meanwhile, the oecd -- guy: i couldn't quite work out, vonnie -- sorry, carry on.s is definitely worth listening to. vonnie: hold that thought. we will come back to that in a moment, but for now, the oecd chief economist spoke about the recovery after the pandemic with bloomberg's anna edwards and matt miller. >> it is clear we are entering two ofme sort of phase this economic episode, so there were confinements, and now we are seeing many countries thatning, but i would warn this is going to be a very process with more activities that will not reopen for a long time. you may think about restaurant accommodations, airlines. it is going to be very slow and not the bounce back to where we were before. >> what do you think about the stimulus measures we have seen thus far? could they have been better? >> it has been a very impressive response from governments, as you highlight. they fired in all phases. they supported people's income. they supported business liquidity needs. they have done the maximum i think that they could do in this phase one of the pandemic and th

system hey nurses basic wages just fifteen hundred euros making it one of the lowest salaries in the oecd group of developed countries. in recent weeks health workers have staged multiple protests criticizing the government for what they vieww ass a lack of supports particularly from a financial point of view that often leave however promised that the changeses would merit france's gratitude toward. the front lines during the corona virus pandemic. double cook about do we want to be able to show our gratitude to our health care workers and to maintain their motivation for their calling. it it's more our country's gratitude is enormous and the president that will translate into compensation will support her details on i want to be clear that pay hikes will be significant. as will be the raising of our health budget targets in the coming years and if. france's health care system is consistently ranked amongst the best in the world but the crying of ours crisis. has affected the highlighted a growing strain on stafaff and infrastructure. aftr years of government costa saving policies so how

the downturn is dramatic, so those who have forecasts like the imf and the oecd in the -16 -10%, if they look at the --bers asked the -6% to -10% -10%,e oecd in the -6% to if they look at the numbers, i don't see how they get to that. so we are at the very bottom of the range of the consensus forecasters. as we see macron and merkel , we are also getting the bank of england speaking as well, saying the longer the lockdown, the longer the stimulus is going to be required. while we wait for headlines, let's talk about the u.k.. the market is starting to process in -- to price in the possibility that the bank of england goes to negative rates. england cutsk of into negative territory? mr. bailey doesn't seem convinced. erik: i don't think they will, but i was just noting that with the euro zone, we are the most bearish. we are not the most bearish for the u.k. we have -10%, while others go down to -14%. stimulus,need more but i don't think the bank of england will go negative. they have been very firm on this. things that is so wonderful is that taking outside of the box, he says things rea

laurence boone, chief economist at the oecd. unique, amazing time to talk to an economist of that quality. up next, paying to sell oil. was it a blip, or a game changer? we'll find out. this is bloomberg. ♪ matt: welcome back to "bloomberg markets." this is the european open. we are almost one hour, 53 minutes into the trading day and looking at 2% gains across equity indexes. 2.5% on the cac, gaining the most today after falling the furthest, more than 4% yesterday. joining us is kristine aquino, who leads our mliv team in europe. let me start with the question of the day. i wonder what responses you have been getting from clients. asking about the negative prices, paying to sell oil. is it, was it a blip or a game changer? what have you been hearing? kristine: it is a very divisive question, matt. we've gotten a host of questions -- answers, ranging from people arguing it is a blip largely because retail investors are unprepared for the concept of negative oil and were asking to get out of the market, but that's not going to b

>> translator: today, we found out about another study from the johns hopkins university -- as the oecdyesterday but ranks us fifth in the world, in total tests carried out. >> turns out that, not only had the oecd already revised spain's position down to 17th, johns hopkins never published such a study. >> well, after initially claiming that their data came from johns hopkins university, the spanish government put us onto a website called world-o-meter. we wondered what's world-o-meter. >> it's not one that i'm familiar with. >> world meter aggregates data into tables and charts. it actually does rank spain fifth in overall coronavirus testing but it's not exactly apples to apples. the table appears to include both pcr and antibodies tests for spain but not for most other countries. >> i don't think it makes much sense to add those things together. they would present different things. in one case, you're testing people currently infected. in another, you're testing people who have been infected in the past. >> world meter's owner seems to run 27 similar websites but has little online p

as i general of the oecd you very much for joinining us on. the phone 05/18/20 05/18/20 [captioning made possible by democracy now!] amy: from new york, the epicenter of the pandemic, this is democracy now! bethere will likely resurgence of covid-19 this fall. it will be greatly compounded by the seasonal inflfluenza. without better training, 20/20 could be the darkest winter in modern history. amy: 48 u.s. states are partially reopening for business, even as about a dozen states are seein

you were listening to the chief economist at oecd.ook at where we stand with the business flash headlines. pfizer has started u.s. trials of its experimental coronavirus vaccine. they have been working with regulators to speed up times. this time, looking at both safety and the immune system response from those experimental shocks. marathon petroleum took a $12.4 million charge in the first quarter, reflecting the coronavirus pandemic. the company cutting spending by about 30%. finally, there was a famous commercial for wendy's that asked competitors where's the beef? now, beef items are in short supply in some locations. one analyst said that 18% of wendy's restaurants were out of beef last night. that is your business flash update. beef, i speaking of know you were talking about beyond meat' is earnings a little bit earlier. even though the revenue number was better than expected for the quarter that ended, shares falling in after-hours trading. i guess this also goes to some bad timing in terms of strategy, where the company really

the low end was the oecd that said 9%. 9% of jobs is still a really big deal. you look at it, we're rewiring the economy, we're going through a new industrial revolution. but the challenge is it's a different kind of industrial revolution. it's not a story of changing the tool. the farmer dropping their shovel and picking up a hammer to go work at a factory. it's a new kind of tool that takes on some of the jobs of the workers. and so that means we're going to have new winners, new losers, new business winners, new business losers, new regional -- different parts of the country that are going to do better or worse, even nations that are going to do better and worse in this. that, like everything else, what plays out on the political side -- sorry, on the economic side, will ripple into our politics. that's really what we're trying to accomplish with this project is to give people the means to understand that hard data, they're less likely to read a white paper or a power point on it versus a fun novel. but also better prepare them for that future so they can vi

is the system, whether china's system is on track to reform directions that makes it more like an oecdmy or whether they are going back toward more of an administrative command and control, party led way of organizing their economy. the most interesting thing i think for this nationals people's -- national people's congress is the guidance document issued by the central committee a few days ago that purports to re-stroke the kind economic reforms we were promised in 2013 when xi jinping first came out. question is, are they acknowledging why they were not able to implement the same set of reforms over the past eight years, if they want people to take credibly the notion they will get back on a reform track now? that is going to decide where u.s.-china relations go. we heard from xi jinping speaking to the who earlier in the week, putting this on global liberal champion hats, and i want to throw up this chart putting the emerging establishments. the u.s. versus china when it comes to the share of global gdp. china is quickly catching up to the u.s. i wonder in terms of the diplomatic su

and children's services, noticeably decyf and oecd as well as library and rec park. changes in salary and benefits include both the wage delay that was triggered as of our march 31 report. a savings of almost $43 million. in the first year of the budget. but because it's a wage delay and not a wage freeze or cancellation, it just pushes that cost out into the fiscal year 2021-2022. that savings in the first year is off set by increased cost for projected active and retiree health care that's providing health insurance will be more expensive in the years going forward. and finally, there is increased pension cost over the projection period. we assume current year losses due to the poorly performing stock markets and this is compared to for projection purposes in all years. we assume 7.4% return. if i could project the stock market, i wouldn't have this job. so, that is our best projection purposes and we'll feel that loss again in actually the second year of the budget and that is fiscal year 2021-2022 and salary and benefits feel so steep. changes in city-wide operat

and children's services, noticeably decyf and oecd as well as library and rec park. changes in salary and benefits include both the wage delay that was triggered as of our march 31 report. a savings of almost $43 million. in the first year of the budget. but because it's a wage delay and not a wage freeze or cancellation, it just pushes that cost out into the fiscal year 2021-2022. that savings in the first year is off set by increased cost for projected active and retiree health care that's providing health insurance will be more expensive in the years going forward. and finally, there is increased pension cost over the projection period. we assume current year losses due to the poorly performing stock markets and this is compared to for projection purposes in all years. we assume 7.4% return. if i could project the stock market, i wouldn't have this job. so, that is our best projection purposes and we'll feel that loss again in actually the second year of the budget and that is fiscal year 2021-2022 and salary and benefits feel so steep. changes in city-wide operat

and children's services, noticeably decyf and oecd as well as library and rec park. changes in salary and benefits include both the wage delay that was triggered as of our march 31 report. a savings of almost $43 million. in the first year of the budget. but because it's a wage delay and not a wage freeze or cancellation, it just pushes that cost out into the fiscal year 2021-2022. that savings in the first year is off set by increased cost for projected active and retiree health care that's providing health insurance will be more expensive in the years going forward. and finally, there is increased pension cost over the projection period. we assume current year losses due to the poorly performing stock markets and this is compared to for projection purposes in all years. we assume 7.4% return. if i could project the stock market, i wouldn't have this job. so, that is our best projection purposes and we'll feel that loss again in actually the second year of the budget and that is fiscal year 2021-2022 and salary and benefits feel so steep. changes in city-wide operat

had the highest corporate income tax rate of all oecd -- >> and almost twice as high as the average. that was speedy when you are higher than the french -- >> you're in trouble. >> the other thing is we had a worldwide tax system. those things together were really detrimental to companies. the fact talking about the corporate income tax by home like keeping the money up front but is not a solution. like every investment decision especially of a size that is dictated by a bad tax system is not conducive first to great business decision or to grade economic outcome. >> he got that. he was not a tough sell on that. one of my favorite stories in the book is we said we are recommending to you that you want on a 20% business tax rate i'll never forget he sat back and said no, i'm not going to get. he said i want 15%. what's interesting is that from the date until we -- was almost exactly a year ago that that bill was signed into law i woud get the post we need, the 50 posts in the city. i remember mitch mcconnell coming into the room to see the president and he says i'm so sorry, i couldn'

and children's services, noticeably decyf and oecd as well as library and rec park. changes in salary and benefits include both the wage delay that was triggered as of our march 31 report. a savings of almost $43 million. in the first year of the budget. but because it's a wage delay and not a wage freeze or cancellation, it just pushes that cost out into the fiscal year 2021-2022. that savings in the first year is off set by increased cost for projected active and retiree health care that's providing health insurance will be more expensive in the years going forward. and finally, there is increased pension cost over the projection period. we assume current year losses due to the poorly performing stock markets and this is compared to for projection purposes in all years. we assume 7.4% return. if i could project the stock market, i wouldn't have this job. so, that is our best projection purposes and we'll feel that loss again in actually the second year of the budget and that is fiscal year 2021-2022 and salary and benefits feel so steep. changes in city-wide operat

and we can speak now to eric charbonnier, education analyst at the oecd directorate of education in parisor some pupils to go back to school in france? yes, it's a complex situation in france, because france isa situation in france, because france is a centralised country, so the decision to reopen is putting pressure on parents to decide if they want their children to go to school, if they want to be sure the security is sure and the spread was very fast in some regions of france and then slow in others, so the security is not guaranteed in schools, especially for very young children. each child, it's difficult for them to respect social distancing and that a decision of the president to open primary schools and primary education. why has the president made this decision that elementary schools will be one of the first to go back? two reasons, first of all, of course, economy, because it's important to restart the economy and for parents of very young children cannot go to work, it's an opportunity for them to put their children in school, and it's an educational reason, because france i

and children's services, noticeably decyf and oecd as well as library and rec park. changes in salary and benefits include both the wage delay that was triggered as of our march 31 report. a savings of almost $43 million. in the first year of the budget. but because it's a wage delay and not a wage freeze or cancellation, it just pushes that cost out into the fiscal year 2021-2022. that savings in the first year is off set by increased cost for projected active and retiree health care that's providing health insurance will be more expensive in the years going forward. and finally, there is increased pension cost over the projection period. we assume current year losses due to the poorly performing stock markets and this is compared to for projection purposes in all years. we assume 7.4% return. if i could project the stock market, i wouldn't have this job. so, that is our best projection purposes and we'll feel that loss again in actually the second year of the budget and that is fiscal year 2021-2022 and salary and benefits feel so steep. changes in city-wide operat