something we last john micklethwait. -- we will ask john micklethwait.ty: he is standing by and you are standing by t -- and what mark carney's game plan is going forward. lagging inflation is the crux of this issue. >> we are setting the drug on inflation from external factors on the short term would involve to rapid and acceleration in domestic costs, one that would risk being unsustainable and generate undesirable volatility and output and employment. considerations, they are sitting inflation to target at around two years and to keep it there. betty: are the walls closing in 2016?rate hike in john micklethwait joining us. john: i can see that mark has cleverly got behind much mature with possible expectations of what it is. andever i say will be wrong prufrock almost immediately by -- market but it feels like proved wrong almost immediately by the market it seems like 2018 or 2017 blood talking about. as mark this problem, said mobile the different central bank governors trying to debase their currencies in order -- you things that don' even have jan

joining me is john micklethwait.editor-in-chief of "the economist" magazine, which is where i first got to know him.

joining me is john micklethwait. he is the editor in chief of

joining me is john micklethwait. he was editor-in-chief of "the economist" magazine, which is where i first got to know him. i am pleased to have him back at this table. welcome. explain this to us. john: the british have long been in the state of angst about europe. cameron decided to offer them a referendum. huge debates about whether he should have done that. but that is the starting point. the british have not voted this since the 1970's. i think there was a lot of pressure on cameron to give them a chance to have another say on this. it has been building and building, particularly in the conservative party. within the conservative party, the easiest way to think about europe is it is roughly akin to being pro-life in the republican party. if you want to be elected, being skeptical about europe is part of being elected. cameron's deal has always been he would go to europe and come back with improvements in the relationship. charlie: he negotiated with? john: angela merkel and francois hollande. he brought the pack

joining me now is john micklethwait, the editor an chief of bloomberg from 2006 to 2014. he was editor in chief of the economist magazine which is where i first got to know him. i'm pleased to have him back at this table. welcome. >> i'm delighted to be associated with any erosion of democracy. >> rose: so explain this to us. >> the british have long been in a state of angst about europe. >> right. >> rose. >> cameron decided to offer a referendum, huge debate about whether he should have done that, that is the starting point. >> rose: margaret thacher. >> the british have not voted on this since the 1970s. and i think there was a lot of pressure on cameron to give them a chance, to have another say on this. it's been building and building and particularly within the conservative party. david cameron both prime minister and head of the conservative party. within the conservative party, the easiest way to think about europe is it's roughly akin to being prolife in the republican party. if you want to get selected, being very sceptical about europe, is part of the committee