david: we went to bring back board mervyn king -- mervyn king, thank you for listening to jens weidmannt he talked about and there are two related things, one, possible rate hike, have not beeny specific enough in their guidance and it has been vague. to you agree? -- do you agree? mervyn: this guy is having to be big because none of us know what the position in the middle of 2019 is. we do not even know the position in the middle of 2018. the central bank cannot decide interest rates for the future today. they can do it one meeting at the time. they can set out what they can see to be lagging parts of the economy that it is only a guess. it is no more than that. this pretense in forecasting can be dangerous. inflation can remain low for a long while and before you know what you are, it can be above the targets. it is dangerous to get precise guidance about the timing of interest rates when none of us know what the world or domestic economy will look like when you had. david: we certainly have seen that in the past in history, where inflation has gotten ahead of us. do the same paradigm

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

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