what kind of message is mario draghi going to deliver?is going to be half of that narrative. there's also the vaccine rollout program. the europeans are very proud of what they have done, but they feel they haven't been fully recognized for what they've delivered. how do you build back better? mario draghi is the economic specialist. how does that actually happen? hopefully that bilateral will deliver some of that. lisa: a coming-out party for joe biden. it is also a question of nexus of power. is he coming as the leader of this group, or coming as a guest trying to regain some sort of leadership role? guy: it is a really interesting question, lisa. theoretically, the leader of this at the moment is boris johnson. he's the host here. but this definitely feels like it is very much centered around joe biden. he's the new force. . he's not donald trump. everybody is happy with that. everybody is much more comfortable. all of these leaders will get on anyway they haven't been able to over the last few years. but there is a change. there has b

then mario draghi in the ecb, for example.e have taken -- changed the actor, and the most credible players when merkel is gone are going to be lagarde and draghi -- they are proper big hitters. they have won the argument with me. i suspect they have won the argument when anyone listens in london, new york, or washington, but there is a lot of parochial view. you don't have to go very far before people will show you a chart of debt to gdp ratios and various european countries after the pandemic. we have to do something about that command the answer is yes, grow. you have got to grow, but it is going to be fascinating. i certainly would not bet my house that you could convince german politicians away from austerity. alix: on the flipside, yes, the fed is a big game in town, the ecb is the second big game in town, but we are starting to see central-bank divergence in terms of how they're coming out of the pandemic, and they wonder in terms of the fx market, where can you get some pickup? guy: i think -- kit: i think because we go

manus: we know you are a flag-waving mario draghi fan. let's put it in context for markets.hy his economic background is going to be so important in terms of fiscal policies adopted , because the imf are asking for more borrowing. the banks propagating that as well. people are saying to me this is folly because when rate hikes come, the debt load will be expensive. robert: -- martin: yes, and that's why we call it, most people are sick to death of monetary policy over the last decade, and you have the acronym of unp, -- ump, unconditional monetary policy. but fiscal policy is clearly troubled if we get excess debt. it depends on what that fiscal policy will be used for. the main take away from the g-7 is to move from subsidies, so paying out money for people to stay-at-home like we have with disappointing job numbers in america the last two months, to investments. use of fiscal policy to trigger private sector investment also public sector investment. it is the sequencing of the use of fiscal policy and moving away from the subsidy part, just basically the last 12 months, to

other than the other g7 and g20 connection, what does mario draghi mean to you? and if there is a special relationship between italy and the u.k. even though i know you don't like this label. thank you. >> thank you. there is obviously a very close and special relationship between italy and the u.k. we are intensifying that now. we just signed a partnership agreement that has been produced for two years now to intensify corporation between -- from everything to cool trade and tech. [inaudible] we have just finished the work. we started that a couple of years ago because obviously, we see italy as an incredibly important partner. you will have access to it as soon as it can be conveniently arranged. on mario draghi, i remember vividly being in lanchester house in 2012 one he made a famous speech where he put that he would do whatever it would take to save the euro. not that i thought it was a good thing at the time, but it was incredibly successful. i think that he is a brilliant economist. it is a pleasure to listen to him. he gave a very balance summary of what

. >> his excellency professor mario draghi of the italian republic. >> his excellency, prime minister of montenegro. his excellency, president of the government of the republic of north macedonia. >> his excellency, prime minister of the republic of slovenia. >> the right honorable boris johnson, prime minister of the united kingdom of great britain and northern ireland. >> his excellency, prime minister of the hellenic republic. >> her excellency, madame fredrickson, prime minister of the kingdom of denmark. >> his excellency, mr. pedro sanchez, president of the government of the kingdom of spain. >> her excellency, prime minister of the republic of iceland. >> his excellency, mr. antonio, prime minister of the portuguese republic. >> the right honorable justin trudeau, try minister of canada -- prime minister of canada. >> her excellency, prime minister of the kingdom of norway. >> his excellency, prime minister of the republic of albania. >> his excellency, prime minister of the kingdom of the netherlands. her excellency, prime minister of the republic of estonia. his excellency, m

we just on mario draghi land in cornwall. it is a day for president biden to greet the leaders of the g-7. i will tell you, our major story has to be the markets and stunning yield moves. the real yield is negative. it is truly shocking to the inflation east does -- inflationistas. coming up, the former nato commander. ato commander. ♪ ♪ look, if your wireless carrier was a guy you'd leave him tomorrow. not very flexible. not great at saving. you deserve better... xfinity mobile. now they have unlimited for just $30 a month... $30. and they're number one in customer satisfaction. his number... delete it. i'm deleting it. so, break free from the big three. xfinity internet customers, switch to xfinity mobile and get unlimited with 5g included for $30 on the nations fastest, most reliable network. (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help yo

moments ago, mario draghi is speaking.ccessful tenure shifting from monetary duties over to driving lee forward out of the pandemic. that has been a challenge. establish for us the tourism in europe. lisa wants to do three weeks, italy over to portugal. lisa: the greek islands. tom: is that going to happen? lisa: yes. matt: the greek islands for sure. people are traveling inside their own countries. my wife is back and forth to spain. it's not terribly easy. you have to bring testing stuff. tom: we adjust to obligatory dog talk. i look at this pekingese talk. you are one of the people that actually acted on this. you saw a westminster dog show and ponied up for the dog. matt: one of the executives was on the program 10 years ago. i asked him for a rottweiler breeder. he pointed me in the right direction. tom: who names their dog stephen? lisa: matt miller. tom: you name your dog after the richest grandfather and some alcoholic beverage. lisa: i love that matt miller has creatures that are perfectly trained. his stephen as

how big of a test is this for mario draghi?new role as prime minister. >> if you remember when mario draghi became premier in italy, he said his number one priority for the government was dealing with the health crisis, dealing with coronavirus. the vaccination campaign has proven under mario draghi that he has changed the system around it including the top medical officers dealing with the pandemic. the country could be on track to reach herd immunity by the end of the summer. the focus would turn to the recovery fund which is almost fully ready to go with the commission expected to tap markets in june, make those payments in july. that is something the markets will look out for. it seems the commission is on track to do everything on schedule. manus: thank you very much. tracking the italian reopening story. to the markets. you are waiting for the jobs data to the tape on friday. why would you go into this week with any huge risk? that job report and the wages will define the next part of the story. wages higher, 42.05. is th

italian prime minister mario draghi met with german chancellor merkel today.hey discussed cooperation regard -- in regards to the coronavirus pandemic. migration also on the agenda including the continued arrival of immigrants to italy and stalled efforts on how to deal with them. the trip marked mr. druggie's -- mr. mario draghi's first trip. >> i think chancellor for her support of the launch of the next generation project. the italian government is aiming for what are called structural reforms. this means systemic reforms. it can help italy become more competitive, more just and also more sustainable. brent: mario druggie speaking. -- mario druggie in there. the country's ruling conservatives have formerly adopted their joint program for the campaign. presented the manifest in berlin today. the program promises tax relief and fiscal discipline. critics say it is not clear how the plans will be funded. germany's conservatives are leading in public opinion polls. the vote will be the first in 16 years not to feature angela merkel. our political correspondent

interesting lines coming out from mario draghi.big debates at the moment is whether or not the recovery fund at this pan-european approach to next generation fund will become permanent. if the italians can make it work , if this can be seen to have had value, there is a sense in brussels this could become a permanent feature. mario draghi is talking about this, backing himself, saying he is confident part of the eu recovery fund will become permanent. we will monitor the headlines coming from this press conference it will continue to bring them to you. in the meantime, let's talk about what is happening with the equity market settlement in europe. we have seen a little bit of a dip as the auction has unfolded. the numbers coming down a little bit. off near session highs as we came through the closed. the ftse finishing off its highs but still up 27 points. next, my conversation with the ceos of the world's biggest airlines and aerospace companies. talking about iag, about qatar, about going. i talked to them early or on -- i talked

a lot of this happening under mario draghi.ly was vaccinating under 170 thousand people, now they are vaccinating over 600,000. the bank of italy says they have already seen momentum that should manifest in the second half of the year if herd immunity is achieved and the pace of vaccination continues. matt: so italy is opening. germany has been open a couple weeks now. it seems like europe is getting lit. p of lard getting back out to the bars -- people are getting back out to the bars. let's get to the european commission, getting closer to tapping debt markets for its recovery funds, what is it, a year later. what is the latest test to win money actually goes out? -- latest as to when money actually goes out? >> it has been a year in the making but it is happening. a final piece of legislation, the old resources package, the has been approved by all member states. the european commission will be able to tap markets in june and the money from that fund can begin to flow in the second half of july. everything for the time being

when mario draghi speaks, everybody gets quiet and listens given his experience with the crises. he's also been quick to pull italy out of a closer relationship with china and pulled italy back from that investment in trade relationships with china. that means italy is much more present in the conversation about taking a tougher line. alyx: thank you. for more challenges -- for more on the challenges, we want to bring in our next guest. what are you watching for when the leaders meet? >> i certainly enjoy the pictures. i think on the substance side, what i'm watching for is the vaccinations. what can these leaders agree on in terms of accelerating worldwide vaccination. it's fundamental for the economies of the g7 then not only the g7 economies themselves vaccinate, but that the rest of the world vaccinate so that this virus gets under control. i think they should really make some progress either on spending the necessary billions, the imf suggests it's about 50 billion to get the world vaccinated by the end of next year. that's not so much money. what's missing is just 16 billio

maria: it is interesting because angela merkel and mario draghi meeting yesterday in berlin. ther for a long time. the time when draghi served as the head of the european central bank but the dynamics are changing. draghi is a politician and merkel is well on her way out of germany. balance of power changing. it is interesting also that yesterday we heard from the germans, the cdu put out a program where they stuck to a very german line. fiscal responsibility, the debt break, should all be in a manifesto and we should defend it and a comes after a few -- a comes a few days after christine lagarde said there still needs to be stimulus to get to a full recovery in europe. what else is interesting is that it was not just about the economy would about the policy and the politics. one of the big issues we will see at the end of the week when european leaders meet here in brussels will be about migration. migration is a subject that in italy is very touchy. very sensitive topic. italians feel that to some extent they have had to deal with immigration crises summer after summer and d

mario draghi is a humble person, really?a: i think the role he is taking in italy is what he wants more politicians to do, which is acting in the best interest of the country, nothing that is what he's doing. tom: i don't mean to interrupt, but in your research on luxury to find value in franklin mutual , don't you find the gucci store below the spanish steps in rome as the most dangerous store in europe? katrina: i haven't been there because of the travel ban, but i am very excited about the fact that boris johnson is now meeting with joe biden and we may be able to travel back to london and hopefully back to spain so we can go in person. tom: i expect we do a road trip, and we demand a "surveillance" remote from the steps of room for you there. -- steps of rome for you there. it is stunning, the moving luxury has been absolutely stunning the last 6, 8 months. lisa: incredibly sticky and incredibly brand specific, and able to retain their consumers because guess what? people who had money got more wealthy during the pandemi

italy's prime minister mario draghi has urged italians to get fully vaccinated, acknowledging an early decision to ban astrazeneca shots caused some confusion. italy abruptly restricted use of the astrazeneca vaccine last week. and face masks will no longer be required in the netherlands from next week after a fall in the number of covid-19 cases. limits on group sizes will also be lifted as long as people maintain at least a 1.5 meter distance. in france is reopening to foreign tourists after the pandemic devastated business. paris is enticing people with bargains and unusually empty museums but as lisa louis reports, the city has found tough competition. >> harris loves its tourists. that is the language these young multilingual ambassadors are trying to spared -- spread. >> tourists should not hesitate, they should just come to pais. we will help them find their bearings. there are more and more of us to help visitors. doing this makes me happy. >> up to 500 will be deployed this year in an effort to kickstart tourism again after visitor numbers limited by two thirds last year but t

mario draghi is influential within that group. since he has become prime minister of italy, italy was really trying to lean towards china. since he has taken over, he has backed italy away from the alta road initiative. i wonder under his leadership with angela merkel may exiting, that you could see europe taking a tougher line on china going forward from here. we recently saw them backing off the trade deal they struck. that will not be ratified. i do wonder whether europe could be moving in the u.s.' direction. lisa: guy johnson, thank you. get some rest and have a great weekend. coming up, solving bitcoin's energy problem. we talked to jason less, the ceo of riot blockchain, north america's largest minor capacity. this is bloomberg. ♪ lisa: this is bloomberg markets. i am lisa abramowicz with amanda lane. bitcoin has been on a wild roller coaster ride this year. riot blockchain is the largest bitcoin minor by capacity in north america. jason les met with elon musk to talk about green mining. we now have the pleasure of speaking

and minister mario draghi are seeking solutions on migration but need support from turkey. >> we touched upon some themes that will be discussed at the eu summit, particularly migration, and on this we will work together and help each other. this is the direction the two governments are working towards. >> five years ago, the european union was flooded by refugees from war-torn areas including some african nations and syria. jay powell is set to speak before a house subcommittee. chairman powell says inflation has picked up but should move back towards the 2% target. with pandemic restrictions being lifted across the country, companies are taking different restrictions -- different steps. companies like goldman sachs are requiring all vaccinated employees to be back at their desks this fall wears apple and others are preparing a hybrid work from home strategy. data centers temporarily close giving workers a much needed break from covid-19 burnout. global news, 24 hours a day on air, on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i a

but mary of drug talking about how -- but mario draghi talking about how this will not be enough.me it will take economies to recover and that europe needs to be doing more. should we have an expectation that the eurozone does more fiscally? >> that is a really good question. i think there will be natural tension between some members on that exact topic. it will be interesting to see whether we do get political change in germany. that could change the balance of that discussion. the general point is there has been positive movement on the next generation eu funding. the hurdles have been substantially cleared. we should be seeing distributions for that. i think he has a point in the sense that countries at a national level will be looking to rein in the emergency covid spending. even with the next generation eu funding for a lot of countries, you are going to see the fiscal stamp tightening as you go through 2022 and 2023. anna: let me pivot to the bank of england conversation. we saw changes in the interest rates, and a bit of pushback against some of the more hawkish narratives.

you have emmanuel macron here as well, and then you've got mario draghi, the former boss of the ecb,ister of italy. i think that europeans want to leverage that clout. there is no way that angela merkel would miss this meeting. anna: guy, we know that on the agenda for those assembled is going to be, you talked about the threec's yesterday, china and covid, but climate also. what other details we have got? -- what are the details that we have got? guy: i think this goes hand-in-hand with what mark was talking about, which is what is happening with the vaccine rollout program. the g7 committee delivering vaccines to potentially 80% of the world's population by the end of next year. the pace needs to be relentless. you need to keep doing this. that goes hand-in-hand with the climate pledge as well. i think many poorer nations are basically saying, you cannot help us with the vaccines, we cannot help you with the climate pledges. boris johnson is very focused on the glascow meeting coming up. a climate pledge to poorer nations, a covid pledge to poorer nations in terms of vaccines going

mario draghi is sort of beating the drum on that. the ecb continuing to say we need more fiscal.re you surprised that is to the upside and is that good or bad for the market? karen: it is interesting how the recovery fund compares to buy's infrastructure plan. europe's recovery plan spending is over and above the united states. i think we are underestimating the growth of stimulus that will come from fiscal in europe. i think that really is why i am getting people to think about how this cycle may differ from the last. i think what we are looking out for the coming years is much healthier growth. we have got business investment, which is come out of the global pandemic looking remarkably upbeat and strong. i think we have much broader base growth. guy: always great to get you on the show. in q. -- thank you. we are just getting the u.k. data, the highest number of covid cases being reported since the end of january. the u.k. reporting 22,868 new covid cases. the u.k. can sequence in a way many other countries cannot. we have already seen data suggesting that 90% plus of these cas

mario draghi is going to be here. where do they fit into this relationship?ir christopher: i've always regarded this, and this is not just recently, but for most of my career as a deponent, you are looking at a kind of triangular -- as a diplomat, you're looking at a kind of triangular relationship comprised of u.k.-u.s., u.s.-europe, and europe-u.k. and that is at the very heart of western democracy. isaac this bilateral meeting on the g7 meeting, there is going to come some kind of commitment to creating a united democratic front. so that is what i am looking for. i think it is what the united states may be looking for as well, and this is a good objective which also is a moral objective and a human rights objective, but also an objective in the national interest of the nation states involved. alix: what happens when that agreement becomes important, but each of the leaders goes back home? we already saw london trying to walk back a global when tax for financial services. we saw that from switzerland, poland, hungary. republicans in the u.s. are not going t

we are getting headlines from the italian prime minister mario draghi, saying the economic forecast thereill be revised up significantly. he's also talking about the need and his desire for additional economic stimulus. kind of on the same note we have heard from draghi for quite some time, but we have seen better data starting to come out of italy and some of the other european nations here that i think would be encouraging. wei: indeed, but we have seen so far is the momentum of restart at the bottom is getting passed on from the u.s. to the previous laggards, including europe and japan. that very much underpins our premise and our previously strong conviction in equities. one thing i would say is the restart is very different from a typical recovery. so as we see this very strong income growth numbers, we have to take it with a bit of salt as well. we caution against extrapolating , but we do see the restart opening up to other assets such as europe and japan. lisa: before we let you go, do you think that the dollar will continue to strengthen after five straight days, the greatest str

you've got commentary out of europe, including from mario draghi, about the need for additional economic stimulus. how does that framework factor in right now? james: first, that the fiscal expansion occurs in the context of modern monetary theory, were central banks are supporting low bond yields. if you were to get back to the periods when tom keene was learning his trade, it necessarily lead to much higher bond yields and everybody was miserable. we are not seeing that because the federal reserve has bought more bonds than the treasury has issued over the last 12 months. i believe this control of the yield curve is a conscious decision and will continue to be in favor. mr. powell and mr. biden both recognize that if they're going to spend a lot of money, it needs to be cheap for the federal reserve. i think that if inflation rises, it doesn't help people at all. lisa: james bevan of ccla, thank you so much for being with us. as we have been talking, james bullard has been speaking, and one of the most notable headlines, you mentioned that powell officially opened paper discussions thi

whether it's angela merkel or emanuel macron, mario draghi as the italian prime minister former presidente european central bank these are familiar faces and he knows how to interact with all of them. keep in mind that things are a little bit tense especially between them and the uk but also sometimes between the u.s. and brussels as we saw biden making a dramatic announcement, donating 500 million doses of vaccine, the eu has been applauding that but they are also a little annoyed because for more than a year they've been exporting vaccine dose waiting for the u.s. to lift barriers in place and suddenly biden is the hero. in each of these relationships you will find a bit of tension. >> what's the sense in europe approaching this summit because obviously there's still -- well, i get the sense that there is still an element of trepidation when it comes to the leadership of the u.s.a., even though it seems like we've returned to pretty much the status quo, there's now a figure head who completely complies with democratic norms in president biden, but there's still a concern that maybe the

you have a emm angela merkel, and mario draghi as well. you want to coalesce that power base and try to use it to represent an eu agenda. there is frustration, and there is huge frustration when the white house announced the passing waiver. europeans felt they were not consulted, they felt europeans had been delivering vaccines around the world. they want to make sure their voices is heard -- voices are heard in this, to make sure this is not just a u.s. push, this is a g7 push and that the europeans are the vanguard of that. matt: is the u.k. the most frustrating country in the g7, g.i. johnson -- guy johnson? not only do they go back on their northern ireland agreement but they are trying to exempt the city of london from a tax. the city of london has a bigger gdp of all of the republic of ireland. so it is not small potatoes. if everyone starts to pick their most important economic areas for exemptions, what is the point? matt: absolute -- guy: absolutely. i think that is certainly true. it is peculiar that the g7 london meeting produce

italy has mario draghi he accident have a mandate from voters. ae manual macron who seems to be thriving have taken political beatings. trudeau's approval rating is down to 41%, and his disapproval is at 55%. polls in france show a tight race between macron and the far right candidate marine le pen in the upcoming election. it is important that the left seriously examine this question. too many in it believe donald trump's election was a fluke, that he was a celebrity and he found ways to manipulate the media. some of that may be true. but how do you explain the much bigger phenomenon? in fact that represent the new realities of politics, arise in the importance of cultural identity, opposition to immigration, discomfort with multiculturalism and social liberalism, and a deep class recsentment toward educated elites. consider that many people in the united states and parts of europe seem determined not to take a vaccine against a life-threatening disease because they just don't trust the medical and governmental elites in their societies. what is

we recently heard from mario draghi in italy.s highlighting that europe is still going to take some time to get back to pre-pandemic levels of growth. that's one of the arguments where europe might need to do more on the fiscal side. would you expect to see more support for that kind of argument, especially after the german elections? althea: yes, we completely agree on that point. and the reason, anna, is that while in the u.s., we are already back to pre-pandemic growth, germany is going to be back to pre-pandemic levels in six months and equally in france. we will still need that wait for a full year. the ecb will need that to guarantee these favorable conditions. we believe that from now until the german election, we will see european sovereigns trading at range bound. the only way that we can rise further up is if we see a selloff in u.s. treasuries and yields try rising in the u.s., which can be possible around jackson hole and the september fomc meeting. the real biggest change in european sovereign debt market is going to

president biden, mario draghi, and the prime minister of japan will attend their first g7 summit as leaderserkel's swansong. she is leaving office after 16 years as germany's chancellor. her departure will alter the gathering of the democratic nations. anna: that was annmarie hordern on what to expect from the g7. more on the crucial meeting in the southwest of england throughout the show. let's get back to the markets. u.s. futures are a little more negative than they were. nasdaq futures down a couple of tenths of a percent. let's get to the individual movers in europe, where european equity markets are flat this morning. bt group up by just over 1%. stella and to's -- stellantis down by 1.9%. they are facing charges over diesels, joining vw and renault in the probe led by french authorities. juliette: the u.s. plans to buy 500 million doses of pfizer's coronavirus vaccine to share internationally. the word came as president biden plans to join other g7 leaders in a campaign to end the pandemic by distributive shots worldwide. the leaders have gathered for their summit in the u.k. preside

what happened in 2014 with respect to short-ter interest rates they were floored around 0% until mario draghi made it clear that interest rates might go down even when he said rates might move into negative territory, it still didn't move very much. when it was clear they would move more negatively, there was an inversion of yields more deeply below zero. what i'm trying to say is that floor is quite important for the structure of the overall bond market it's likely to stay in place therefore, there will be no speculation in the u.s. bond market about a negative interest rate, certainly with respect to the communications just delivered by the fed and the final note on this, though, of course it suggests massive excess liquidity and various reasons for that some of them very technical and not worthy of the program and are likely to stay in place quite a long time because the fed won't be shrinking its balance sheet for a long while. >> so what's the upshot, tony? what do you do what's the best pimco trade? >> well, as you suggest, and pimco held a forum last week where professionals got togeth

say this, out of all the countries in europe, the ones with the most stable government might be mario draghitainty there. the other thing, joe, as welcome as joe biden is, i think a lot of these europeans look at us and wonder, is joe biden simply a four-year phenomenon and ultimately trump now represents where the united states. they literally don't know when they look at us, what is now the new normal, and what's the aberration? is biden the aberration or is biden the restoration of the united states they thought they knew? and what will happen in the republican party under trump or ron desantis or whomever? what we've done is we've introduced a degree of unpredictability into this alliance, which for nothing else, three quarters of a century, was pretty staid. and i think that's the other backdrop to this meeting. >> you know what's so fascinating, you are exactly right. of course, richard our allies have to be looking at the united states and wondering what's happening next. you bring up ron desantis. you can also talk about a number of leaders in the united states senate that are republ

have not heard a concrete promise from mario draghi and italy but the other nations are coming up withw and middle income countries, africa, for example, has only vaccinated about 2% of its adult population so we need to make a really big effort. i think it's right that the prime minister has announced this, we have on order over 500 million doses so we are donating 100 million doses, we are beginning with five million in the next few weeks. that will be delivered by the end of september. 25 million by the end of this year and then the balance, 70 million, next year. president biden has come forward with 500 million doses that the us will donate to low and middle income countries and of course, we hope that the g7 will reach a billion doses. we can now speak to doctor david nabarro who is the special envoy on covid—19 at the world health organization. thank you for being with us. i think the world health organization has said the world needs 11 billion vaccine doses to cover about 70% of the global population. so some campaigners are saying these promises from boris johnson campaigners