she said eu will still push a digital tax even if a big push at oecd fails. she was asked how europe's revelatory posture on technology is different than the u.s. and china. >> first and foremost to promote what we have going for ourselves already because in the business-to-business environment you find a lot of impressive tack. you find engineers and research and an impressive start up environment and the willingness to balance all the possibilities . >> talk about innovation but we hear from u.s. companies the reason you're focused on taxation is because we have not seen real invasion europe. you agree with that and is that fair? -- we have not seen real innovation in europe. do you agree and is that fair? >> that is not fair, not just some of them but every company should contribute where they do excellent business. that is the bottom line in europe. you do very good business here. >> is that something where you think if by the end of 2020 there's no international agreement on digital taxation that it would be fair for the eu to go it alone? >> yes of cour

the oecd is moving out to 2021 growth as well.sting to the length of time before we get any recovery? longer isower for certainly the phrase. when he saw the minutes from the fomc, clearly they are on hold for some time. i think the ecb will hear from president lagarde tomorrow and they are not going to be doing anything anytime soon. we are lower for longer, but there are a huge range of opportunities in this environment. , they look at the risks also produce opportunities. opportunities even on the curve in the u.s.. we like the front end of the treasury curve. decent liquidity, decent risk returns, and a hedge. in the u.k., likewise when you look at brexit and politics, we like a steep -- when you look at the different asset classes, it is really being nimble in finding these areas for investors. tom: i love the phrase steve short used the other day. outaid there is hopium there. that headlines on trade will materialize and lead to growth. explain how political process leads to growth. we need business investment, a resilient c

ireland, norway and luxembourg topped a recent league table compiled by the oecd group of advanced economiesad of britain's trades unions congress told the bbc that with the rise of technology, there's an opportunity to re—think the workplace. we know there are fantastic productivity gains to be made, they got to millions and billions of pounds, how are we going to share that, higher pay, shorter working week, is it more satisfying work? let's get rid of boring work. let's get rid of the drudgery. chris southworth is secretary general of the international chambers of commerce here in the uk. some might say thou surprised. productivity is fundamental for the economy and this trust within business, to promote a positive, healthy place to work and how that has a positive impact on people's well—being. has a positive impact on people's well-being. wise productivity important when you talk about economic growth, for example. the output that people provide within the work place, ultimately that leads to what drives the economy. it's the way we go about our work in today's modern world, it's much m

i am happy to see the progress made by the oecd. there is a positive setback on their first draft.uld be the better solution. if that cannot be met? -- cap he met, we look at all of the -- >> based on what you hear now from the oecd, this time, there is momentum. we have not actually seen progress being made. >> normally, i would not be optimistic it comes to taxation. i think now, there is momentum. there is a deeper understanding we have to update corporate taxation to digital times. also the global dialogue is changing. thee also heard today from president that data is key. data is power, but it can also be weaponized. what measures to partake consumer data in europe and how are you going to deal with that? >> we are going to make a comprehensive strategy. for ai, data is the main input. it is so much more than a commodity. it is what defines us as people. we have taken a number of steps with digital citizens rights in the gdpr. we have a lot of public data that has been made available. we need a company in such energy for data to be the driving force. you -- ifosperous possible

we are strong believers in a global agreement i am happy to see the progress made by the oecd.very strong push. and there is positive feedback on the first draft. of course, that would be the better solution. but if that cannot be met, when you look at the businesses who pay their taxes, it would only be fair that we pick it up again if a global solution is not possible. >> based on what you hear now from the oecd, this time there is momentum to get this done. we have been here many times at have not seen progress made. >> normally, i would not be optimistic when it comes to taxation, but i think now there is a momentum, there's a deeper understanding that we have to update corporate taxation to digital times. and in that respect, the global dialogue is changing. >> we also heard today from the eu commission president that data is key for the commission, but it can be weaponized. what is the message to protect consumer data and europe and how you deal with that? >> first and foremost, we are going to make a comprehensive strategy. for ai, data is the main input. data is more th

joining us from the oecd is the secretary-general of the oecd, joining us in paris that you for joininghat do you see the global economy going through next year? we are not forecasting a recession, but we see slower growth. one year ago, we were forecasting almost 4% growth for 2019 and 2020. 2.9%,e are forecasting meaning we have shaved off more than 1% of the world's growth. that is mostly because of trade tensions because of decisions on tariffs and duties. this trade war and the uncertainty it creates. uncertainty is the greatest enemy of growth because it stifles investment. investment was growing at 5% but now it is barely 1%. trade was at 5.5%, now it is negative. in a very we are serious situation, caused mainly by these uncertainties related to the trade tensions. francine: overall, is confidence improving? with confidence it is a trend that will be here to stay? confidence is like a roller coaster. one day, it looks like we may have an agreement and then it goes up and the stock market sores -- soars. then there's a statement suggesting the agreement is not so imminent and it

but i do think that oecd could play a role on some aspects of ai. don't think it's the right place for everything essentially across-the-board. it was just depend on what the particular issues are and then getting the right people at the table on that. >> anyone else want to weigh in on that one? i think we're time for one more question. if there is one more quick question. if not, i get to ask it. i lost. got one over here. >> thank you for your question earlier and your answer on export control, one of my favorite topics when it comes to ai since it conjures up the 1970s image of preventing the social getting american microelectronics which didn't work out so well. from the peer competitor or adversarial perspective, 2025-2030 or 2035 will be really important. for the reasons individually both the chinese and russians over that time as being critical come in a in a critical inflecn point for the matching of their own military doctrinal innovations with military hardware and, therefore, the capability to execute missions that they're building towar

alix: when you get the oecd forecast, it doesn't look great, for example.here's stabilization, but they downgrade germany to present -- downgrade germany to percent. when you get those headlines, do you still feel confident in stabilization, or if they're going to be a trigger that causes more rollover? marvin: it ultimately shows that there is a stable environment we are operating off of. there's much less room for mistakes, so you always have to guard yourself around that. you have really low volatility, but a lot less flexibility. i think some of that is around the central bank puts. everyone for the most part is .symmetric they will cut rates if they need to only to zero or lower bound. having said that, it gives assets a certain amount of stability as we go forward. but really, if there is a bad hiccup, if it is as bad as kissinger talks about, you wind up in a situation where you not really pricing it in. alix: if you come inside to bloomberg, it is the vix, it is l.e move index, and equity vo the report yesterday talked about how the the code of the

you say a little bit about what you saw as the biggest surprises in that process of working with the oecd members and trying to formulate a set of principles? >> in all honesty, we were surprised by how close the ocd had to reflect with the president and was directed in his executive order. we went into that process very skeptical about the ability to move the direction and the nation and preemptive regulation. a great team that went over there was having a really good conversation about stressing about whatever we do we need to make sure because they have the greatest regulations but that is not is helping to drive the next generation and our adversaries with their discovery. for us, i was will surprised and how we got to the president directly in the executive order and if we can engage smartly and with clear eyes we can move our allies closer to what we think about the world. >> oh as tpp is a privilege place to sit because if you're looking to cherry pick from and it's often from the government to bring in technical talent as well that might be in adjacent areas and relevant to ai pol

ireland, norway and luxembourg topped a recent league table compiled by the oecd group of advanced economiesueh, economist and author of the great economists, is with us now. why doesn't work the longest hours in europe translate into the highest productivity, what is going wrong? that is one of the big questions, it raises the issue about absenteeism, which is mentioned, but also present ears, if you turn up to work, because you had a hint —— if you turn up to work because others do, it does not translate into productivity. —— presenteeism. it is about what they produce rather than their presence, that could alleviate pressures that you begin to see, more acute to mental well—being, older workers, contrasting in the survey, they may not feel the need that they have to give an excuse if they need a day off, if they work shorter hours. does the uk have a ticket a problem with presenteeism? quite a few people, especially the older age bracket, feel they need to be there. what we have seen is, present ears and results in about 30 days of lost working days a year, in terms of product —— producti

and the oecd had a look at this about three years ago, in 2016, and they compared the performance ofsome criticisms of certain aspects of the welsh nhs at that time which it said could be improved. next, when we see election pledges like more doctors, how does this apply to wales, when we were hear about devolved issues? —— when will we hear about devolved issues? as you mentioned earlier, this is very big deal in the devolved nations. there are certain really key things that people care about enormously, like the health service, like education, which are devolved and therefore the responsibility of the welsh government scrutinised by the welsh assembly. so obviously when people hear promises from parties of certain figures of nurses or whatever, they relate only to england, and it is up to the welsh government to decide what to do in wales. very quickly, will welsh farmers post—brexit still be able to export without extra tarriffs? depends on whether brexit will happen and what the subsequent trade deal is like, if indeed there is one. if it is not, we could be back to a no—deal sce

endorsing the oecd work is exstrooechlly important and something we want to support. we're working together to figure out where are they complement airries. we are a proud american company admitted to the defense of the united states our allies and the safety and security of the world. we are eager to continue this work and think about places we can work together to build on each other's strengths. >> thank you, kent. general, take us through what you're up to at the jake. >> so first of all let me say thanksu thanks. it is great to be here and i thank both erik and kent for the opportunity to do this. admittedly though, i will say i'm a poor substitute for the joint chiefs of staff, although i say it to lower probability of growing sand bite. you get that with it. this is undoubtedly first and last time i will serve as a warmup act for dr. henry kissinger but hang on for the main event. i not only welcome but relish the opportunity to have this broader conversation about public private partnerships. when you ask me to redplekt back as my two years as the director of

romaine: oecd was talking about the idea that the global economy was going to remain in this rut.sort of puts the onus now on fiscal policy. something that certain countries seem to be reluctant to fully embrace. do you think it's possible that if we do run out of ammunition. we will see a little bit more willingness by governments around the world to embrace fiscal policy and that could be more of a game changer with regards to the forecast for 2020. >> there are signs that governments are becoming more willing to do more fiscal with seeing this in europe. it's a fairly mild stimulus overall. the same time they have just been hiking the consumption tax and they're trying to offset that with other means of tax cuts and spending increases. definitely opened the floodgates in terms of fiscal stimulus. they are more cautious on the credit stimulus and the monetary stimulus but here in the u.s. i think politics is very fickle. we are heading into an election year so i think it's very unlikely that you will see 2020. stimulus out of in the near term we shouldn't get our hopes to hide t

i do think oecd could play a role in some aspect of ai. don't think it's the right thing for everything. it just depends on what the particular issues are in getting the right people at the table. >> does anyone want to weigh in on that one? >> i think we have time for one work eston -- one more question. more question? if not, i get to ask it. got one over here. got one over here. for your question earlier and your answer on export control, one of my favorite topics when it comes to an since it conjures up image of soviets -- the period 2025 through 2030, 2030 five will be important. both the russians and chinese look at that time period as being a critical inflection point for the matching of the own military innovations with military hardware, therefore the capabilities to execute missions , the russians are little more explicit than the chinese are. china's is aware of longer-term strategy to achieve dominance.financial including artificial intelligence. challenge look at the from our eyes. control is not going to do it in that timefra

as the report notes we need a global framework and approach to these issues endorsing the oecd framework and something that we want to support and we are working together to figure out because at the end of the day we are a proud american company committed to the defense of the united states, our allies and the safety and security of the world and we are here to continue the work and think about places we can work together to build on each other's strengths. >> thank you. >> thank you. general, take us through what you are up to. >> first of all let me say thanks it is great to be here and i thank you for the opportunity to do this. i will say i am a poor substitute for the chairman of the joint chiefs of staff and the lower probability of any headline grabbing sound so i also confess this is the first and last time i will serve as a warm-up act for doctor henry kissinger so hang on for the main event. i relish the opportunity to have a broader conversation about the public-private partnerships. when he asked me to reflect back on my two years as the director of the public project just a

guest: the numbers i was just quoting is from all the european countries together, the oecd. these are not my numbers, these are theirs. you will have to deal with reality, 00:25:29 caller: here is the reality. number one, do not talk about what the republicans are doing because trumps policy and terms of increased rates, 22 states. the number one employer is walmart. no policy degrees walmart's one increasedcy walmart's dollar increase. let's give trump a boost. let's increase the wage by one dollar. 22 states, walmart is the biggest employer. they increase their minimum wage by one dollar. that is a fact. guest: one dollar per hour? caller: number two. when obama was president, we are not going to stimulate the wethe republicans decided, are not going to stimulate the economy. the stimulus that we got in the midst of a recession was less than trump's tax cuts. if the republicans had allowed us to manage democrats while we were in charge, we would have stimulated the economy just like you did. guest: one, there was an effort at massive spending increases by the president and

there is a positive feedback on the first draft by the oecd.uld be the best solution, but if that cannot be met, when you look at all the businesses that pay their taxes, it would only be fair if we picked it up again if a global solution is not possible. one thing that has been talked about is the move towards a banking union. is that achievable within the next six months or year? >> this is an ongoing initiative. threey we have two out of pillars of the banking union up and running. we talk about single resolution. next monday we will be concentrating to finalize the work on the third pillar of the banking union, which is the european deposit insurance scheme. it will be one of the next european commission priorities. >> we have minister schulz of germany out with a proposal on that subject. is that something you can work with? >> this is a welcome opening. the european deposit insurance scheme has been moving slowly among member states. germany had a certain resolution. this is welcome. we hope it will facilitate discussions and agreement on

yet last year french workers got more done with each hour than anyone else in the g7 according to oecdlayer. always looking out for the bottom line and show them this clip. the real key to working smarter might just be working less. we'll put a link on our website. cnn.com/fareed. thank you to all of you for being a part of my program this week. we'll see you next week. ♪ limu emu & doug hour 36 in the stakeout. as soon as the homeowners arrive, we'll inform them that liberty mutual customizes home insurance, so they'll only pay for what they need. your turn to keep watch, limu. wake me up if you see anything. [ snoring ] [ loud squawking and siren blaring ] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ a more secure diaper closure. there were babies involved... and they weren't saying much. that's what we do at 3m, we listen to people, even those who don't have a voice. we are people helping people. when you look at the world, ♪ even those who don't have a voice. what do you see? ♪ where others see chaos, we see patterns. ♪ connections. relationships. ♪ when you

then all of a sudden, having already been behind much of much of the oecd or g20 in the space, we have further behind. the kind of expenditure needed is colossal. they are talking about adding $15 billion. you will also have to spend $15 billion at the least to take the relevant bids of bt private. you with that also have a lost revenue. this will be free to people in theory, which would not offset some of those costs and the way it is doing for bp. the way they are talking about funding is on the one hand giving investors gilts, and if you are a bt investor, are you going to want to sacrifice that for 1% gilt yield, or by taxing big tech. we will have agreeing to new tax norms. guy: is the focus on fiber the correct one right now? 5g is coming. it will be quite quick. her most people going to benefit more from the investments in 5g than they are in fiber? alex: the two go together. 5g on the antenna. what feeds the antenna? fiber. you probably do not need it every single household because you will have in one street one 5g antenna which can feed every house in the neighborhood. do not

maria: based on what you hear from the oecd, there is momentum to get this down. ms.t comes to taxation, but there is a momentum, a deeper understanding that we have to update corporate taxation to digital times. also, the global dialogue is changing. maria: we heard today from the president that data is key for the commission, data is power but can be weaponized. what measures to protect consumer data in europe, and how will you deal with that? ms. vestager: we will make a comprehensive strategy because for ai, data is the main entrance. commodity,e than a it defines us in digital ages. we have taken a number of steps in the citizens rights in the gdpr. we need a comprehensive strategy for data to be the driving force of the european economy. maria: what timeline are you looking at? ms. vestager: it has to be fast, because it ties in very well with what we are planning to do on artificial intelligence. the two things will have to come together, but for people to see the full scope of what data can do, we have to make a specific strategy. maria: mergers and acquisitio

the oecd has leading indicators for global growth. hit a 10-year low. down for 20 month running. williams is justified saying, at some point, not talking about december 11th, but at some point 2020 all together rational markets would anticipate a fourth rate cut from the fed. charles: talked about inflation or low inflation. courtney, you talked about the strength of the economy. there are certain things that continue to buck the trend. you've been worried about auto sales. the last retail report. auto sales carried the retail sector big tile. we're seeing housing permits go up. market, economy, some factors in the economy act like the things that auger for greater long-term health, housing permits, skyrocketing. things like that, are in place as well. so you have these two, how do you juxtapose short term anxieties maybe towards long term growth? >> i'm more in the house of we should focus on longter growth because a lot of fundamentals are really strong. the consumer really strong. it is interesting when target came out to beat their earnings. showing consumers are still spendi

we need a global consortium based on oecd corporate governance in a nutshell, and transparency, if we take the position to lead the consortium, the greater consortium, then also fund this, not only from a u.s. and nato and other allies, we have to understand two-part solution. this is one, whoever gets to the place on the race, but actually leading and so others follow our example. that's one part. case study that comes to a european union, small eastern country that implemented a lot of ai, autonomous cars and so many other digital health and so forth already implemented for its european citizens. when you look at it, there are countries and models with ai and the next auto is definitely going to be changed with ai and if the u.s. wants to keep its lead we have to advance it that's why i wanted to run it by you guys, your talks, u.s. creating an ai consortium and then leading it and keeping up the advantage so there's anot only the code level, logic level, not just japanese, or chinese or german or american-based coders, but someone cooperating so we share what we need to share and k

the oecd developed parts of the world are seeing flatlining demand for oil. they still consume a lot but that's where the demapd and growth is coming from. if you want growth you're looking to sell to east asia and maybe one day to africa assuming that we're still consuming oil that africa is able to modernize. the question is who will control access to those markets because that's where the money is to be made in terms of future market growth? in terms of supply balance, basically the only part of the world that's seen any significant supply growth over the last few years has been the united states because of shale, that virtually i think about 90% of the new oil supplies that have come in line over the last ten years is the u.s. production. basically that's it. but bear in mind of course, where are the reserves of the world located? what's the cost of production in those reserves? the bulk of the world's resoifbz still tend to be within the gulf, which has the lowest cost of production. yes, supposedly venezuela has larger reserves but they're of heavy crud

increasing corporation tax to the 0ecd rate, up to 24%. increasing corporation tax to the oecd rate,est you would have to pay on it. the key thing is we are able to service that debt and we know we can do it, we have chris lee numbers, we note as possible. the bigger issue is we know we have to spend this money and we have to get it from somewhere. so do you put up taxes or do you go and borrow? at the moment, borrowing roads —— rates are at historical lows was that we think we should ta ke lows was that we think we should take the opportunity. so if we are investing for the future, building houses, building hospitals, you want that. we're securing the future. we believe we can borrow and service the debt over time and make sure we get that green new deal that we desperately need. we have got to decarbonise the economy. there is a carbon emergency. we have got to act now. it will save us money in the long run and there will be massive returns from the increased jobs. hundreds of thousands ofjobs that can be created. we will get tax reve nu es can be created. we will get tax revenues

maria: based on what you hear now from the oecd, there is momentum now to get this done.: normally, i wouldn't be optimistic when it comes to taxation, but i think now there is a momentum. there is a deeper understanding that we have to update corporate taxation to digital times, and did not respect, i think the global dialogue is changing. maria: we also heard today from president von der leyen that data is key for the commission. it can also be weaponized. so what are you going to do about it? what measures will you protect consumer data in europe? margrethe: first of all, we are going to make a comprehensive strategy. for ai, data is the main input, but data is so much more than a commodity. it is also what defines us as people in digital ages. we've taken a number of steps with digital citizens rights in the gdpr. we have a lot of public data that has been made available. what we need is a comprehensive strategy for data to be driving for a prosperous european economy. maria: what timeline are you looking at? margrethe: this has to be fast wellse it ties in very with

this is oecd this group of developed countries. they're supposed to be promoting market economies.u alluded to, this global minimum corporate tax would be tremendously destructive certainly the u.s. economy. david we say this ad infinitum, corporations do not pay taxes. taxes are paid by shareholders less dividends and employees who get less revenue, get less income. the idea we need to shakedown big global corporation as little more to get more money for government spending, this is what the big global governments and bureaucracies are all about and that is the latest example. david: isn't this exactly why the brits voted for brexit? because they didn't want these global socialists to control their domestic policy? >> david, what you're saying, global socialists. that is not an understatement. who is pushing this? france. france is behind this they're the ones advocating -- david: let me stop you for a second, jonathan. france is a big place. there are a lot of people there. these organizations are like magnets. they tend to attract people that think that government is the solutio

and the oecd had much more complex picture.ticisms of certain aspects of the welsh nhs at that time which it said could be improved. next, when we see election pledges like more doctors, how does this apply to wales, when we were hear about devolved issues? as you mentioned earlier, this is very big deal in the devolved nations. there are certain deal in the devolved nations. there a re certain really deal in the devolved nations. there are certain really key things that people care about enormously, like the health service, like education, which are devolved and therefore the responsibility of the welsh government scrutinised by the welsh assembly. so obviously when people hear promises from parties of certain figures of nurses or whatever, they relate only to england. and it is up to the welsh government to decide what to do in wales. very quickly, will welsh farmers still be able to export without extra terrace? depends on whether brexit will happen and what the subsequent trade deal is like, if indeed there is one. so we're

capital expenditure, budgets that have been cut under the tories, and raided, will increase to meet the oecdcapital investment to rebuild crumbling hospitals and invest in cutting—edge medical technology of the future. years of tory cuts to capital budgets have left our nhs with a 6.5 billion repair bill. we will clear the maintenance backlog. the nhs will literally be rebuilt under a labour government. this we will honour existing and confirmed hospital rebuilts, future decisions on hospital rebuilds will be based not on party political considerations as it is now under the tories, but decisions will be based on need, be fully transparent and spread fairly across the regions. we will institute a green new dealfor the regions. we will institute a green new deal for the nhs to ensure trusts can access funding to reduce their carbon footprint and we will also institute an nhs forest with a million extra trees across the nhs estate. applause. we will ensure an extra 2.5 billion investment to upgrade primary and community health facilities as well. as we have heard, it was 71 years ago that a la