the rising amounts do not lead to higher costs for the banking sector >> what tone do you think madam lagarde will strike today? >> we are in wait and see mode that means everything that has to go forward will be data dependent. seeing how the market recovery will proceed and that christine lagarde will rule nothing out. that signal is better than expected, the ecb remains on track through the whole program. it would be a mistake to signal today, there is nothing the ecb could gain from that >> clearly, we are counting down to european leaders and how they would dole out a series of grants and loans do you think madam lagarde will try to sound cautious around this recovery. >> this won't be the case but i would have thought the same on the 4th of june. the last case, they acted more boldly than we expected. the recovery matters hugely. politically to set the right perspective is very important. we should be very careful in the way that recovery fund will probably only kick in properly in stimulating the eurozone economy as of late next year or even 2022. that means in the next couple of month

guy, is ityou sit, an ecb conversation with madame lagarde or is this just a yawn to get to the weekendldn't go as far as a yawn, but i would not get overly excited. madame lagarde like all of us is waiting for the events of friday and the weekend, to say we are waiting for the council

jacking up that 1.4 trillion you just mentioned that was only decided 4 weeks ago any time soon madame lagarde the president made it clear as such in an interview last week with the financial times she said we have done so much that we have quite a bit of time to assess the latest data carefully that is they're not going to rush into anything the fine turbot the words correctly and i would be very very surprised if she had a different message today at the news conference following the meeting that begins at 230 and no matter how insistently and how cleverly our journalistic colleagues are going to press her on that issue we've got your flowery tie on today only so maybe there is something to be optimistic about thank you very much. i always am. mo mass job cuts shaking up the airline industry demand remains low and will people still be keen on flying it all off to the front of prices what's clear is that the sector will have to do a lot to rebuild trust in a business that's pretty much still grounded. keeping a safe distance is no longer a problem at hamburg airport it's a week day and just 30

here is madame lagarde. ident lagarde: we will reinvest the principal payments from maturing securities purchased under the pepp until at least the end of 2022. in any case, the future rolloff of the pepp portfolio will be managed to avoid interference with the appropriate monetary policy stance. under our asset purchase program will continue at the monthly base of $20 billion, together with the purchases under the additional 120 billion euros temporary envelope until the end of the year. we continue to expect monthly net asset purchases under the asset purchase program to run for as long as necessary to reinforce the accommodative impact of our policy rates and to end shortly, before we start raising the key ecb interest rates. we intend to continue reinvesting in full the principal payments from much urging -- from maturing securities for an extended period of time, past the date when we start raising the key ecb interest rates, and in any case for as long as necessary to maintain favorable liquidity condit

my guess is that madame lagarde is not going to go in that direction, that she is going to continue withy dovish tone. i think that we see the weak consumption numbers in china, potential challenges in the u.s. and elsewhere. it would be wise for the ecb to continue to provide support, try to make sure we do not get into a deflation situation. think they are in a wait and see mode to see what is going to happen in terms of the virus and what happens this coming end of the week with the e.u. summit, whether there will be three quarters of a trillion dollars of a pandemic related fiscal response. yousef: randy, i always enjoy our discussions. thank you for joining us today. randy kroszner. coming up, apple wins its case against the corporate tax bill. this is bloomberg. ♪ yousef: economics, finance, politics. this is "bloomberg surveillance ." i'm yousef gamal el-din in dubai. let's get out to leigh-ann gerrans with the bloomberg business flash. leigh-ann: twitter shares fell in late trade after some of america's most prominent is this and political figures had their accounts hacked. bill

we are a little above it yesterday when madam lagarde was talking about the potential of this recovery fund a little higher than where we are this morning the one to watch if we do get positive news and it could be market moving. we'll check on that currency for you. come back to corporate news and we'll explore the ericson numbers. he's concerned europe is falling behind in the race for 5g roll out. ♪ ♪ now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com. i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. t

suggestt would you madame lagarde can do?o bring it back to europe and the optionality that the resident of the ecb has, how many choices does she have forward? are she and her institution boxed in? elga: well, i think she has already shown a key determination to do as much lifting as monetary policy can do in this environment, and it embarked on a flexible pandemic emergency purchase program, as well as i think the really -- i do think the market might not fully appreciate how powerful a tool that is. in europe. theit is also clear that nature of this crisis requires a really strong fiscal policy response. so in our view, fiscal policy really needs to lead and monitor policy essentially provides the assist because you need to put money into people's pockets, and that is basically what we have stressed in our going direct paper. so: elga bartsch, thank you much for joining us today, blackrock head of macro research. we are going to take a broader picture. mona mahajan will join us as well. michael holland along later on this

the rate of change come the speed of getting out to $1.20 has got to have the attention of madame lagarde and the rest. jonathan: for everyone down in washington, d.c., one on earth are we doing? when do we have an agreement between democrats and republicans? tom: it was a relief for eric stein to avoid it for 20 minutes, but let's be clear across this nation, there is no other story this morning. i was thunderstruck at senator mcconnell's comment of in the next few weeks. i have no idea how they get out to the next few weeks. jonathan: i think they tightened up the message last night. i think we have a very different equity market. we will catch up with kevin cirilli very shortly, and later, a conversation you won't want to miss with henrietta treyz of veda partners. lisa abramowicz will be back with us tomorrow. alongside tom, i'm jonathan ferro. this is bloomberg. ritika: with the first word news, i'm ritika gupta. senate majority leader mitch mcconnell unveiled the latest republican coronavirus relief package. the white house plans to cut the weekly $600 unemployment boost to about 70