maria tadeo in brussels.rday a turbulent date for european banks in the wake of the collapse of silicon valley bank. what have finance ministers been saying to you? maria: yes, tom, and we spoke to a lot of finance ministers. it is safe to say that your group was entirely -- eurogroup was eclipsed by the bank saga. this was a topic of conversation yesterday. three takeaways from finance ministers repeated yesterday. one is the operations in europe are way smaller relative to the united states. that makes the risks or potential risks to, more manageable. they plan to the regulation and resolution that we have seen in the financial crisis in europe. another point that we picked up with this idea that this was happening fast. if you looked back at sunday, there were rumors and speculation swirling around the potential that led to this knee-jerk reaction on monday. when i spoke to the front finance what he told me and advised investors to do is relax and calm down let's take a look. >> calm down, and just have a

for more, we are joined by maria -- maria tadeo. a week of hodder prince. will the euro zone really confirm this trend? samuel: maria: as a big question this morning. i wonder if your account -- going to countdown to when it comes out into ours. this is the number everyone is focused on. are we going to get a repetition or a reiteration of the higher prince that we had an speed that we had in france, germany yesterday? the cpi numbers are always important when it comes to the euro area but now the timing makes it even more relevant because we have the european central bank decision in two weeks. for march, it's pretty much baked in as a 15 basis points hike but with this kind of data, this is the core of the issue now, will it justify a back to back 50 inmate? that is where the debate is at the. this makes a number today even more relevant. francine: maria, you had interview with bundesbank president. it's clear that with the ecb does not will become located. -- will become located. maria: i spoke to him yesterday in frankfurt and there has been a change in

bloomberg's european correspondent maria tadeo is in brussels. the reaction then? e sunday night statement from the european central bank signed by the head of the european central bank, madame lagarde. once again reinstated her confidence about the european banking system and insisting liquidity will not be a problem on top of the global joint central bank moves to improve liquidity starts today and runs until april. if you think about thursday and the press conference when the european central bank had 50 basis points -- hiked 50 basis points, one of the sources told me that was her best conference to date. lagarde says there is no trade-off between market conditions and financial stability. she is expected to meet with european officials and also speak before the european parliament twice. this is a meeting already on the agenda. the idea was to debrief decisions made last week, but we own of the questions going forward now will be about the banking sector and its resilience in europe. tom: maria tadeo in brussels. coming up, we will take a deep dive into this hi

let's bring in maria tadeo in brussels. we had germany and spain data. what can we expect today? a: dani, good morning. today we're expecting data from italy, france and as you say, the big reveal, european data for inflation, euro area cpi for march that is due at 11:00 a.m., that is that :00 a.m. u.k. time. if you look at the data yesterday from both germany and sweden, that's a preview potentially of what may be to come today. we will see headline inflation come down. as soon as energy prices go down, headline inflation follows. the problem, and this is a very fascinating intellectual debate, but obviously headed for the european central bank, when you look at the details, core inflation is actually rather sticky. there is a mismatch between the headline inflation and core inflation. you can look at this superficially and say, headline inflation is coming down, the european central bank has a mandate of close to 2%. that could be good news but the problem is, we know they are looking at core inflation. so that stays sticky. there you are, they still should continue to tighten.

we have maria tadeo here with us now. what is the next step in this process? a big day for nato and finland. maria: it is one of the big ramifications of the war in ukraine for a country like finland to join nato, which gives them the go ahead and now they need to posit -- deposit documents. i am pleased to say we are joined by finland's foreign minister, pekka haavisto, joining us on this day for your country that is truly history in the making. i wonder are you happy and relieved? is your country safer today? min. haavisto: i am happy. it is a day of joy for finland who has been working for this nato membership for more than 10 months and for hungary to ratify our application and now turkey overnight. springing this good news is the mainland. maria: and now i believe you just have to file final documents, but this is something you can do. when are you expected to do this and went because finland becomes the new member -- and when does finland become the new member? min. haavisto: both hungary and turkey need to send the ratification documents to washington br

also there, maria tadeo. they had a fascinating conversation. >> it seems to be the case that inflation is very stubborn cut to the point that monetary policy is to be more stubborn than inflation, so it looks like , and it is clear for me what we have to do for the march meeting , and also beyond this meeting. i think there is more necessary. this is the main message i take from the high inflation numbers. >> when you say in march, you know the idea is continuation of 50 basis points. i wonder if you would push back against that. going forward, a lot what happens in march is already understood to some extent, but you talk about significant going forward. i wonder the sequencing. >> it is not fair to speculate the sequencing beyond march, but it looks like 50 basis points for the march meeting, very necessary. beyond the march meeting, we have to wait for data, but it looks like on the inflation side the inflation outlook might be on a too high level for the months after our march meeting. it looks like 50 ba

maria tadeo is there for us. the statement looks fairly similar. uestions do you think she is going to get? maria: well, not for the statement, because there is one thing we should make clear. what we see today with madame lagarde is not exceptional and not a response to the ubs deal and credit suisse that happened yesterday. this was on the agenda, this happens regularly, and there is this q&a that happens with members of the european parliament. that statement is similar to what she says at the governing council decision, where, member, last week she said when they hiked 50 basis points, she did not see a trade-off between price stability and financial stability. they could handle both. and a lot of contacts i spoke to after the press conference told me that this was one of her best press conferences. the message was clear. the problem for madame lagarde today is on monday four days later she has to go back to square one to say, no, we do not have an issue, systemic problem with european banks. yes, we need to instill a measure of confidence. but

we go to maria tadeo on the ground in frankfurt. what can we expect from the ecb caught in this storm of market volatility? have they boxed themselves in on 50 basis points? maria: this is an ever-changing narrative going on. you remember a week ago the idea was that this was a central bank on autopilot, 50 basis points, core inflation sticky, and they have to continue. they would have to continue to hike aggressively. we have seen the chaos in the banking sector which has brought this debate of will they go softer 25 basis points? we have had the swiss comes in overnight to change the sentiment. is that going to bring back the 50 basis points back on the table? i would point to the words of the european central bank and those who calibrated this basis point guide to the markets where she said this was a strong determination and will not change unless something extreme happens. the question of what is going on credit suisse, is extreme enough for the european central bank to change course? that is the fundamental question going into

let's bring in maria tadeo who been monitoring this. the ecb delivering 50 basis points. is next and what do we hear from president madame lagarde? maria: a stop to the script. it was 50 basis points. remember, yesterday morning we were debating whether or not it would be the data or the volatility that would flip that decision and the european central bank stuck with the 50 basis point that they had calibrated for the meeting. what changes is the forward guidance. in many ways, you can kiss it goodbye. it is gone. madame lagarde candid language said that. given the context of the central bank is operating at this point, it is difficult to predict what is going to happen in two months down the line. this will come down to meeting by meeting and it's full on data dependency. when it comes to the data, and this is new, yesterday, she let on what seems to be a new criteria. the focus is on three points. the first is that the incoming data, both the economy but also financial data. the second is dynamics when it comes to core inflation. the third is a strength of the transmiss

bloomberg's maria tadeo. let's talk about as she says, the constant referencing back to what was a well-crafted statement delivered at the beginning. here are christine lagarde's remarks on why policymakers stuck with that 50 basis point hike. >> inflation is projected to remain too high for too long. therefore the governing council today decided to increase the three key ecb interest rates by 50 basis points in line with our determination to ensure the timely return of inflation to our 2% medium-term target. guy: the president of the ecb. joining us is eric nelson, union credit group chief economist. nice to see you. you watched that, what did you think of her performance? eric: i think it was a good statement. it is a difficult situation. there were a lot of discussions. he saw price and expectations of what they would do. they did the only thing they could do. they had tied themselves to this silly mask of pre-announcing. i'm happy to hear they don't do this anymore. they acknowledge they have too much unc

joining is is maria tadeo infringement. is clear the big -- joining us is maria tadeo in frankfurt. what can we expect? maria: what a roller coaster this has been. if you go back just a week ago, this was almost an autopilot situation, european central bank is going to hike 50 basis points, core inflation is sticky, you got to tackle that aggressively. enter this banking chaos, obviously amplified by credit suisse. there is an important line by madame lagarde in the previous meeting where she said in the press conference, she predicted and guided to this 50 basis points unless something extreme happen. the question yesterday, is credit suisse extreme enough to drop that 50 point basis hike today? you see this was intervention, the market now moving -- you see the swiss intervention, the market now moving on positive side. some will tell you the ecb needs to look past market volatility, look at data and that 50 basis point hike is warranted today but that debate is alive. what a day for christine lagarde to have to make a de

let's get to maria tadeo. what are we expecting? a flurry of communications from the european central bank. if my memory serves right, this is the fourth time or would be the fourth time in a week that we hear from the head of the european central bank. thursday, decision day. monday, the credits we steal. then you had her on wednesday at the conference in frankfurt and today, she is back at it in brussels. a lot of this has to do with sending this message of impotence, but also to politicians and lawmakers but also what hammer down what has been the standard from the european central bank for a week. this idea that financial stability and price stability are compatible. they can handle both at the same time. you know very well that means the hikes will continue. you'll also hear a lot of ecb voices saying we need to start thinking when the market becomes more stable, about what happens. the sense of direction and travel is very clear. the other issue i want to point out, it will be interesting to hear from madame lagarde. is the tur

system within those wage routes it's can be very hard e is in thejoining us now to discuss th, maria tadeo. fantastic interview yesterday and marcus ash -- marcus asked work -- marcus ash worth. it's clear the ecb is facing sticky core inflation. do they believe they can get this under control? maria: don't make me say out loud that question. if i do it fast there's no way the question will be answered. if you look at the core inflation print. validation to the conversation i had yesterday. the bank said we need to just forget about the energy component here. that will bring the headline of focus on core inflation. that will warrant that after march there may be significant steps that are needed. he did not want to comment on the size of it. but you know the debate for 50 basis points is a done deal. christine lagarde was on spanish tv. they showed her a photograph of her dad and she was in tears. it was a lot going on with that interview. what does say unofficially is we do not want to look forward disrespectful to the governing council. we all know in reality there's already this case be

tom: with our maria tadeo in frankfurt.your investments in america. whatever the decision is, she will hedge it immediately. if it is 50, she will hedge the other way, and if it is pause skew 25 -- pause or 25, she will hedge toward the german central bank's vigilance. lisa: the numbers that were giving us some sort of compass are showing strength. so how do you put this soup together with a narrative that has any consistency? tom: the way you put this soup together, bloomberg surveillance : extended edition, is you have a team. we have -- we have 37 people and it has really come together here. we say thank you to our team for particularly just wonderful guests, richard clarida and others. we continue strong into this morning, this crisis, on radio and television. stay with us. good morning. ♪ the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. we just got an order from dinosaur, colorado. start an easy to build, powerful website for free with a partner th

let's bring in maria tadeo in brussels per you've been speaking to european finance ministers testingater with them. what have they been telling you? >> they have been and still continue to be. this is supposed to be fiscal rules. it's been completely eclipsed by this saga. overall when you put the takeaways together a lot of the messaging coming across from here, of the operations of the bank in europe are minor compared to the performance of the united states so potential risks are more manageable to deal with. there's this idea that regulation has been proven or strengthen since the financial crisis hit the euro area. there's this idea a lot of it was happening over the weekend. there's a lot of rumors swirling around. panic can catch on quickly. pretty brutal at times on the monday morning session that have to do with that. i spoke with the french finance minister and his message to me was just calm down. let's take a look. >> calm down and have a look at the reality. the banks you just mentioned, the french banking system, is not exposed to the silicon valley bank, it's not expos

tom: bloomberg's european correspondent maria tadeo is moderating a panel at the clean energy summitussels. really important in light of the inflation reduction act out of the u.s. and the european response to that. she is joined by frans timmermans and stefano. if you would like to two in type -- tune in type led go into your uber terminal -- bloomberg terminal. bloomberg. ♪ francine: welcome back to the open. the picture across the board we are seeing gains accelerate a touch. european stocks climbing trying to catch up with a rally that we saw on wall street yesterday. that pushed the nasdaq now into bowl territory. if you look at the bull market in this has to do with interest rate we have a lot of data coming out of the u.s. later in the week. tom: the travel sector gaining .9%. we will stable travel because it has been a record breaker couple of years for airbnb. that is despite the economy softening in the cost-of-living crisis. last year the company posted its first full year profit in this year, the shares have rallied more than 38%. catherine powell, the global head of host

maria tadeo is in brussels with finance ministers meeting. maria, what is on the agenda here?s been blackout. nothing has leak. we know in this meeting, the head of the ecb met with european leaders in --and 27 of them. it was a meeting behind closed doors. no phones allowed. the information there is being kept tight. --tightlipped. there was supposed to be a final press conference today with the heads. both european commission and the european council we hear that has been canceled now. up until now, the message from the european central bank has been, there is no trade-off between price stability, financial stability. we can handle both and will do both. for europeans today, what a cold shower. how sentiment flips so fast. yesterday, i was speaking to one of my sources. he said, i feel the worst of the storm for europe is over. our banks are capital, well-regulated. you come in this morning, look at these banks in the picture today is not a pretty sight. lisa: you were talking a lot this morning about u.s. leaders and the aversion to being associated with additional bailout

murray's -- maria tadeo is in brussels right now. her movie? -- move? will she pull back a little, in terms of reasserting future rate hikes ecd? -- ecb? maria: what a situation she finds herself in. when you look back to last thursday, and she obviously went in for 50 basis points, and that made it clear that the european central bank does not see a trade-off between's -- between price stability and financial stability. sources told me that was one of her best press conferences to date. done. she finds herself four days later here in brussels, now having to instill confidence in a market where obviously the jitters continue. having to once again reinsure -- reassure not just investors, but the general population. it's a huge talker here in europe about the european banking system. what a communications exercise from madame lagarde. that statement from the ecb yesterday, this session today was already on the agenda. this is a meeting that happens regularly. obviously today, it will be all about banks. these will be the questions that

maria tadeo. the ecb and its waters conference. i have been. it is good. of the ecb. it was mario draghi at the time. you get to catch up with economists and officials. it is productive. >> i would love to be there. i am not just asking for a road trip but it would be fascinating to see what they are saying on the ground. ♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's public and private markets in pursuit of long-term returns... pgim. our investments shape tomorrow today. when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the s