for all of central eastern europe. it resulted in very few problems and there's no longer any debate over it. but most countries of the world still require visas and it's solely up to each country to decide whether to change that view it's up to all of them together the compact doesn't change that. it's about. a large degree this is about signals. isn't it sending the signal to the people of the african continent everyone come to europe it's easy. even the compact title specifies regulating migration and reducing irregular migration the question is how do we achieve that in particular that in october of this year over eleven thousand people came to spain from morocco by boat if we're going to reduce those numbers we need cooperation from morocco and from the countries of origin so unless individuals need protection we have to be able to send them back to their own countries because we don't want irregular migration is specially not this dangerous migration across the sea. to reduce that is completely legitimate but if

and can be if you say from outside of europe that europe as a totality has become the fortress where you have a sense for hundreds of years europe maybe threw up from the colonies and now it suddenly decides all the close all the gates we've got the money and lifting up with anybody else try to get in the anything back and people think it's an act of generosity to allow some few migrants into the country rather than understanding it's a simple act of justice. william canter it reminds europe that what it might consider foreign is actually an important part of its own history. that's it for this edition of the arts twenty one. celebrating the art and artists of africa join us again next week. until then bye bye and no features in. the book. the book. the book. the. blood. the our economy. flying super soft coal how such hopes to overcome five obsessing on the rest of the brain in jump take off again brainstorms. by m. to celebrate the be. the theme of the be. told. eliminate the saddam international foreign fires came from jurors or dealing with anyone at all they killed many civilian

europe itself and europe was never founded to be a global actor the history of the european union was. was to to organize peace inside europe and economic growth but for the for the difficult birds of the world the difficult jobs some people say the dirty jobs. were the responsibility of france u.k. and of specially of the united states now when the united states started to withdraw from the scene in syria you could we were able to see there is no very common international politics where somebody went out of the door somebody some others would come in and fill it and we saw now it's the ceasefire and it's organized but turkey and russia europe doesn't play any role should that change should europe have more i think europe should step up in international affairs therefore it's and you want in syria what would you first first of all we should support the cease fire and of course i think at the end of the day everybody wants to see europe as part of the re construction process of syria the next step is that we should have under the u.n. umbrella in geneva a constitutional reform i'm very

for all of central eastern europe. it resulted in very few problems and there's no longer any debate over it. but most countries of the world still require visas and it's solely up to each country to decide whether to change that view it's up to all of them together the compact doesn't change that. but to a large degree this is about signals. isn't it sending the signal to the people of the. the african continent everyone come to europe as susie. even the compact title specifies regulating migration and reducing irregular migration the question is how do we achieve that in particular in october of this year over eleven thousand people came to spain from morocco by boat if we're going to reduce those numbers we need cooperation from morocco and from the countries of origin unless individuals need protection we have to be able to send them back to their own countries because we don't want irregular migration is especially not this dangerous migration across the sea. to reduce that is completely legitimate but if we're go

was talking about europe was talking about the. process shifting towards more and more imports and you were in the global economy europe was talking about how to avoid u.s. sanctions which impact european businesses so it's not that there was that emerging in the. it's talks and a real assessment of the current situation from europe and we are of course really radii to work and we work on different projects with all european partners because we believe that the u.s. sanctions is not the bolt put it it's about equipment it's about hurting economic. and businesses economies and businesses in europe it's would creating in the vitamin reach us companies we could be against european companies so that there's a boy europe is starting to understand that this is what is really hurting you've got them in development of europe and it's starting to working against it and of course we believe that this is a positive story also for russia and we need it to work with our european partners but isn't an assessment of their progress a good example

europe is not. based on theories but for somebody on the web trading and injury sources indoors so i believe that we should think about switching at least two euro and out and see which is more common russians and all the europeans mr ashton your government body is called the ministry of economic development what or who is the greatest enemy of the economic development in russia inside the country and outside the country will. if you will once again on you know just on the statistics you'll find that with a do more with a few is one of the key challenges because of the those transfer to a form to ninety s of the previous century and the heating of the one they mean and we have a limited. supply of new labor coming into market so. sawing the walls here interest will of course will be first of all harp and it will be a long lasting effect the fall of a new meter that is implemented in this area so this is one of the factors which is substantially missing the globe story the second story is of course a

and because europe had undergone a revolution -- not europe, but bolshevik undergone a revolution and other parts of europe were on the brink of some kind of socialist revolution, there is growing concern among this anticipated wave of immigrants will be subversives. this was reinforced by actual events. the most famous of which was the bombing of the home of the attorney general of the united mitchell, anmer event that launched the career of j edgar hoover. here you see evidence of the bombing. a newspaper story, a political cartoon from the same year. another cartoon on the same theme. let's keep the bomb throwers out. you know from what we are reading that this was also a period of nasty and bloody race riots, including a particularly nasty one in the city of chicago that claimed something like 38 lives. however, there were race riots in other cities as well, used st. louis -- east st. louis. racial tension in 1919. on top of everything else, the klan undergoes a revival. not just in the south but throughout the u.s. grewange of the klan tremendously in the early 1920's. the klan,

the president europe be successful only if france and germany stick. to the parsed it will be true in the future as well therefore the question might be who will take the lead will it will appease a french president or the german chancellor. it depends who is more courageous who has more ideas and better ideas and who can mobilize the other members for his position also angle america has been the driver european unity and ensure gratian for most of her term as they had of germany will her departure empower the euro skeptic forces inside the union. mrs merrett was always interested to keep the opinion of the members together but she was not really a driving force for more integration she has said several times we need more europe. but she never explained to the public what does it mean i think. president michael was quite more outspoken and expecting. about the german government while. he got. several months. just a few months ago but. this was not really. courageous it was a small step forward to a small step to what the french president but it was not

middle way and nuclear systems in europe and in your country and. even to areas that time retired it's hard. to tell the americans what the our interests are at that time because of the reagan was in office and for example chancellor kohl. who had to have washington to tell him. mr president our interest is that you should. again. summits with the soviet apartness that you should start controlling the arms reduction negotiations with the soviets that was our interest and vetoed the america and fortunately. three years later it worked in this you know the outcome where the far reaches controlling on certain actions agreement between your country. nato and your night it states therefore. the main over main interest is that we explain to your country and to the americans well oh isn't. and then be fun to find a green means is of this you or with america well top of this post asking about is talking about fired ok we're talking about european interests the chancellor has recently been boot ass she was speaking in the european parliament about the idea o

and she says i doubt that the new team in berlin will deliver a huge boost for europe and very glad to have derek scally with us once again he's a correspondent for the irish times and she says. i believe a k.k. will have to make clear to uncle i'm not. and soon who is chef and who is waitress in their relationship and reestablish germany as a source of ideas and momentum for european integration and finally it's a pleasure to greet multi-lane and he works for the daily journal tug a spiegel and he says k.k. is a conservative catholic a european she fought successful elections has governing experience and knows her own party well she could definitely be the next chancellor and most of them in let me start with you and ask you quite simply why should the world care about a change in the leadership of germany's conservative party a skeptical viewer might say this is just internal party politics. the city who is is the strongest most powerful german party in germany i would say it is but large the fourth biggest saw economy in the world and the strong powerhouse in germany so why should t

from europe back to africa. is a powerful voice for social justice in mali her latest album is simply breath taking. daddy. let it be. found to deal wara wants to carry on molly's rich musical heritage her songs are smooth blend of folk and modern sounds and they're taking the music world by storm they're also political like her new release phen folk from four means i have a something to say. i have a something to tell about when i say. i work present african in your generation i was presenting a few kind of name. i represent after going to china is. that the tearing me deals with migrating and losing the home and losing loved ones a fate suffered by many africans. then and then being hit. but to herself left mali as a young woman to escape an arranged marriage the movie molly blues follows her journey back it's a touching documentary showing how music can lend a voice to freedom. in her home village to broke a taboo by singing about female genital mutilation. to . i'm trying to to to fight the for the positive

here in europe. there is going out beset by. discontent how will the european union handle the retirement of its most champion where will germany turn when it comes to choosing a post merkel future and how will her legacy impact was to go. after her stealth shake national security adviser to a chance or how would call welcome to the show it's very great to have you with us . the polls show that around eighty percent of germans are dissatisfied with the current ruling coalition of merkel's christian democrats and the social democratic party now with the chancellor on her way out will merkel's departure become a final nail in the coffin of this already precarious government. the previous. chancellor angular max of will be in office in power for the next more last three years i think she would stay we will get a new head of the party of the christian democratic party a new chairman of our church of women we don't know yet the nevertheless the chancellor will stay i'm quite sure and she has still a. strong position was in europe and

what america tells europe not to have that does it have an understanding of europe's energy needs not the states of. being you know that but if you compare the amount of gas that's passing through north and the amount of gas that is going to pass through to your allies that is a very small percentage for the law so even if we take into account of the major concerns what is important is the no three moving through the system so. if the political course and so fathers for us of the europeans remains this isn't a force in which almost respect our interests and also our legal framework but you know you started this interview saying that you think greece should be greece should be like a help should be multitudes of pipelines going through greece and united states is actually saying that turks trim project won't increase energy diversification meanwhile united states is offering natural gas which is more expensive what greece is getting right now do you think greece is willing to pay the price gap but this exact reverse is going to i said that that whole most of the european you know but w

europe points lower. the cache trade is less than 30 minutes away. -- the cash trade is less than 30 minutes away. anna:

for europe. and very glad to have dark scali with us once again he's a correspondent for the irish times and he says. i believe a que que will have to make clear to uncle americal and soon who is chef and who is waitressing their relationship and reestablish germany as a source of ideas and momentu. for european integration. and finally it's a pleasure to greet modulating he works for the daily journal de target spiegel and he says it kay kay is a conservative catholic a european she fought successful elections. has governing experienced and knows her own party well she could definitely be the next chancellor. most of the ming let me start with you and ask you quite simply why should the world care about a change in leadership at germany's conservative party. a skeptical viewer might say this is just internal party politics. the city who is is is the strongest most powerful german party and germany i would say it is. by and large the fourth biggest the economy in the world and the strong powerhou

compared to 5 or 6% in europe for next year, we are seeing a gap in the earnings growth between europe and the u.s. is going to narrow. low single digit in europe, and this strong u.s. earnings should go into next year, and kind of positioning, so you're obviously missing a good catalyst to grow and perform. >> would you do that as a relative value play, rather than an outright play on europe then? >> absolutely. we close two weeks ago we think it is a -- we are not adding risk. but we think positioning is already very varied. >> very consensual to be underweight europe, but you in your own forecast are above consensus, 5% higher, excuse me, you are below consensus, so consensus has to come down for 2019 we saw some of the earnings revision turn negative in q3 with more to come on the negative side, why should investors be investing in a time when we see a further derating. >> i think the earnings story will be very challenging for the market indeed. i believe that a lot of negativity on earnings and a lot of investors we speak to expect earnings to be revised on. we significant rating

r europe, particularly, people want sking, why would you to buy europe? anything in europe, really? where is the growth story? good news story? the good news is and the bad -- , maybe, and the bad guy: some point has to be cheap enough. dax was worst performing in the this year. paul: yeah, based on historical this. and such like the european central bank is telling us, everything is okay, year.l come good next still like maybe a trade that is markets and opean the rally. longer-term investment, investment, do i want to build a factory, invest in the economy? rest is skeptical about this. guy: i have my doubts about the ate surrounding the 20th anniversary of the euro, the date it was -- paul: yes, yes, yes. gie us 20 e bp tell itting years. guy: yeah. has it been a success? as a political vehicle, more or less modeled it's way, exostintial crisis. greece most prominently middle, year the french took us close to the brink. that is the problem, kind of talking this morning on television with ubs's jeff, maybe it is how another crisis before europeans are bold enough to take the next

europe is never far from the epicenter. you showed earlier is quite remarkable because for five years now, european equities haven't done anything. this time last year, there were lots of bulls on the european market, but a lot of that optimism has dissipated. from now, it will be a choppy market. i don't think for 2019, it will be all roses but there will be good opportunities in europe. the italians have moved away from the hard-line. there are fiscal initiatives coming through from france and spain and germany. an idiosyncratic issue around the auto industry will be lifting. there are a number of tailwinds that could move the market higher, but it is not a buy and hold through 2019, i'm afraid. anna: we talked a little about stocks and how cheap they are. whether there will be a eurozone crisis in 2019. what about the bull and the bear cases with regard to get? leveraged loans getting a lot of headlines at the moment. what does your research suggest? alessandre: one thing that is ine is the amount of debt the world, sove

we had never had an army in europe. at the beginning of world war i, the united states was tied for the 13th largest military in the world with serbia and grace. by the end of world war i, we had 4 million men in uniform, having gone from 200,000 up to 4 million. 2 million service personnel were in europe at the end of world war i. just the logistics of that are astounding. you have to realize that when world war i erupted, the combatants were not concerned about america's role peer today, we think of america as an indispensable power in world politics. at the beginning of world war i, we were an afterthought. it was woodrow wilson that achieved that transition. i have heard presidents of both political parties say in my lifetime that the united states does not go to war to build an empire were to acquire territory, we go to war for principal. it was woodrow wilson that was the first american president to annunciate that proposition. i need only guide you back 20 years earlier to the beginnings of the spanish-american w

britain should go into europe. the majority is 112. .. in britain should go into europe. the majority is 112... in the referendum which followed, margaret thatcher campaigned for yes until years later she said... no, no, no. she was toppled and the man who replaced was defeated when he signed a new european treaty. two decades later, david cameron promised a new deal with europe... a referendum. he had no plan for failure, with europe... a referendum. he had no plan forfailure, no plan b. with europe... a referendum. he had no plan for failure, no plan b. plan bis to no plan for failure, no plan b. plan b is to hold a referendum. the first rule in politics is being able to count. a prime minister who does not have the votes in parliament may be in office but quickly finds themselves without any power and, on themselves without any power and, on the best of days, theresa may has no parliamentary majority. when it comes to discussing europe, it is never the best of days. every day brings a fresh brexit crisis. what will tomorrow bring? we will be there to tell you. also mak

movement and the rest of you know vests that basically thing that europe in the past did not protect them enough of course. germany you have a leader and get america always of course very pro european but she has been weakened also and she had to step down from a role of head of the christian democrat party and of course you have. europe weakened by this rick said story that never ends and with a weakened prime minister of britain and of course also with italy. who has a coalition government with two very different parties but who is fighting a little bit with the european commission so the main. the main countries of european union have. let's say we can leadership or we can relations relationship with brussels which is of course the case for. great britain and for italy ok david in belfast i mean one of the major criticisms is that the e.u. is basically predicated on an ideology of neo liberalism and they've been willing quite willing to sacrifice the interests of the people that they claim to represent and what has happened in france over the last few weeks is a very good example

we need to talk about europe, the is he be -- about europe and the ecb. joachim fels will be sticking around with us. this is bloomberg. ♪ ♪ vonnie: it is time for the bloomberg quick take where we find back on issues of interest. for the past few weeks, paris has been angry and violent. tomorrow is expected to be no different. a supporters of yellow vests hit the streets. this started over plans to increase feel taxes -- to increase fuel taxes. french president win oh macron scrapped it. scrapped it.acron the unrest is beginning to dent france's economy. on top of all that, macron's reforms will likely call france reach the european union's ceiling. about this onore bloomberg. pointet's pick up on the and talk about what we have been seeing in france. the unrest is showing up in the data. we have pmi data for france. falling below 50. joachim fels is still with us. joachim, we are seeing the spread widening out. is this just a temporary move as france go through this convulsion, or is something broader here? joachim: there is something broader here,

you have the americans coming into europe. you have them succeeding in these pretty public and, you know, well-publicized battles that they are waging against some of the largest companies. if is a small company with a big investor, it doesn't make a difference. they want to go up to the big names. it's likely they see a lot more of that in 2019. matt: you mentioned carl icahn already well-known, but elliott is not just well-known, but very experienced internationally. it makes sense elliott can leave these wolfpack crews around europe. are european companies may be more vulnerable? are they not ready for this? ruth: they are spending more time shoring up defenses. they are spending more time -- we often speak to ceo's that say, we are the activists, so we don't need activists. they're working on their messaging that way. today, we had a story on telefonica. telefonica is the second most indebted companies among the tele-companies in europe. there was a rumor, do they do something at telefonica? they denied it. the company, th

still advantage europe. usa responded strongly at the start of the singles, but the blue wave was coming. jon rahm, beating tiger woods, beating his chest. wonder where he got that from. oh, yes. look at him go! it left europe on the brink. then mickelson stuck it in the drink and the ryder cup was staying on this side of the pond. people questioned the picks, questioned the quality that we have. we showed this week what a cohesive and togetherness we have. and how it showed as the champagne flowed. your winners. .. team europe! 2018, the year of the horsepower and the two—horse f1 race. initially, sebastian vettel‘s ferrari gru nted loudest but as the f1 circus headed to europe, hamilton's mercedes roared into the lead for the first time. this season then hit germany. vettel looked to be cruising but then he hit the barriers and gifted hamilton an advantage he would not relinquish. it prompted an unprecedented purple patch, five of the next six winners trophies, all in hamilton's hands. the gap to vette

the majority of iranian pharma imports come from europe the u.s. sanctions have caused one massive problem for e.u. around trade the payment system. we visit the bank melli iran in hamburg it forward sereni and company payments to respective banks of german companies but now european banks are part of the boycott according to managing director has got to the many companies fear the us sanctions. the bank. the banks don't have any valid reason for not processing those payments of thought it's a clear breach of contract it's a breach of the rules underlying payments in europe. bunk melly could sue but there are simply too many banks that no longer accept payments from iran gottlieb therefore hopes for new e.u. regulations back in tehran the block payments are also a big problem for many german medium size companies doing business in iran says dr marfin bone shine of the iranian german chamber of commerce trade is on the brink of collapse and an e.u. solution is urgently needed. to name an iranian companies and the whole country are increasingly impat

the solution is right now only a small part of it lies in berlin and germany if we talk about europe we are watching the bracks the tears and watching the problems of among them michel we are watching italy's government consisting of left wing inviting populist parties. east european countries very nationalistic scandinavian countries facing right wing populism as well so europe itself is in a very very bad condition and i don't see how any chancellor of germany if it's merkel i think i'd come convolve can solve this problem even if you make deals with him on them. about his reform plans and silence on this is just a small portion of what needs to help and your own but your same old what can be done i think a new leader a new face a fresh face can say create a positive message i in germany i think they they don't really have much trust in the power of the message but she proved in hamburg being elected sea-doo leader the power of the political speech she got people behind them she motivated people and she her entire speech was very cleverly constructed around the word moved courage s

and especially europe. believed it needed a defender because we had the rise of populists when mccomas able to when it was socially recognized as he was the bork against the populist but again the problems from the global financial crisis was never solved and as we see in our go i think it's the best was able to temporarily delay what had to happen which is an upset in the french political system as well as people do want real changes so you know it's interesting to hear more is that it wasn't political parties that were. pushing this forward it wasn't trade unions it was no it wasn't institutions it was the lack of functioning institutions that have brought people. into the street and high prices of course the lack of funds having institutions and mccraw and neoliberal globalist policies. approval rating has fallen from some fifty five percent down the eighteen percent while polls also show that sixty eight to seventy two percent of the french people support the protests that the media is trying to create

because europe had undergone a revolution, not europe but russia had undergone a bullish of the revolution and other parts of europe were on the brink of some kind of socialist revolution, there is growing concern among this anticipated wave of immigrants will be subversives. this was reinforced by actual offense. themost famous of which was bombing of the home of the attorney general of the u.s.. that launched the career of j edgar her over -- hoover. you see evidence of the bombing. another cartoon on the same theme. let's keep the bomb throwers out. this was also a time of nasty and bloody race riots, a particularly nasty one in the city of chicago that claims of the like -- claim something like 38 lives. some in other cities, e st. louis. racial tension in 1919. on top of everything else, the klan undergoes a revival. not just in the south but throughout the u.s. they grew tremendously in the early 1920's. was ann, as it were, equal opportunity this terminator. they opposed catholics, blacks, jews. supported the restriction of immigration. this political cartoon, here is a klansman cho

as well we should say year ago you advocated the united states of europe a new constitution for europe you said any country that didn't adopt it should have to leave the european union by this draconian stance who wants who wants a united states of europe these days me for example i wanted i suggested because i think many others really. in the united kingdom for sure not in other countries yes i think the united states of italy poland hungary czech republic croatia other holland you think they want. and right wing governments in europe against deepening integration in the european union is not the news this is the case and i'm sure proud not to share the view of mr obama mr country but if we want to run future times the european union and the idea of democracy against people like mr trump xi jinping obviously. we have to deepen european integration and not to redevelop the european union the kind of lose assembly of national states and this is my deep conviction and that's behind the idea of the united states of europe which would not be like the united states of america united kingdom