mervyn: no.stion about the data, what is happening in the economy, the labor market, that we do not need a new paradigm. a paradigm -- search for a new paradigm is basically someone who would like to have a new idea but cannot think of one. i think it is important for people to stick to the basic truths that we know and understand. away.ion has not gone it is that guy. it will come back at some point depending on monetary policy. monetary policy has been successful. look at the big picture. it steered us away from high inflation in the 1970's and 1980's to a stable, low-inflation environment. that is the most important thing to hang onto, whether inflation is 1.7% or 2.1%, does not matter. what matters is it is not above 5% or encroaching on double-digit levels we saw in the past. that broad picture is what central banks need to aim at. -- u.s. the u.s. inflation expectations have picked up, in europe, they have not. why? mervyn: one of the challenges to needs forrea is then different economies c

she calls her tea tree mervyn. would you like a calls her tea tree mervyn. would you likea go?s her tea tree mervyn. would you like a go? no! you need nerves of steel. once you start... how do you get into it? you cannot do it easily. it isn't at most leisure centres! apparently the winter olympics are very popular with children and i think it's because it looks like magical scenery and not like sports playing field. you don't normally get to see these sports. and it is great television. it is great to watch something like that. when you see her shooting down there... you the toboggan? a sleigh! with bells! and a nice and cosy rug to sit on. and my father christmas outfit. that's it for the papers this hour. you'll both be back in an hour. next it's meet the author. if you read any of the four mick herron novels you will know what to expect in the fifth, london rules. skulduggery and streets alive with terror, a political class that is self—centred and often corrupt, time is pressing and the threat real and the ramshackle outfit, never playing by the rules, has to try and save

the bank of england's mervyn king said, we all know that he is a man of total integrity, extraordinary, and most important of all, courage. such people are rare. his country will miss him. hildebrand believes strong leadership is having the courage to act in the face of adversity. when you were head of the snb, what was your decisive moment? philipp: in my time we had two i would say. one was the rescue of ubs, which was a very difficult moment. in many ways it went against everything we believed in, and yet we knew we needed to do it. we also knew it would create tremendous anger in the population. that was clear. and of course, it has turned out that way at a global level. and that it would take a long time for banking to redeem itself. so we knew the consequences were in many ways very significant, and yet we had deep conviction that at that moment we had no choice but to proceed. the other one, obviously, was the introduction of the minimum rate. francine: on ubs, what was -- it was a very difficult day. do you remember some of the conversations that you had at the time where you r

mervyn king was with tom yesterday. ofmust be aware the mistakes 2007 and 2008.have changed. you were in charge of the bundesbank at the time. what is different now to then? mexico around 2007 what kept us busy was stimuli zynga the banking desk stabilizing the axel: aroundm -- two dozen seven what kept us busy was stabilizing the banking system. we have moved toward being more soluble. this is not an amount that we saw in 2007 period. the banking system is more resilient, more result. what we really haven't made progress is market based analysis. we castrated in -- we concentrated in -- what is fragile is shadow banking. there is a lot of activities out there that have been banking activities but they have moved to markets. everything that uses leverage, that is credit origination and uses maturity transmission is a bank like activity. we need to watch it there. are no new agility's building up -- no new agility's are building up. -- banks mightre be more resilient. matt -- manus: 2018, as he started out on the journey was the year of normalization where carney

the bbc understands that alexanda kotey and el shafee elsheikh whose unit is thought to have melted mervyn are yet to receive a request from any country to hand them over. south korea's president has held a historic meeting with the sister of north korea's leader kim jong—un. the meeting is seen as a direct challenge to the trump administration, which had urged caution rather than engagement with the north. however, south korea is hoping to use the winter olympics to improve diplomatic relations. a second member of staff at the white house has resigned over allegations of domestic abuse. the former wife of speech writer, david sorensen, claimed he was violent and abusive during their marriage — something he denies. earlier, donald trump was criticised for publicly praising another aide, rob porter, who stepped down over accusations of abuse made by his two ex—wives. a convicted killer who drove his car over a woman as she tried to stop him stealing her handbag has gone on the run after he was freed from prison on licence. mark woolley was jailed for life at the old bailey in 2001 for the m

tonight, mervyn king will join us at 8:00. much else going on. we will talk comcast in a moment.gs. taylor: a proposal to toughen background checks for gun buyers has run into a roadblock in the u.s. senate. according to people familiar with the matter, republican senators fast-track consideration of the bill. both president trump in the nra have indicated their support. attorney general jeff sessions is ending the obama era policy that led to legal recreational marijuana. according to senior officials, he will reverse the policy that set up guidelines for federal prosecution of marijuana. u.s. attorneys and states where the drug is legal can now prosecute cases where they see fit. in saudi arabia, king solomont has shaken up the military. he has replaced several heads of staff. leaves theilitary coalition that has been struggling for almost three years to regain control of yemen. korea, prosecutors are demanding a 30 year prison sentence for former president bok choy. arrested among some of south korea's best-known conglomerate. global news, 24 hours a day, powered by over 2700