic of what happened. just after he got elected to president of france. and he had run on election platform attacking the strong franc. and had this idea that you let inflation run to boost growth. and he came to a summit in italy. and this was the time when it looked as though countries like italy were not going to be in monetary union. and france is anxious about having countries in the monetary union. one, they didn't want to be locked in the deutsche market. but he started attacking the italian prime minister. he said since time in memorial, every springtime, there's a place in the alps between france and italy, and the french alpine farmers raise these beautiful calves, and

not just not euro zone. euro zone, we want it to succeed and support it in any way that we can and we'll need to, and if that means changing the rules of the game and strengthen the euro zone, that's fine by us. but equally, not at least because we are part of it, we want the europe of 28 to succeed too. >> excellent. i must say, very impressive statement of the position. and thank you, peter. that was very, very articulate. and i think that in many ways, many of us hope for a strong european union at the department of the u.s. i mean, that kind of vision, if it works, would be great. just two more things, and then we'll open to the floor. one is the, if anybody wants to say anything about the u.s./eu relationship in a broader context. of course, you mentioned it, but will it be harder? maybe you want to say something about that, or anybody else? and the other thing i wanted to ask is if there was one person that came out hugely successful from these elections, it's the italian prime minister. i mean, the --

japan is offering to inject $3.1 billion euros in cash. in all the japanese partnership is putting seven billion euros in cash on table. that is less than the offer of 12.5 billion euros in cash proposed by general electric for all of alstom's energy brang. promising to create 100 jobs, similar to g.e. the french government wants to have its say. it is a vital company employing 18,000 people in france. the french president is meeting with the c.e.o.'s of the companies on tuesday the fresh state has indicated its preference for the creation of a european energy giant. t the german-japanese bid is seen as cherry picking. >> moving on now. there is enough natural gas in europe to cover the european union's needs, at least for now. that is the message from the european commission following russia's decision to reduce natural gas supplies to ukraine. ussian energy company gas krom said ukraine needed to begin paying. they were negotiating until early monday morning to try to find a solution. the european union gets about 15% of its natural gas

owed him 6300 euros, he says. nine months of work is 9000 euros. they only paid him 2700.e came here to start collection proceedings. he also registered with the police. he said that these people should be held accountable. there are 1.2 million immigrants from central and southern europe in germany. statistics on how many of them are latent or how many came because of false promises, but this aid centers to use new cases every day. he is a lawyer at the center. he says that most of the problems they deal with our salary related, salaries unpaid, people do not receive the renumeration they were promised. they are paid less than minimum wage. that is almost the norm. what is sad is that most are from the same country. they exploit their own countrymen. he wants to fight for his money. many others give up and go back home. most cannot afford to get involved in a long legal battle. cologne, he shows us where he sleeps. an old van in a junkyard. he sleeps here, he says, and a friend sleeps over there. two more people sleep up there. when it rains come in a state on here becaus

it is an apartment in a foreign city, with euro kitchen.that, but we hated the booking process. we had toe place, negotiate the price of the phone, sign the contract, send it by fax. the whole concept was a bummer of an experience. we said let's make it easier to book the apartment and houses. if we do that, many more people would stay that way. $60 million that you have race so far come where do you put it? how scary is it? give us a sense how you have suddenly managed to events all these high stake individuals to give you their cash. how do you spend it wisely, what do you promote the money on? day, it'send of the sort of being intimately convinced your investments make sense. so we have a bunch of metrics that we track. come fromlls consumer, growth, cost of acquisition of new properties, so on and so forth. as soon as those go in the right direction, i have no problem spending the cash. >> you have ambitions to list one day, sell shares? do you know what your valuation is? >> we are not sure because our last round of financing was a bit

the euro is trading up against the dollar, $1.3655. one economy in the eurozone still in need of a major boost is italy. the prime minister promises what he calls to unblock italy, with a series of new reforms designed to boost productivity and investment. >> will he be able to deliver? let's look at some of the challenges he is facing. >> ducati motorbikes from bologna are a much loved and successful brand, but the company is having difficulty. german carmaker audi took ducati over two years ago. now it wants to lower costs and hike sales. that means a seven-day week, but ducati workers and their powerful union are having none of that. they are striking, even the similar policies have turned companies around elsewhere. investors are critical about doing business in italy, citing the country's high production costs and it's high energy costs. they also complain about excessive red tape. the new government wants to drive through major reforms. corporation tax is going down by 10%, and the state says it will start paying suppliers and se

here is the euro back 20 years, stronger euro. i would to just and mr. draghi would dearly like the euro down here at 1.25. >> absolutely. i would certainly make european goods cheaper to the rest of the world. >> it has not happened. >> what daytraders tell me is that because the euro is so strong, there is no inflation. theaois and -- inflation is enemy of currency. they have the opposite. ,> we will focus on this particularly the ramifications for the markets. we have a busy day. we have scoured papers looking at websites. here is the front page with scarlet fu. >> a lot of company news. sprint inching closer to a deal with t-mobile. that is in the works could value t-mobile at almost $40 per share for a total value of 31 billion dollars according to bloomberg and "the wall street journal." an agreement could be announced as early as july. this goes to the idea that the number three and number four players could be a formidable competitor to at&t and verizon. >> that would be the argument that usair and american airlines withthe deal to compete united

billion euros to 5.5 billion euros. bouygues thinks it should be worth way more.is a fantastical amount. conglomerate, it is worth 11.5 billion. sales come from telecom. why should it be worth double that? almost 5 billion euros? chunk of that. the and telecom, a mixing wonder what is happening next. there are rumors going around that maybe the family will want to take the this is private. the fact that some of it does not add up among the valuation. , quitenteresting significant changes. >> the game has changed. if you look at discussions with orange. they have other areas that will isht be seeing if bouygues looking at team you go with the number one player in france. not the number four. it would have regulatory concerns. bouygues is looking to hook up with sfr. they need to invest. and gettingok at 4g better networks and that cost a lot. the most pick are up in m&a this year. >> thank you. caroline hyde. iran and turkey get a deal on gas. see you in a moment. ♪ >> good morning. welcome back. you are watching "on the move." i am guy johnson. let's take a look a

big impact on the euro/dollar during the session. 1.3647. very volatile couple of hours yesterday afternoon. just to remind you, just before the ecb announcement, we were trading around 1.36. we went down to 1.3505 which is a fresh four-month low and rebounded back to 1.3 and now 1.3648 is where we stand. dollar/yen is steady. and sterling just above 1.68. so we're caught between what the ecb did yesterday and looking ahead to the jobs report today. remember, mario draghi made clear that yesterday's action is by no means the end result. >> first question you ask when these press conferences, was it unanimous? this time it was unanimous. i just want to really -- i'm really very grateful to all my colleagues in the governing council. because being able to agree to have yunanimity means an extrem ly unusual degree of consensus. >> the focus switches to the united states, the nonfarm payroll report comes in at 8:30 eastern. they're in the predicting a repeat of the volatility of last month's report. the consensus there for forecast for an increa

the first path is to abandon the euro altogether, to break it up. this would have one useful benefit for the countries of southern europe. they would be able to resume their own national currencies which they could then devalue to help them fund and help them close their budget deficits. the collapse of the euro entirely would have some adverse economic consequences for europe and probably for the rest of the world. no one knows just how great those adverse consequences could be, but they might be enormous, and the europeans have certainly not been interested in finding out. they have made it clear that they will do whatever they can to keep the euro together, to keep it a going concern, to prevent its breakup. their preferred course of action in the face of the euro crisis, the second path, is to establish institutions of political governance in the euro area to help stabilize and steady the currency and the economies that belong to it. one clear lesson of the euro crisis which many people understood before it was formed -- but apparently the europ

played well to try to smooth show thirty five can just bend over fifteen billion euros until she says to each one hundred fifty million degrees with. just to sell from st peter's square to france we travel in search of the song playing. we've got the future covered. it's a. pleasure to have you with us here on t.v. today i'm wrong researcher. welcome to. the show but not say the united kingdom independence party has shocked the british establishment coming first in the here of parliament elections good news for those who want to see the u.k. live the new well the men who founded the party isn't thrilled and is launching a new turn a day of dr allen's get their original hero skeptic a historian turned politician and he is my guest today. european swing to the right is troubling brussels regions of every q. keep is gaining points of total all as another euro skeptic blog is propping up on the horizon this time on the left side of the political mainstream. do they have better answers when will the u.k. see the us territory is a british exit from the e.u. a real possibility. dr alan skat

does the euro pop back up?bernanke was magnificent at being clear around communication in financial crisis and then continue to share his forward guidance and gave you clear indicators of what he was looking at. there's a tendency, when things are bad, to share left, and he shared a lot and helped to rebuild the confidence in the system. and to the degree we are uncertain on whether androgi will deliver is expectations. >> you go back to management. volcker was a change manager. greenspan was a trend manager. bernanke was a crisis manager. looks to us like yellen is going to be a change manager again, if you think about that. the next great change in interest rates, whether or not that happens tomorrow or the next six months or six years, they're going up. volcker had the great pleasure of being able to combine monetary policy with fiscal policy, right? yellen doesn't have that right now. >> right. >> and so from that standpoint, it sure looks like interest rates are going to remain lower than most anticipate f

over fifteen billion euros of poultry says to reach one hundred sixty million degrees we can talk a mark to sell from st petersburg to france we travel in search of the song. knowledge young age we've got the future covered. down in the final. and the rest. will be. a welcome to sophie and co may sophie shevardnadze the united kingdom independence party has shocked the british establishment coming for a standing here of parliament elections good news for those who want to see the u.k. live the new well the one who founded the party isn't thrilled and is launching a new turn a day of dr alan scale at their original hero skeptic a historian turned politician and he's my guest today. european swing to the right is troubling brussels regions maverick you keep is gaining points a total all as another euro skeptic blog is propping up on the horizon this time on the left side of the political mainstream. do they have better answers when will the u.k. see the end of us territory is a british exit from the e.u. a real possibility. dr alan skat founder of the new daily party here a skeptic politic

about half a billion euros. german media reports the bulk comes from severance payments and early retirement packages. 250,000 euros each in compensation. >> now here is really good news. mikel schumaker has come out of his coma. the former formula 1 champion is conscious and has been transferred from a french hospital to one in switzerland. >> details about his condition are minimal. the 45-year-old suffered a traumatic brain injury in a skiing accident half a year ago. >> doctors in this hospital in eastern france have been fighting for shaw macher's life since late december. a rescue helicopter brought the formula 1 champion here unconscious. schumaker had been skiing in the french alps when he fell and slammed his head on a rock, splittingis helmet and sustaining severe injuries. doctors told journalists that a brain hemorrhage and he underwent two emergency surgeries within the first week. public interest was high with fans and friends over the world sending messages of support. outside the hospital the med

at 720 euros a pair.his own shoe. >> as a little kid you want to be the next messi. how do you do that? i want to be that player. >> this is my best friend's son at soccer practice in germany. whether lionels messi wears adidas or nike. wearsf the kids think he adidas. half the kids think he wears nike. adidas. it doesn't matter that they don't know which shoes lionel messi wears. at this age their parents by their cleats. when they are 15 and have their sales will start to matter. until then it's enough that they know who lionel messi is. word cleatse the was mentioned i had to put my finger in her ear. you don't like the word. >> i think it's what you use for climbing mountains. up, more on the latest result when countdown returns. >> aig has promoted the ceo. the company is focusing on growth after the predecessor stabilized the insurer and paid back a government bailout. a new chiefau named executive officer. this comes as the cognac maker works to reverse a slump in earnings. the company last week re

and then the buildup of the euro.nd then agreed on a certain but then ideas coming from randy with the decentralization. with integration but member states agreed the pernod has its limits with the equivalent of u.s. states. but with the intervention with the number one and number two solutions not feasible? of a blade to hear one constructive proposal to have a chance of success to go politically in europe. >> then they will come back. i used to be with the bbc in brussels. of listening which made an interesting game but they were suggesting a hero's own. but in an act of mercy to let police go and others like it. has. >> we have a lot of questions still to come as well. so we will pick and choose those directed to you live be brief so we can go back to get another round. >> remember the bailout issue is not to make life harder. this is about correcting a situation that is unsustainable. the countries have not been bailed out to peg the one dash to pay back their creditors but those banks and lending money. but to pe

and even move euros or yen or swiss francs actually one of the greatest threats and one of the lot of impudence taking seriously would be to order mastercard and visa to just continue their operations in the soviet union then it would that would i would really have a street level it's one thing to kick a big bank out of a big payment system that is crippling but if the average russian you know goes to the store and can use her master card visa that's something that would actually affect putin's popularity so but prudence responded study setting up a zone payment system maybe in five years we'll go back and see that you know russia has its own equivalent master card master card of his are going to be caught in the middle increasingly between this in the struggle yes that is that's very interesting stuff and i'm glad that you bring up the visa master card issue but i want to ask you what about multilateral institutions such as the i.m.f. now doesn't the fact that there are actual vehicles for creditor nations to extract as much payment from debtor nations as possible make them tools of

it is the constraint imposed by the euro. >> and, the value of the euro that they should be focusing on. we have projections around inflation that suggests it will be the primary focus. >> we would like to see a more competitive euro that was trading lower. they may be able to achieve that through a market policy temporarily. i am not convinced. a lower euro would help stimulate growth. >> richard jeffrey of capital management. here is a look at other things we are watching. mario draghi and his decision with the macro and perspectives on in the program. you can follow me on twitter. >> welcome back. here are stocks on the move. we have a big move coming. the stock price is down 36%. the company says that the margin they make at that level on the 6.5%,s is not going to be as they previously thought. it is going to be 4.5% and the tweet to the numbers results in a big decline in the share price today. there is also an online clothing retailer under pressure today. let's move onto geopolitics. no new sanctions for now. the g7 leaders met in brussels and warned russia that they could fa

what's your outlook for the dollar, the euro? does he push down the euro?ar? does the economy improve? >> he'd love to push down the euro. more than anything else. in terms of how the market is set up for tomorrow, positioning is probably reasonably full betting on a decline many the euro. i'm not sure unless he surprises on the upside we'll get the decline in the euro tomorrow. but if one looks out at what's likely to happen, we are easing monetary policy in europe. it's becoming progressively less easy in the united states. that ought to favor a stronger dollar against the euro. >> how are you positioned going into to recall? >> that's a good question, too. i'm out of the way on the euro. i'm long stocks. i'm somewhat short fixed income. >> david, let me ask you a question about being short fixed income. we have maintained the view. i'm the first to reveal i was wrong. the narrative you have outlineded today, was that the same narrative for you at the beginning of the year in your allocation? were you short treasuries in january equal to what you're short

euros and 25 euro which is would value the company up to 1.8 billion euros.trading is expected to happen on the 20th of this month. the 20th of june. let's talk about the markets. let's talk about which strategy should be in place at the moment. joining me now is brian reynolds. a chief market strategist at wosenblatt securities. thanks for getting up to be with us. what should investors be thinking heading into the second half of the year? >> i've been writing to my clients that the action i'm seeing in credit derivatives is the opposite of what we saw in june 2008. back in june of 2008, the credit market was indicating that share prices should be a lot lower. at that time, part of credit market was indicating that lehman was worth zero when it was still in the 20s. now it's the opposite. we're finding that in deal after deal, in the last four months, credit investors have been making money hand over fist. we've been in a credit boom for five years and credit investors are finding out they have not been aggressive enough. and that indicates that share prices

and the euro, it seemed to go to 1.30 to the dollar. it suggests that the ecb risk disappointing the market certainly if it does nothing but also if it takes just a single action. back to you. >> you don't think that's going to happen, a single action? >> no. i think at a minimum, it would take -- you'll see all three. good at a minimum? >> at a minimum, yes. >> so there's a chance they might lay out what they would take to launch full qe then? >> i think they're also probably going to announce something along the lines of how they're going to structure the ab market and try and stimulate the lending profile within the eurozone. as you rightly pointed out, that's one of the key they goin sovereign qe? no. >> are you saying -- are we looking at a restarting ltro plus the equivalent of a lending scheme? >> it's going to be targeted, for sure. that's what they'll try and do. they'll stop sterilizing the smp holdings. that is an injection of liquidity that arguably could come back out as people drain excess reserves and everything else. if

the euro fighter plane was able to return to its base. investigators are examining what caused the collision. >> russian president vladimir putin announced a change of policy toward ukraine on tuesday. speaking ahead of a is a to austria, he said he would ask parliament to revoke his authorization to intervene militarily in ukraine. he said the move was aimed at easing tensions in russia's neighbor, but the russian leader called on kiev to engage in direct talks with separatists in control of parts of eastern ukraine. his partial backdown was seen as some as a response to pressure ahead of the european union summit later in the week. eu leaders have threatened fresh economic sanctions of austell failed to promote de-escalation. >> france's national front announced they failed to unite right wing parties in the european parliament. our needed 25 members of lament from seven different countries to be able to be accorded status as a parliamentary group. as an officially recognized lock, the far right parties would have enjoyed special privil

neither should the strength of the euro.ree-month low because of this anticipation that we will see interest-rate cut. everyone looking to june 5 and focusing on what mario draghi will do and the expectation is to see a negative deposit rate. we are saying lending to the smaller businesses in particular. all eyes on inflation data and unemployment. 11.8%. compare that to the u.s. where they have two percent inflation and unemployment at half of the eurozone and they have manufacturing on the rise significantly. >> very interesting comments coming from the former ecb chief economist. rise that is year the highest. we're seeing an 11.1 increase. nationwide said that the main house price increases, we are talking about one month's worth. said michaelhere brown is stepping down. >> last september shares well above their listing price. it is one of the beneficiaries of a rising market. >> president obama kicking off his four-day european tour. a risingat is called amount of tension. oft is the significance starting this tour in w

the euro was too high. it was stopping chinese spending when they were coming to visit cities like rome and london, not spending quite so much on luxury goods. the british pound is too high and the euro is too high. prada currently seeing low trading in hong kong. >> thank you very much indeed. running through the details of what we got from mario draghi yesterday, we are through the market open. investors still digesting what draghi delivered. what theseigure out words ultimately actually mean. >> we think it is a significant package. are we finished? the answer is no. we aren't finished here. mandate,e, within our we are finished here. >> are we finished? the answer is no and the implications of that are quite disturbing in some ways. the implication being that there is still more work to be done because the european economy is not out of the woods. let's talk about all of this with the chief investment officer at ccla investment management. good morning, james. what we got yesterday, pretty good for euro

you need this kind of safe euro zone asset. and i would argue an element of fiscal union beyond what is implied in a fully fledged banking unit. upon eurozone unemployment insurance system could form the embryo of such a fiscal union. and finally, more democratically accountable central bank for the broader mandate, something akin to the mandate of the u.s. fed. so responsibility for price stability but also growth and unemployment. the problem with everything i've just said is that that requires more, not less europe. as time goes on, it's becoming harder to make the case for more europe. anyone following europe and political scene can appreciate that. europe increasingly is now defined by the constraints that it places on governments. rather than the opportunities it provides them with to improve the lives of their electorates. and the longer this continues, the greater the likelihood that we see a serious european backlash, not just europe but the eu more broadly. i think there are two solutions. one is to jump forward to a

the eurozone euro stoxx 50 also up, closing at 3275. the dow jones industrials, currently in slightly positive territory. it is time to turn to the world cup in brazil. belgium taking on algeria. >> belgium is considered to be a dark horse in the tournament. but found themselves trailing early on in the match, and then rallied to eke out a 2-1 victory. >> the coach of belgium was delighted with the outcome and his tax. -- tactics. two of his substitutes he brought on scored the equalizer and winning goal. but the first half was all about algeria. they filed in the box in the 25th minute. the algerian scored from the spot to give his side a 1-0 lead. they'll jump found it difficult to outplay the defensively strong algerians. but finally, midway through, they brought in a midfielder who plays for manchester united. the move paid off to bring the belgians level. with just 10 minutes remaining in the match, drees martin slammed in this shot to make it 2-1 belgium. the coach could not have been happier. >> we are joined from our sports desk

one five percent following the move the euro dropped to its lowest levels in four months e.c.b. president mario draghi was quoted by the wall street journal as saying quote are we finished question mark the answer is no period if we if need be within our mandate we aren't finished here now that's about as clear cut as you could possibly make it obviously more easy to follow and this is just a first step so here's the question is this move a good thing well my colleague edward harrison says no not at all now for one thing the negative deposit rate is a tax but he also wrote in a post on his blog credit write down this morning quote these c b has been forced into this course of action by circumstance the policy stance in europe is backloaded austerity and internal devaluation is deflationary by design with fiscal forwards hands tied monetary policy is the only game in town and the mandate compels them to act because the e.c.b. wants to prevent a debt deflation it has been forced to act preemptively with prices falling near deflationary levels euro zone wide so bottom line the cris

as we get into the euro, i agree with everything on the surface.rk money at negative rates, you're going to see the ecb's balance sheet get smaller. this is one of the effects what's going on with the move right now. it's down $500 billion from a year ago. they have a much smaller balance sheet from the fed. but if you look at the dollar euro it's going to be difficult to see the fed's balance sheet change in the way the ecb's is. >> there relies the problem. that's the economic debate that's going to obtain for a while. i understand the argument. it's a reason why i'm not wanting to be a seller of the euro yet. i'm sorry. these sorts of rates cannot continue at these levels. and eventually might be tomorrow, might be next week or two months from them. eventually commonsense will return and interest rates in europe will go back above the united states and money will be drawn here. hour economy is doing demonstrably better than europe. >> dennis, great to see you. thanks. dennis garmin of the garmin letter. tim would you trade this? >> he's right in