this is geoff cutmore for the "nightly business report" in davos, switzerland. >> and now let's turn to mohammed el-erian for his analysis. he's chief economic advisor with elyans. here in the united states what's the significance to u.s. here at home? >> stock investors are better off today because of what happened. this is a confirmation that central banks is the market's best friend not by choice but by necessity and this injection of lickquidity is good for interest rates through a low level. the people should worry are the currency traders because this is going to cause further volatility in the currency market. we already saw the euro move by almost 3% since before the announcement to the end of the day. so the currency market and the businesses set abroad will find that it's harder to maintain and grow market shares. >> mohammed for europe is this in any sense curative and will it work? >> question is will it work in ultimate objective of promoting economic growth and stopping the deflationary risk no it's not enough. it's not sufficient. will it work as appearn intermediate o

geoff cutmore has more now from moscow. >> reporter: e.u. foreign minister in brussels extended the timeline on existing sanctions. when i spoke to the russian finance minister he said his economy will learn to adapt. we also talked about signs of division with the new greek government suggesting it has not signed up to these new acts against the russians. when i asked him whether he would be willing to extend finance to the greeks he said they haven't been asked yet but it is something they would consider. >> if such petition is submitted to the russian governments, we will definitely consider it take into account all the factors of our relationships between russia and greece. so that's all i can say. if it is submitted, we will consider it. >> reporter: the finance minister also talked about the state of the economy and how the falling oil price and the economic sanctions had not $200 billion off the economy in 2014. i asked him about the current state of interest rates currently 17% for this economy. he said those rates could do with comi

geoff cutmore has the latest from moscow. >> reporter: this is an economy that's under siege. the apparent very high interest rates, a continuation of western sanctions, the falling oil price, and a lot of ruble volatility. all of that means this economy will probably contract somewhere between 4% and 5% but for the year 2015. the central bank though has decided to act today. that's taken economists by surprise. no one has forecasted 2 percentage points. the central banks saying they feel there is room to maneuver on the growth side now that inflation appears to be in check. this is "nightly business report." i'm geoff cutmore here in moscow. >>> and still ahead, the president is asking for millions to fund a new medical research initiative and today, executives from health care industry reacted >>> president obama plans to ask money from congress for a health care initiative as part of his proposal expected to be unveiled on monday. the effort is expected treating diseases with pinpoint accuracy and the president gave additional details today when he met with some of the bigg

cnbc's geoff cutmore joins us from london. many on wall street reacting to remarkets by jpmorgan ceo jim meamie diamond. >> this is interesting. there are a lot of americans who still believe the banks should be on the naughty step. jamie dimon basically said banks are still under assault from regulators and analysts and those in particular who said jpmorgan should be broken up and some of the big banks should still be split into smaller divisions, him saying effectively this shouldn't be the agenda right now. we need to focus on getting our banks healthy again. you might imagine jamie dimon would like to distract the marketplace a little because both profits and revenue down for the fourth quarter. they've set aside a billion dollars to deal with the prospect of more fines in the fx area for activities that took place around currencies. that's his line on the banks. i wonder how many americans will agree with that right now. >>> let me move on because we have seen movement on the dodd-frank legislation. this was rushed throug