the red is when we had the first technocratic government under mario monti. is why you watch "surveillance." here it is on the bloomberg, here is francine start, brilliant with that explanation. i take it back to, this is the quiet of italy. this is the confidence of italy post bureau. the euro -- post euro. the euro is right there. how did italy get from here to here? francine: political risk. 2000, there is the euro and a pretty easy period. there was the.com bubble. reforms were not talk about because everything was smooth. when you speak to former commissioners they say they will lulled in a false sense of security. let's get more on the markets and what happened in the last 15 years, christian shulz from citigroup. tom's's chart, as there where everything was it fine, or was it just we were not pricing in risk at all? christian: at the time people were pricing the ecb as the lender of last resort, unconditional across the eurozone irrespective of growth potential or government debt or deficit. but a much all countries where the same because there was the

francine: mario monti, thank you so much.cause this is a hugely complex situation, at the forefront of europe with elections. tom: just extraordinary. it really carries forth the divide that we saw when i was in london between david folkerts-landau and homer's reading -- the biggest divide i saw in london was on italy, the immediacy of the solution in italy versus the more dramatic like. to do central bankers adapt the political reality of a new western populism? kim: in part it is the leadership, and you will find that new leaders of these countries up leaders of central banks. that will have an impact on the way they behave. but central banks have a very specific mandate at least in the united states, they are instructed to keep prices stable, to keep output close to normal levers -- to keep output close to normal levels. tom: checks and balances are in the air right now. there is a check and balance in england, in frankfurt, in washington. the checks and balances to our monetary policies? there are lots of them. it depends

vonnie: that was former italy prime minister mario monti.rgyup companies leading stocks higher, the dow topps 19,000. take a look at european stocks. 34 minutes away from the end of the tuesday session. stocks are rising, the highest in almost a month, led by minors. this is bloomberg. ♪ . are you on medicare? do you have the coverage you need? open enrollment ends december 7th. so now's the time to get on a path that could be right for you... with plans including aarp medicarecomplete insured through unitedhealthcare. call today or go online to enroll. these medicare advantage plans can combine your hospital and doctor coverage with prescription drug coverage, and extra benefits all in one complete plan for a low monthly premium, or in some areas no plan premium at all. other benefits can include: $0 co-pays for an annual physical and most immunizations, routine vision and hearing coverage, and you'll pay the plan's lowest prescription price, whether it's your co-pay or the pharmacy price. or pay zero dollars for a 90-day supply of tier 1 a

. >> and also a good op-ed from mario monti in the financial times saying the same thing.e nuances that the referendum is offering -- >> here's the thing, everyone says if they vote no, it's the end of the world as we know it, which generally means lately that it's probably not. >> it's a buying opportunity according to brexit. >> great stuff. "squawk box" in ten minutes. >>> still to come, more on the shopping mayhem. first a check on the futures market. things are strong. this resilient record rally continues. >>> welcome back to "worldwide exchange." we are well into black friday at 5:52 a.m. on the east coast when everyone is supposed to be out shopping, so are they? jay gray joins us from jersey city, new jersey with more. are they, jay? >> good morning, yeah, it's coming in waves. you see that every black friday. a lot of people get out right after dinner, overnight on thursday. then dips off a bit in the overnight hours. picking back up again. a lot of bags here full of merchandise. people not only shopping but spending. we're at the newport center mall. the anchor

former prime minister mario monty has also come forward and said no for a number of reasons. a number of mps as well that originally voted yes in parliament are also now coming out and saying no. why? has the government made an error here? in the contents of the changes that they're proposing? >> well, the foreign reactions are very controversial, obviously. we have very relevant newspapers saying you have to vote yes, because with no prevailing, we risk a great danger for italian future and the italian economy. and then as you mention, we have other relevant newspapers that say you have to vote no. but the italians are voting, not the "wall street journal" or "the economist" or "financial times." >> have they got it wrong? are they misunderstanding? >> well, i think that those saying that we are going to a catastrophe are exaggerating, and i think those who say no because you risk the italian regime are totally ridiculous. so in one side we have some exaggeration. on the other side, we have, it's really ridiculous. if you just, perhaps who writes these kinds of things has no

mario monti speaks to bloomberg and says the current prime minister should stay in power, even if thected. more highlights from the interview. we are halfway through the trading day in the u.s. not huge volume but julie hyman has been looking at the move. julie: moves were record-breaking at one stage, although, it now, a little bit of needed movement in major averages after the dow touched 19,000 and all three touched record highs. we have seen a little bit of moderation, particularly for the s&p 500, which is little changed, somewhat of a mixed picture. we have been talking about health care, one of the major weights on the s&p 500. the intraday chart tells the story with unchanged reading for the s&p 500. started started -- dip around 11:30 and s&p 500 bounced around the lows before coming to the unchanged level. it is a holiday shortened trading week, not unusual, but low trading volume. bloomberg shows that, average volume, that is what it stands for. the composite ball game today is the blue line. shows where ites tracks throughout the day. it is about 10% to 12% below the 20 da