mr. draghi to use.arket that they can still do more without actually having to do more at this stage, ross. >> okay. yeah, and we'll see what happens. of course, with that rate decision coming out at 12:45 cet. geoff, for now, thank you. we'll be on that extra programming with us. joining me in the studio, peter westway vanguard asset management. peter, we have seen the data get better, but it's still pointing to the continuation of contraction. >> yeah. >> and unemployment is still going up. so will there need to be a further monetary policy response from the ecb, whether or not today in the next month or so? >> you've got to understand about the ecb is that their mandate is primarily about -- and in the past, they came in saying inflation would be pretty much around 2%. i think what's interesting now is that they're two years ahead of forecast with inflation around 11 is.3. so in a way, even without the slight strengthening in the data, there is enough evidence for them to do something more. and so th

mr. draghi as well. he says the ecb is looking at negative to positive rates with an open mind and with all intended consequences, rates becoming more effective. again, another measure we looked at on the considered possibility of having a break on deposit facilities, speaking in jerusalem. we will continue reflecting on all those measures. we are ready to tackle them with the unintended consequences that they may entail. that's in jerusalem. >>> meanwhile, in northern ireland, it's been day one of the g-8 summit, which saw clashes over syria but progress on trade as george osborne claims the u.s. and eu are on the verge of the biggest bilateral free trade deal in history. steve is on the shores near the town where that is taking place. what do we think will be in this trade deal, steve? >> reporter: well, it's very exciting. let's face it, normally, we're very skeptical, ross, about g-8 and g-20. you've been to plenty of these meetings as well, and the substance is less around the rhetoric, but this tim

mr. draghi said last week, it is possibly one of the most successful monetary policy tools in recent history. and, yes, it is widely credited with restoring calm in the bond market in the periphery. if there are any limitations imposed by the constitutional court on what the ecb can do with the omt, yes, there could be jitters in the market. but, again, the ruling isn't expected until after the german elections in september and that just shows you how politically fraught these hearings are because there is a certain amount of pushback by the german public. we saw a survey conducted this morning showing one in two germans actually want the constitutional court to rule that the ecb can continue with the omt pond buying, even though it hasn't -- never been used before and only 31% actually believe that, you know, this complaint is unfounded. so there is a lot of skepticism on part of the germans and many would argue on the ground this is a political exercise ahead of the german elections. ross? >> yeah. europe constant is a political game that we're playing. just what do you think is going -- a

mr. draghi here., the bigger issue that arose from the debate yesterday is whether the constitutional court is even the right place to debate the legality of the omt because, remember, the constitutional court here cannot ajudge over eu matters. that matter may be referred to the european court of justice in luxembourg. those limitations to the jurisdiction, they may also be reflected in the ruling which again is only going to be out after the german elections in september. back over to you. >> all right, carolin, thanks so much indeed for that. if you have thoughts or comments, e-mail us at worldwide@cnbc.com. >>> there are more millionaires and super rich individuals than ever before. this according to a report from the boston consulting group. when it comes to making it rich, is it all about luck or sheer hard work? cnbc's robert frank asks some multimillionaires. >> most of the wealthy believe they make their own luck, largely through hard work. but it turns out it all depends on how you made your

mr. draghi on one comment i read this morning, draghi needs the tapering effect like a hole in the head.tely. they wanted to keep yields low. you know, if this continues, then that's obviously not having a positive effect. >> there's the point. there's the if. how do we -- is there any way of working out the if part of that statement? >> to a degree. it's a self-correcting mechanism, right? if interest rates go up sufficiently in the states, it will slow the recovery down. particularly the housing market, i think, is pretty vulnerable. we were talking about the mortgage rate. that is a key pivot point for the u.s. from here. i think that, you know, draghi doesn't need it but there's a not a lot he can do about it because it's beyond his control. >> can we get back to a situation where good data sends yields up and poor data brings yields down? actually that would be a proper functioning market, right? >> yeah. i mean, in a world where risk is being properly assessed, then that's what should happen. but i think we are at risk here of getting too carried -- we're sort of, because we've had

mr. coeur d'alene koroda h a mario draghi moment.tude. his attitude is whatever, we're doing something. he's got to be a little more forceful. i think that's the feeling because that meeting went nowhere and a lot of disappointment. sell or hold or buy? bonds, emerging markets, what should you do? boy, am i getting questions on this. this is a hard one. emerging bond markets down dramatically just in the last month. some of these are down 15%, even 20%. a lot of people are talking about trying to buy some kind of bottom. i think it's a tricky call. by and large my general feeling is in emerging markets, you know how volatile they can be, they move 25% in ranges for years. >> are you calling japan an emerging market? >> no, not japan, but certainly like the eem which is the big -- >> you're absolutely right but that's why the japanese moves have been so interesting because they're massive. >> you don't see 70% moves up in the nikkei in four or five months. that is once in a lifetime -- >> unless it's 1989. >> i'm talking about the eem