then there's russia india brazil south africa which i think are doing just the classic ring of they spent a little too much for luke to lose money ahead of elections and brody too long they are now to pay for it. and then there's this vast world of emerging markets and obviously their places like egypt where people are very concerned that there are so many places along with the buzz here in my experience was was reminding people that stops there in africa in many places make huge strides in recent years. latin america isn't just argentina. things like that. i was told to the formal central banker in due twenty thirteen was seen as a year when central banks around the world. later that week they called the fed will result in the us states a cat song that printing money kept on churning out money into the us economy and also a he was said to the marriott argued the president of the european central bank ecb single handedly saved the eurozone. do you think that's twenty fourteen will also be a new brand that the central banks will play as big a role. i think they will accept united states th

another six countries are candidates for this session to the oecd their brazil china india indonesia russia and south africa the salt in the semis stated that in the cares of oecd countries taken into account in future long term dynamics are basic guidelines of context and on its way towards top thirty one countries foreign diplomats shift in opinion concerning the president's can you address the nation. when it comes to the pages i think the main focus of us economy the main points are that at this age of the industry is to be stationed at the height take industry and the integration into the economy. and it's an important point which only a small and medium sized enterprises development of the sector because i think it's as being for tickets the recipe for german success in that department it also would no longer rely on. others company. can he choose one effectively. to most of all i bought was on accident. he said. dusty dusty. actually many of the gods. the cost of my site to keep the door knobs. most of my head. seeing this seventies universe three of us here when we are on the autobahn is marked this

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we've had good performance in places like india, brazil, russia, south africa, but we have challengesn the china/buy baidu business. >> the u.s. and other developed nations have been blamed for adopting selfish monetary policies. speaking just days after surprising markets by hiking rates, the former imf chief economist said industrial countries were focusing on their own recoveries, despite the fact that emerging marke>t had helped pull the -- out of the 2008 financial crisis. the rupee recovered after jumping against the dollar after falling to a two-month low on wednesday. joining us now is david hanas. bank of america/merrill lynch, david, great you have to on board. this is right in your basket of currencies. the comments we just heard from the central bank governor suggesting that developed markets need to intervene and take a wider approach now because they're seen as meltdown across. do you think there's any truth in that? >> i think it's right that some more policy cooperation could be helped for markets. at the end of the day, what's happening you no is a normalization. we h

in this lake-effect snow last set of results, we've done very well in india, brazil, the south africa, russia. but we've had challenges in places like china, in the buy due sector, where we're doing very well, and in nigeria beer. so there's more volatility in the emerging markets right now. the demographics are good. gdp growth is fast in the emerging markets than it is in the developed world. >> what what is the consolidation play here? or is there a consolidation play? we just saw the deal with beam a couple of weeks back. it always feels like there's a couple of brands that are still outstanding there. >> well, if you look at the history of our company, and even in the last three years, we've had made some major plays in the emerging markets, spirit and beer worlds. wheelchair spend about $5 billion building positions in turkey, india, brazil, ethiopia, tanzania. our footprint now is much more balanced between the developed and the emerging worlds. however, the company has a strong balance sheet. we intend to retain and extend our leadership position. and we look at everything and clearly