and i think that the very fact that macron, scholz, and draghi has physically been to the city of irpin, which is nearly all destroyed by russian artillery and bombs, they've seen it with their own eyes. and they know now the price of not delivering the amount of the weapons and the timing of this delivery. so, it is seen by the level of destruction of the infrastructure, but first and foremost, you see it by the people—less streets of the cities, whereas people will never be able to come back because they lost their lives and families and relatives orfled beyond the border. and i think that this is the very last argument which could be used in this negotiations. otherwise, we should then consider the fact that some of the allies are not on our side in terms of ending this war. have you and zelensky said that explicitly to the french, germans, and italians today, that if you do not do more right now, we will have to regard you as not being with us in this struggle? well, it's very clear to some extent for us as the politicians in war and the members of the government and the president

mario draghi managed to tighten spreads without buying a single bond through that program. my issue this time around is i am not sure, and of course i don't know for sure, but i am not sure at this point you can come up with something that is not deployed because of where inflation is and where rates are set to go, because of what has happened with the treasury market and what is happening at the fed. i am not sure a backstop is sufficient to address what is happening in this market. we will see. tom: on radio, we've got the banner up right now. ecb tells staff to prepare new anticrisis tool for approval. the antichrist's tool is simple. who is going to take the loss? i can't say this enough. this is alan meltzer 101. somebody has to figure out who takes the loss. in meltzer 101, a la bernanke later on, is the united states under the fed takes the loss. who takes the loss in europe? that is the debate, right? jonathan: a great exhibit of what is happening in monetary policy right now is the bank of japan. here's our cap on 10-year gilts. just saying it is not enough anymore

mario draghi was on lane earlier on with the french president emmanuel macron. they got on a train and they went to kyiv. they held a press conference moments ago. this is bloomberg. ♪ at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect. guy: guy: for the leaders of germany, france, and italy, today in ukraine, they've gone there, they've held their press conference, which you can see on the screen in front of you. they took some of the damage that has been caused by russia's war on the country. as i say, just a few moments ago holding a press conference. we have more now from berlin to get the politics of and the impact on the trip. what will be the impact of the trip, do you think? >> number one, not just for ukraine but the eastern european countries, ukraine membership has been controversial in the past and it's always been difficult to really give ukraine that candidac

you wonder what draghi and shultz were saying, because this is, in the end, a political solution it's certainly an ecb solution, but everyone wants ukraine to win, but people have different views on that. if you're macron, you want to give putin an off-ramp, while others wand to give him a dead-end, and this disunity, with a 50% growth in energy and gas prices just in the last week, six times higher than they were before the pandemic it comes together with geopolitical and geoeconomic stress together in a way that europe handle seen for many, many years. >> it's sort of frightening. did they ever resolve the structural problems that were revealed, where there's a devil's compromise at the heart of it, the stronger members support the weaker ones without any further federal integration,, like the u.s. has. >> they haven't solved an issue, and every few years we'll have a situation where it shows they haven't resolved the issues. they just can't come together on all of this. this is one of the testing moments where european stress i don't think has been this stressed since the cold war.

we have seen this in italy, with draghi bosque coalition. they don't want to supply -- draghi's correlation. cash coalition. they don't want to supply weapons to ukraine. he is a little bit ambiguous with supplying weapons. they are going in slowly. you just wonder, the mismatch between the military support and the promises of economic aid. this is a war that is having immense repercussions on the global order of diplomacy, politics and maybe the g7 understands this by now. kailey: on the subject of influence, we have talked about the diminished strength of president biden as his approval numbers continue to be low because of so many domestic challenges he faces. i am wondering how you characterize his strength or weakness among other g7 leaders . what role does the u.s. play as a leader? judy: there is no doubt the u.s. plays a role as a leader, the leader is the united states. nato is the military lines hard power, led by the united states. the biden administration is committed to this he has huge mastic problems. i was wondering if the ab

the largest party in mario draghi's italian coalition has split after foreign minister luigi dimaio quit over the party's refusal to back military support for ukraine. he says he is leaving the five-star movement, which he used to lead, and will start a new parliamentary group. current five-star leader giuseppe conte opposes the government's policy of sending weapons to ukraine. shares in germany's by your tumbled after the u.s. a print project at a multibillion-dollar appeal from the company that it should be shielded from legal claims that it's round of weedkiller causes cancer. the justices left intact a $25 million awarded to a californian man who says decades of exposure to round up caused his lymphoma. the u.s. is banning the use of anti-personnel landmines by its military around the world. the white house says mines have a disproportionate impact on civilians, including children. the u.s. joins the vast majority of countries which have already limited their use. it says it will work to destroy its stockpile of about 3 million landmines. global news 24 hours a day, on-air and on qu

chancellor schultz, president macron, prime minister druggie -- draghi. so definitely this is a consensus decision. you can only be sure after the decision is made. but if we are more positive than even several days before. brent: you know that joining the european union is a process that takes years, it can sometimes take decades. ukraine is expecting just to be fast tracked. do you have confidence that your country can pull this off, though, at the same time, trying to fend off the russian military? guest: the fast-track we have shown throughout the last four months. just to remind you, we summoned an application for membership on the fifth day of war. in less than four months, we're about to receive candidate status. it is a record for any country. we've filled in the questioner within just one month, a process which would usually take more than a year. which gives me all the reasons to say that ukraine will be moving with the same direction. it will rely on the european union to move at at least half the speed as ukraine. we are ready to make further

we heard mario draghi saying it would much harder to maintain democracy as an effective form of government if russia wins. boris johnson said that it will strengthen the resolve of ukraine and of every other g7 member, the indication is that britain, the u. did not need to have its resolve strengthened. that suggests that maybe some of the others are. a german journalist said you are not getting much briefing, because thent to maintain the unity. exception of japan, all the other leaders will be going straight from here to the nato summit in madrid. if they can hold together as seven, there is a better chance they can hold together as the 30 countries of nato. i think this is what it is all about. g7 is just a stage on a journey in that journey will receive its significant completion in madrid at the end of the week. >> bearing that point in min if the g7 is a stage in the journey, is that only about ukraine or are there other matters on the agenda? >> clearly, it is about other matters, but a lot of them are interlinked. global food security and the energy crisis. on global food security,

the case was put out by mario draghi who is himself a former boss of the european central bank. he promised to do whatever it would take to save the euro currency. unfortunately, price caps require more than a warm statement. they require specific speed so far on specifics, the g7 is falling short. why? it is a series of democratic countries which he told interests. british prime minister boris johnson proposed that instead of subsidizing the production of ethanol and other forms of oil from rapeseed, the land should be turned back to agriculture because there is a food shortage. he was slapped down by president biden who knows full well that would not wash in midwest states who depend on this money and committed too much to it. in that sense, you see the limitations of each policy proposal. somebody will object to. laura: what can we expect from the nato summit later in the week? shaun: in sense the nato summit is much more significant. i think many of the leaders in this above area are looking forward to the warmth and sunshine of a madrid summit. what they will do is try to e

french president, emmanuel macron, german chancellor olaf holz, and the italian prime minister, mario draghi,theyere y the romanian president to meet ukraine's president, volodymyr zelenskyy. they held talks at a press conference and the tee leaders delivered a united message. here its. >> all four of us support ukraine as an immediate candidate for accession to the eu. >> we are at a rning point in our history. ukrainian people defend every day the values of democracy and freedom that underpin the european project, our project. we cannot wait. we cannot delay this process. >> latest engine one, my colleagues -- ladies and gentlemen, my colleagues and i have come to keep with a clear message, ukraine is in the european family. >> france, germany and italy have all backed ukraine's bid to become a candidate for e.u. membership, and president zelenskyy welcomed that. >> we are ready to work for our state to become a full member of the eupean union. ukrainians have already earned the right to t on this path and get candidate status. >>efpres bidmeent,e g the euros visited a town near kyiv where

president emmanuel macron of france, italy's prime minister mario draghi and uk prime minister boris johnson. biden is heading to spain next for the upcoming nato summit were discussions will focus on russia's invasion of ukraine. he will also reunite with first lady doctor jill biden, who is visiting madrid. and we now know at least 18 people died. >> in a russian airstrike of a crowded ukrainian shopping mall. this is new video that shows the explosions on a nearby park. and you can see people just running for safety. >> yeah, france's president is now calling it a new war crime. russian authorities are claiming that the shopping center was not the intended target. this comes as nato bumps up its high readiness troops to 300,000. our kron, 4 correspondent evan lambert has an update now to sweden and finland's efforts to join nato. >> just hours after ukrainian forces say russia bombed a shopping mall filled with thousands of shoppers killing at least 18 civilians. president biden teasing more u.s. troops will be on the way to europe to help defend nato by air land and sea. >> we're

french president emmanuel macron, german chancellor olaf scholz and italian prime minister mario draghi travelled by overnight train. the trio visited irpin, just outside of kyiv, where they saw evidence of the destruction caused by indiscriminate russian shelling. and they also met with president zelensky. all leaders committing to increase their support for ukraine, with more money, more humanitarian aid and, most importantly for ukraine, with more weapons. our international correspondent orla guerin hasjoined troops in the kharkiv region. orla is now in nearby kostiantynivka. every flag marks a new grave, a fallen soldier in ukraine's war... ..anotherfather or husband or son... ..like denis gordeyev, a former lawyer and human rights activist, mourned by his brothers in arms. under the summer sun, a bitter harvest. this farmer points skywards and warns us there's a russian drone overhead. in the trenches nearby, bordering donbas, a fighter — nicknamed old pal — watches for the enemy and sees all he has lost. "i'm looking at that field, and it's so painful," he says, "because i use

italian prime minister mario draghi, french president emmanuel macron and german chancellor olaf scholz travelled by overnight train. they visited irpin, just outside of kyiv, where they saw evidence of the destruction caused by indiscriminate russian shelling. at a meeting with president zelenskyy, they committed to increase their support for ukraine, with more money, more humanitarian aid and, crucially, with more weapons. we�*ll have a report from on the ground in ukraine, in a few minutes. let�*s get some of the day�*s other news. the united nations has denounced the murder of a brazilian indigenous affairs expert and a british journalist in brazil�*s amazon region. the un human rights office has called the killing the un human rights office has called the killing of bruno pereira and dom phillips a brutal and appalling act of violence. the police have detained two people. one is said to have confessed to the killings. many parts of europe are experiencing a extremely high temperatures and in france, forecasters say the heatwave there is the earliest in the year, on record.

italian prime minister mario draghi, french president emmanuel macron and german chancellor olaf scholz travelled by overnight train. they visited irpin, just outside of kyiv, where they saw evidence of the destruction caused by indiscriminate russian shelling. at a meeting with president zelensky, they committed to increase their support for ukraine with more money, more humanitarian aid and, crucially, with more weapons. dr evelyn farkas is the executive director of the mccain institute and former deputy assistant secretary of defense for russia, ukraine and eurasia. shejoins us now from washington. doctor, thank you for coming on. it was quite rare for him to speak to western media in this way and if few interesting points he raised. what did you make of the interview? i found a ical make of the interview? i found a typical russian _ a typical russian disinformation. you know, one minute they are denying that they are invading a country and they are invading a country and the next minute, they are admitting it and excusing it and all of the human rights atrocities because the one tha

macron was back there again, and mario draghi was with him from italy. on the surface, you would think everything's fine, the alliance is strong, everyone is standing by ukraine, ukraine want more weapons and they want them yesterday, but that's perfectly understandable. iwonder, though, having been in ukraine for, what, 17 weeks or something, and having been there in 2014 when this war really began with the green men, the supposed mysterious figures who turned out to be russian special forces coming in and, it was said, destabilising the donbas region. what is your sense of this? i think we are in a pivotal moment right now. i think the war has changed shape — we all know that. it has become a lot more brutal in donbas, a lot more attritional. the russians are learning from their initial mistakes. the ukraine reaction has been incredible, it's been amazing. i have been there basically since january this year, and to see the way this country took on this existential threat from the world's second biggest army, and the whole country is basically geared

what draghi's got to do in italy with the italian lira. even if you go to europe, you don't just look at euro, you look at each individual story. jonathan: thanks for that tom. you are trying to wind me up and i'm going to ignore it. the tension between the three of them could be in the fx channel. at this point i would argue that governor bailey wants one, president lagarde made its one and right now chairman powell has one. tom: futures up 11. dow futures 61. i don't even know where to begin with the fixed income view. what is your theme into midyear. >> it really comes down to this balance between recession versus inflation fear. we will still stay under the guidance of the fed. the fed has a clear and present danger on inflation and they have been behind the curve. the curve will invert but probably form more issues around market sentiment later on in the summer and the fall. tom: what is the distinction of looking out five years and not 10 years? over the weekend i saw a lot of literature focused on five years and not the convention o

a week ago, he alongside with mike braun -- macron and a manual draghi -- they will approve this candidacy which is a boost of morale. it shows how things have accelerated as a result of the war. it has been a longtime frustration for the country that is manifesting as a result of the war. in terms of the practicalities, the reality is there is a big difference between being a candidate country and being a full member to the eu. that can take a long time, the ukrainian snow this -- you know this, there will be reforms that have to take place in the country. over the short term, this is the win ukraine wanted to see politically. it is a symbolic move european union is granting the country to shift the zero was -- sphere of influence from the country into europe. tom: concerns about energy security are front and center for officials in brussels. germany moving to stage two of its energy gas plan, what do we know about the question of energy security? maria: this is not officially on the agenda, but it is a topic on everyone's minds. it is a concern that could see escalating unilateral moves

emmanuel macron, olaf scholz and mario draghi are meeting the ukrainian president volodymr zelensky. he's expected to press them on sending military aid more quickly. in the past, he's criticised france and germany in particular for dragging their feet over the supply of weapons to ukraine for its war with russia. from kyiv, our correspondent joe inwood reports. we know that the war has... today is all about a show of support from eu leaders who ukraine has previously said has been lukewarm. a tour of irpin was designed to show them there can be no compromise with russia. translation: here in irpin, - on a site that has been destroyed, where the russian army was effectively stopped, where massacres were carried out, we have seen the first signs of war crimes. later on, they will meet with president zelensky. top of the agenda, ukraine's hopes of one dayjoining the european union. translation: in fact, as of today, we are already so much closer- to obtaining this status than we could have even dreamt ofjust a few years ago. ukraine has done everything possible to become a candidate. b

italian prime minister mario draghi, french president emmanuel macron and german chancellor olaf scholz travelled by overnight train. they visited irpin, just outside of kyiv, where they saw evidence of the destruction caused by indiscriminate russian shelling. at a meeting with president zelensky, they committed to increase their support for ukraine with more money, more humanitarian aid and, crucially, with more weapons. the hollywood actor kevin spacey was mobbed by photographers in london as he arrived at westminster magistrates�* court. he has been charged with four counts of sexual assault and one of causing a person to engage in sexual activity without consent. lucy manning reports. obstruction! please, move! kevin spacey is used to the cameras, the attention but usually, at film premieres on the red carpet, meeting fans. this was altogether different as the actor was jostled into courti at westminster magistrates�* court, charged with five sexual offences. the court heard mr spacey had returned voluntarily from america to attend this first hearing. standing in the dock, he g

that crisis flew over eventually because mario draghi, then head of the ecb and now prime minister of italy, said he would do whatever it took to deal with it. if you are going to have higher rates to combat of fragmentation comes back. there are some countries that can afford the high and yields necessary to combat inflation and others, significantly italy, can't. that is the issue that we now know from how the market has reacted to the ecb last week, we know the market requires the ecb to deal with it. shery: we are looking at a fifth consecutive hike in as many meetings. how much more will they have to do given we are talking about uncommon moves from central banks? the labor market is pretty hot as well. do they have room? john: i don't think so. the bank of england is in a difficult position where we do have a worse inflation problem than some other countries. we also have, thanks in part to brexit, which bet not have been the greatest of ideas, there's a shortage of labor which means there is more pressure on wages as well. the expectation which i imagine is going to be fulfille

we talked about the sanction and i commented on the draghi comments he said do you want air conditioning or do you want peace. i asked him if he agreed with this >> energy supply is not a philosophical question or ideology philosophically, you cannot heat your house or cook it is a question whether you have physical access to a source or delivery route. if you don't have both in the meantime, you are stuck. the question arises what to do if you don't have enough oil to run the country. that situation should not be created. you know, we have to be honest again as usual i'm frustrated that hungary is being portrayed in the international media as a country which wanted to make this whole procedure about the sanctions stop what is reality? the first five packages have been voted by us as well no problem after the fifth package, we made it clear there is a red line for us red line meaning energy supply this is oil and gas. we didn't consider the sanction on coal. because the polish have asked us to vote in favor because it did not cause too much traouble, we voted in favor they are our brothe

emmanuel macron and mario draghi endorsed ukraine during their trip to kyiv. vice president mike pence came within 12 meters of the mob before being rushed away by his team. according to an fbi informant, they would have attacked pence if they found him. the panel painted a picture of donald trump being indifferent to the dangers his vice president faced. an airport will limit capacity this summer. it seems to be suffering -- security staff are expected to persist through the month. the operator says the maximum number of passengers will vary. 73,500 in august. the dutch arm described the reduction as "highly detrimental." nobody likes pop-ups on websites but now the british government plans to do something about it. the u.k. is considering rolling back data protection obligations and consent boxes in an attempt to boost research. the data would deliver one billion pounds over 10 years according to the government. the announcement criticized the e.u.'s general data protection regulation. global news, 24 hours a day, on air and on bloomberg quicktake, powered b

this is sony's attempt to compete with microsoft's xbox game pass as both publishers draghi to become the netflix of -- jockey to become the netflix of video games. jason, who has a better chance? jason: neither of them are releasing sentient ai bots, but they are getting into the streaming wars. microsoft has one big advantage. they are putting out all of their big titles on day one on the service. they say hey, we don't care about the sales numbers for the next halo. we just want it as part of our subscription plan. sony is saying when we release our big games, they are blockbusters and we want to sell tens of millions of copies of them before we put them out on streaming services. sony is the traditional tv studio marvel approach where they will release it on streaming after it comes to theaters whereas microsoft is , actually going full netflix saying we are all in on the , streaming service and putting everything on their day one no matter what. emily: there's a lot of transition in the gaming industry. we are waiting for the big deal between microsoft and activision to close. yo

this marks the end of an error but we are back talking about btp's with mario draghi in office. jonathan: fragmentation risk, do we have any idea about the tools to deal with that? mohamed atta larry thinks they do, let this is so -- but this is so critical. we have lived through fragmentation. if that occurs again, transmission does not work. does the ecb have the tools to tackle this? maria: she repeated that the ecb will want to avoid that. she has said we have done it and will do it in the future. but specific tools, she did not reveal that. it was underwhelming investors wanted to find out the shape and form that this tool would take, also the pain threshold that the ecb would take. the fact that she was asked four times about fragmentation did not go into detail magnified this idea that we ecb does not want to reveal their tool. if they do not talk about because i have one, that is more of a problem. alix: that was the game changing moment for the markets there were also questions on credibility. many quarters led, why should we believe you? did he give a good enough answe

yesterday, draghi was on the phone, not paying attention to nato. back home i was struck, this the first time i have not seen or heard anything from the french president. usually he likes to take center stage. that was not the case during nato. i have not heard a word from the german president. a lot of this is about turkey and of course america, saying we will deploy more troops and provide help for the baltics. for the europeans it is not feel like this is a done affair and now they are worried about the economy. jonathan: that was beautiful. about 2:00 a.m. in madrid. tom: yeah, it's going to be there. and maria is getting ready for the game in paris later this year. jonathan: maria tadeo and anne-marie --- annmarie. 30 years after the end of the cold war, pugin has done for nato what has trouble doing for itself. coming up, the mission that justifies the continued role and claim on resources. tom: this might be my book of the summer for the third summer in a row, what we are living now is not in his book, it has all changed. jonathan: we are goo

beautiful, these leaders are committed to doing whatever it takes in language purposely reminiscent of draghi at the european central bank to protect ukraine and maintain security in europe >> tina, i'm sure steve will get into the nitty gritty of the energy crisis. i'm curious about the line you put together as part of the latest comments. the elephant in the room is the u.s. back sliding on the women's rights with the roe v. wade decision can you say why that matters and how that could affect president biden's approach to the issues >> well, this is a perfect example of what is different about my approach to geopolitical analysis for markets in the economy most investors pay zero attention to the culture wars for obvious reason there is no clear linkage whether it is guns or reproductive rights to the economy and the kinds of issues that turn up on our screens. i do think we reached an inflection point with the decision by the supreme court to reverse roe v. wade. as you know, i'm an american who has been living outside of the country for a very long time i feel like that gives me an intere

olaf scholz, emmanuel macron, and mario draghi endorsed the move. same sex partnership systems throughout the japanese capital will make it easier for access but does not grant the same rights as full legal marriage. japan is the only g-7 country that does not give same-sex couples the right to marriage or civil union. number quick take powered by more than 2700 journalist and animus in more than 120 countries. i am vonnie quinn. this is bloomberg. >> it is been a massive week for central banks. national australia bank tells us if he expects any kuroda surprise. markets are inching towards a self-fulfilling prophecy of possible recession. the conversation is ahead. this is bloomberg. all i know now and your ex if they are serious about inflation, they will have to crack the u.s. economy hard. then, the recovery before you see a bottom. so, that's a long process. in the end, that we think that the fed will blink and choose to sustain asset prices lower than today. >> the one thing that the people are not prepared for is interest rates resetting meani

draghi was a master of it, using words and set of implicit policy. if lagarde is going to say that we will not let anyone ending up her faries which will have an impact on inflation, confidence, she stresses that we will do whatever it takes, if these kinds of things start to happen. in the statement that is out there right now, it says she is aware of it. the rhetoric and words may have just as much important as the policy in the coming weeks. jonathan: there have been so many doubts about whether the federal reserve can deliver on the rate hike inside. can you run me through how likely it is this ecb can deliver on gradual, sustained interest rate hikes? patrick: i was surprised by that because i didn't think they would want to commit themselves. the optionality she has been keen to create, she has almost given up on some of that by saying this is the beginning of a gradual hiking cycle. i thought it would maybe be 50 in july and then see what happens, but she set the groundwork for 25 in july, maybe 15 september, which i think is very unlikely. th

mario draghi must be steering like how did this happen. tom: i want to go to your morning note in the observation that we are moving from a goods inflation over to service sector inflation. when you are an arsenal fan, you call the slice and pints just to make it more articulate. what is the quality of the inflation you will look for today? >> i'm looking to see how much of the stress we see in normal life is already coming through the system because this is waves of inflationary pressure. in europe, you see it clearly. everybody's happy going to pay a high price for an airline ticket, a very high price for a type of beer. go to the airport and get somewhere where it is consistently sunny. i expect to see that and also the bits of the cpi report i was not expecting. ecb trying to feed through the effects that should prices affect car prices. i see lots and lots of bits of the u.s. cpi index showing up with pressure. lisa: what number do you think is really going to affect the dollar and how strong it can get versus other major currencies?

that is the view of mario draghi in italy get -- in italy. doc martens, of course the iconic footwear, which i'm sure you are familiar with, up 18%. it is not a huge company, but a nice story. they are upgrading guidance. it seems they have pricing power to increase the price they charge for those boots. i wonder if that has anything to do with the fact the sex pistols are releasing "god save the queen to tie in with the jubilee celebration? i put in ews as well. this is the german wealth management, part of deutsche bank. that is off 5.9% as the ceo agreed to resign. seems to be the word coming from one of the members -- memos bloomberg has seen. allegations of greenwashing. we are going to get more on that now. alix: steven arons on deutsche bank joins us from frankfurt. talk to me about the readthrough of the ceo change. who takes the place? does it help to mitigate the greenwashing allegations, etc.? >> it certainly is an attempt by deutsche bank to draw a line over a number of allegations that have been spoiling around. some of them pers

. >> german chancellor olaf scholz, french president emmanuel macron, and italian president mario draghi are set to visit ukraine, their first visit to ukraine since russia invaded at the end of february. earlier, u.s. president biden told ukrainian president zelenskyy the u.s. will provide another $1 billion in weapons. biden is also focusing on humanitarian assistance. natural gas futures have been surging after russia announced supply cuts to europe's biggest buyers. adding to a 15% cut in flows to italy. germany's economy minister accuses russia of trying to unsettle markets and prop up rice's. -- prices. shanghai will conduct mass covid testing throughout the city every weekend through the end of july. a temporary lockdown will also be imposed on any residential complex where a positive case is detected. workers at supermarkets, restaurants, and other public facing businesses will be tested every day. china is setting up tens of thousands of labs for testing across its largest city. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journali

that was the case with his previous anti-fragmentation weapon which was introduced under mario draghi. it never had to be put under action but it is still calling the euro zone debt crisis. that could be a favorable outcome for the ecb. dani: thank you very much. alex weber from frankfurt. coming up, the second annual qatar economic forum convening. we will have a preview. this is bloomberg. ♪ dani: we are just after the european close. let's take a look at where things settled. we saw european stocks able to power higher into the close. up more than 1% over the past two days. those gains belie the volatility we have seen in markets in general. the ftse 100 outperforms, that is up over 1% in the last two days thanks to a rally in energy companies as commodity prices continue to power higher. yields are moving higher. you have the -- christine lagarde has been talking about the commitment to keeping peripheral bonds in check in at the same time 25 basis point hike. the qatar economic forum is also going on. guide, you are there -- guy, you are there. guy: it will kick off tomorrow an

minister draghi is also. we will look forward to the coming weeks on this subject. alix: joining us now to talk about those implications is arm rats. this is really secretary yellen's baby. how do you think something like that would actually work? martijn: the compliance mechanism for this should be insurance, and it is true that insurance is critically important. you cannot really enter any meaningful port uninsured. so insurance is something you must have, and it is also true that european countries -- and here i include the u.k. in europe for the time being -- european companies facilitate any 5% of the insurance of oil shipments around the world. in that sense you could hypothesize about a system whereby if you pay below the cap you could get insurance, but if you pay more you could not get insurance, and make that unattractive. but it is not impossible for other entities that may not want to participate to provide insurance. individual states can provide insurance. the russian government could provide insurance. from that perspective, the mechanism of enforcing

chancellor schultz along with two other powerful eu leaders, mario draghi and emmanuel macron traveled to kiev where they endorsed e.u. membership. others have had more skeptical due to links to corruption. the war has loomed large in discussions. >> there -- they are now at a stage where they are thinking that candidacy is possible. given the completely despicable aggression of pressure against ukraine, that is also a part of the situation and we should discuss this. >> it is clear ukraine will have to fulfill a long list of criteria before being able to enter the union. a process that could take years, even decades. but many ukrainians see this step as a sign the country belongs to the european family. >> ukraine democratic institutions have been preserved. even now we have expanding the reach of the europeansalues. >> eu leaders still have to decide whether expansion is possible anytime soon. many here in brussels believe the block needs internal reform first so europe can compete on the world stage and they believ the war rages on its doorstep make thieven more urgent. >> let's pul

the largest party in mario draghi's italian coalition has split after foreign minister luigi dimaio quit over the party's refusal to back military support for ukraine. dimaio says he is leaving the five-star movement, which he used to lead, and will start a new parliamentary group. the current five-star leader giuseppe conte opposes the government's policy of sending weapons to ukraine. the u.s. is banning the use of anti-personnel landmines by its military around the world. the white house says mines have a disproportionate impact on civilians, including children. the u.s. joins the vast majority of countries which have already limited their use. it says it will work to destroy it stockpile of around 3 million landmines. global news, 24 hours a day, on air, and on bloomberg quicktake. powered by more than 2700 journalists and analysts in more than 120 countries. tom: laura, thank you. it's take a look at things to watch out for today. 1:30 p.m. u.k. time we will have the latest canadian cpi after consumer u.k. prices came in at a fresh 40 year high. at 2:30 p.m., fed chair powell delive

. >> why doesn't he say like draghi did draghi solved the problem when he said any means necessary. why can't powell say that? why? >> he's got a lot of different things pulling at him. gun lock i think sort of wrapped it up in a fairly effective way talking about his view i always like listen to jeffrey. do we have that in terms of the contradictory things he did say? >> contradictory >> take a listen >> the swiss so smart, david >> jay said a lot of things that were seemingly contradictory because he was trying to attack things from different angles he really i think learned his lesson from may where he kind of spent some of his credibility by promising those 75 and doing a 75 and deciding on it apparently just days before so, what i took from jay's comments really is he's become a very short termist data dependent we're looking at everything all the time >> that doesn't sound so bad to me >> please all, please none two weeks ago if he said 75, you'd say, oh, my god, it must be worse than we think jay ate crow carl, what is he supposed to say? i was wrong about the cpi so i'm goin

. >> it was the first time emmanuel macron, mario draghi, and others had set foot in ukraine since the russian war machine started rolling february 24. >> we will rebuild everything. they destroyed the playgrounds, but everything will be rebuilt. >> on wednesday, the french president had hinted --, but the trio were already well on their way to kyiv, aboard a night train. air raid sirens rang out to remind them they were in an active war zone, unthinkable year ago. later in the day, they sat down with ukrainian president volodymyr zelenskyy, bringing with them a message of unity. >> all of us support immediate eu candidate status for ukraine. >> our country is ready to do everything necessary to become a member of the eu the minute france announced it would be stepping up its military support, moscow said any new weapons supplies would be useless and not bring peace. >> ukrainian troops are still holding out, but some new progress is being reported in the south. an airstrike hit a building sheltering -- yesterday. three people were killed in that attack. >> more heavy weaponry calls ha

today olaf scholz, emmanuel macron, mario draghi all heading to ukraine for talks with the president there. this as natural gas prices surged again. how much can you get inflation under control when you have that geopolitical risk hanging out there? jonathan: europe has some money problems, lisa. thank you. elsa lignos joins us now, the head of strategy at rbc. do you think we might be in the foothills of a currency war? elsa: i would not call it a currency war, because what central banks are trying to achieve is very different. your currency strength can be a good thing in that it helps you target imported inflation. we think of currency wars as trying to artificially weaken your currency. jonathan: that's what i'm trying to get out. is this the last decade in reverse. is this a different kind of currency war? with a different objective and not everyone can win? elsa: i guess the difference here is that we are not going to see active intervention, with one or two possible exceptions. we have talked a little bit about the bank of japan, but we are not going to see active intervention

the remarkable irony of this all is we are here debating, and it was mario draghi, who is now the prime minister of italy, that will have to deal with this. jonathan: an extra couple of lines to bring to the audience. this line on september is really important on rates. the governing council expects to raise the key ecb interest rate in september. the calibration of this rate increase will depend on the updated median term inflation outlook. if that insists or deteriorates a larger increment will be appropriate at the september meeting. i wonder if that line was included here to just alleviate some of the pressure coming from the hocks on the governing council? they just don't want 25 basis point likes, they want to go bigger. lisa: the recognition of that will only ignite the trading in the markets that have priced that in through the remainder of the year that there will be at least 150 basis point rate hike by ecb. shocking to think of that given they have just been in negative rate territory for at least a decade. how much fine do they have to do on the periphery if they go 50 basis

>> inner volcker and inner draghi if expectations get under way, we're in trouble >> what's expected out of the fed, they meet again in november and december is the last meeting. >> it is unlikely the inflation rate will die down very quickly especially the total number with the food and energy, but the fed should not be distracted by that and they should say we will continue to press until we start to see inflation ease off upon that's what chair powell has said all along and just stay with that program. >> but does he need to spell out explicitly what progress is and looks like he wants clear and convincing evidence that inflation is falling. an investor told us she believes that inflation gauge is rising only a tenth or two each month does he need to get exblessity of what progress looks like, even if it's market break evens that he's looking at how are we supposed to know otherwise if they think that this is working? >> powell will never give you the explicit guidance that the president mester did these are the numbers that he'll have to emphasize and say we're keeping an eye on

get to the news president biden, today, held a bilateral meeting with italian prime minister mario draghi to reaffirm the partnership between the two countries. though i think he misunderstood which partnership. [ laughter ] president biden has reportedly told his national security officials that recent press leaks about intelligence sharing with ukraine need to stop and could further inflame tensions with russia. so, remember, "the ukrainian people have our full support, but if anyone asks, no they don't. [ laughter ] congressional republicans are reportedly split over what to do if the supreme court officially overturns roe v. wade. apparently, they can't decide between a ticker-tape parade or a dance party. [ light laughter ] i think it's a very fair point, but i understand why it was a huge bummer. [ laughter ] the senate passed a bill yesterday to expand security for supreme court justices, and just in time, did you see how close that lunatic got to clarence thomas? [ laughter ] 150 personal items that belonged to the late supreme court justice, ruth bader ginsburg, recently sold in

get to the news president biden, today, held a bilateral meeting with italian prime minister mario draghi to reaffirm

here, we heard it therewith boris johnson talking about the comparison of the 1930s, we heard mario draghi, the italian prime minister, saying if ukraine loses, it will be hard to maintain that democracy is an effective form of government. i was struck with boris johnson's wors of government. i was struck with borisjohnson's wors this evening in response to that latest attack, when he said it will strengthen the resolve of ukraine and every other g7 member. the application was that britain, the uk, did not have to have its resolved national resolved strength and commena suggested maybe others are. one said, you are not cutting much briefing, why? they want to maintain that unity, and after all, with the honourable exception ofjapan, all the after all, with the honourable exception of japan, all the other leaders will be going straight from here to the nato summit in madrid also if they are going to hold together as seven, there is a better chance they can hold together as the 30 countries of nato, and i think this is what it is all about. g7 is just a stage on a journey. that journey will

germany's olaf scholz, france's emmanuel macron and italy's mario draghi supported ukraine's membership bid during their trip to kyiv. bloomberg quick take powered by more than 2700 journalists and analysts in over 120 countries. i'm su keenan and this is bloomberg. >> it has been almost 40 years since of the world made its first hiv diagnosis. the head of the aids organization speaks to us in our world a quality statement. our next guest is expecting 50 basis point increases at each of the next two said meetings. that discussion is next. this is bloomberg. i you >> serious about 2% inflation they will have to crack the u.s. economy hard. then, the recovery before you see a bottom. that's a long process. in the end, we can choose to sustain asset prices lower than today. >> inflation is out of control. we knew that would be the case. the fed has very little control over that and they are doing the best they can. maybe a little too little and a little too late. but now they seem to be doing the best they can and their tools are limited given the package. >> one thing people are not prepa