in europe? >> absolutely. and i think -- successive leaders in germany have shied away from the fact that german voters who have to pay more if they want this kind of -- more unified europe. they're going to have to pay out of their own pockets for countries like greece if they're going to stay in the euro zone and things not to fall apart. but this has been shied away from. it's been con speckiusly avoided by german leaders one after another since helmut kohl. >> not always were -- the strongest power was in europe economic -- economically seen. if you just look at the first years after the currency union and the single currency, you see that germany was the sick man of europe. so that was a completely different talk then. melinda: because those were also the first years following unification. let us now, however, turn to the present. in the past few years, it has looked as though helmut kohl might live long enough to see the house that he had built shaken absolutely to its foundations. let's look at a few of

spontaneous than europe. even though some of them, orlando, and san bernardino, being a good examples, have been no less deadly. there have been 395 jihadist related arrests in 2014. 687 in 2015. and 718 in 2016. numbers are much lower in the united states, where 18 individuals were arrested for terrorism related activities in 2014. 75 in 2015, which was banner year for us. and just 36 in 2016. unlike europe, the united states does not seem to possess extensive home grown militant organizations that provide support to individuals drawn to isis. jihadists propaganda continues to be easily accessible through various online platforms for the last ten years. now with the advent of numerous social media applications, a would be recruit can access realtime support and have a stronger sense they're part of a wider network. an important dynamic at play, is isis has employed what we call isis virtual entrepreneurs who use social media to connect people in the west, these are people in raqqah that are reaching out to a

europe gave birth to us we come from europe. why have all of the things that we have taken from europe, why can't europe learn from the united states on how people who come? we are an immigrant country. everybody has come from all over the world to make us who we are today. why cannot europeans who have been around many more centuries thanwe have, learn that simple lesson? >> one of things that we did not carry with us one came from europe is religious discrimination. that is why we enshrine, in the and the endment, castration itself no religious test does . the religious acceptance and unique.ion was it is 90 we borrowed from europe. they have never had that kind of openness from all religious faith that the united states have. i'm ronot trying to say this in embarrassment, armstrong, i would agree that the incidence in terrorism by immigrants are and those who are muslim are far less than in europe. that does not relate whether it's by vehicle orterrorism or terrorism by guns. that is, as you say, even if there are incidences

this will trump crisis is a good thing for europe, galvanizing europe, and showing them they need to work together, come together. we need to come together. it is about time. merkel has -- look at what merkel said she. -- merkel said. a transatlantic breakup. is there a breakup in the making? >> no. rieke: no, but i think it is a rather dangerous affair. >> i tend to agree. erik: it is a turbulent time. [laughter] erik: no breakup coming. >> thank you very much. thank you for joining me on "quadriga." to come back next week. bye-bye. ♪ michelle: hello, and welcome to "fokus on europe." i'm michelle henery. spain's largest island, tenerife, isis a touristst mag. for its hot sun, sandy beaches, lush gardens, and for its amusement park show starring trained orcas, commonly known as killer w whales. whilile park operarators insistt ththe whales arere ambassadorsr consnservation, animal rightss campaigners, like this woman, say holding them in n captivitys unethihical and causes sufferi. more about this lalater in the program. emmanuel macron made history

fundamental discussions of both the more europe or less europe we have to be privy to. there are areas where we need more integration there are areas where probably we could reverse some of delicious leisure that sometimes appears to intrusive but frankly i don't think this is always helpful to have discussions of ideological philosophical debates about more or less europe because based on my experience of living u.p.a. and commission ten years what i have seen was that even in times of crisis the most acute financial and sovereign debt crisis we had in europe at least since the second world war it was possible for you pinion to make progress for instance we have now some elements of a banking union with a common supervisory mechanisms common resolution mechanism that will be considered unthinkable before the crisis so for instance for the countries want to have a common currency definitely it's needed more integration so yeah outside of the concrete steps because i know that the and here are being touted by politicians which would mean that there are states in iraq lik

what a europe to grow. what a europe to grow up in. black market where even pride was for sale to the highest bidder. a europe that drew the end of self-respect and human values hearkened back to the jungle. but, in order that the wheels could turn again, some had to put their faith in others. they had to trust and sit around the same tables defined the means of putting europe and the whole world to right. it was evident the europe of 1939 was gone forever. the annexation of the baltic states, the huge advances of the red army placed enormous areas of eastern europe under soviet domination. he agreed on free elections. amid the ruin of countries such as poland, they were held. they were was a matter of opinion. with communists already in key posts, it was no surprise things what their way. if anything else was needed to make the victory certain, there was always the presence of the secret police and a number of soldiers of the occupying red army. and peoples exhausted by war or hardly likely to resist such coercion. for all their energ

the changing face of europe.idnations receiving dollars have their counterpart funds to good work. hydroelectrics, plants. factories there was ever-growing roar and bustle, the marshall plan was reconstruction. nato was the shield. now they were working for peace. working for themselves and working for tomorrow. the council of europe was meeting and at their conference there were many european nations. discussing the future of their countries. the council had not accepted their powers and could only advise the government on their power. it was at least a common meeting place where europe could be me that scene. a start that was a long way to go. the arteries of the continent might be throbbing with , there were still age-old barriers. seemed atomic bombs would shift towards rubberstamps, towards the roman cathedrals. yet the solution was is you that anyone had mentioned. unity the needs of trade would push down the walls. once the coal mines of the czars with the crucible of war. haveut them war would resorted to

this will trump crisis is a good thing for europe, galvanizing europe, and showing them they need to work together, come together. we need to come together. it is about time. merkel has -- look at what merkel said she. -- merkel said. a transatlantic breakup. is there a breakup in the making? >> no. rieke: no, but i think it is a rather dangerous affair. >> i tend to agree. erik: it is a turbulent time. [laughter] erik: no breakup coming. >> thank you very much. thank you for joining me on "quadriga." to come back next week. bye-bye. [drums beating] [animals screeching] announcer: ladies and gentlemen, please welcome the best-selling author of "brown is the new white," steve phillips. [applause] steve: good morning. audience: good morning. steve: i'm delighted to be here. this is my first bioneers conference, so i'm honored to be with youou here. [cheering and applause] and i'm particularly delighted to be able to introduce the keynote speaker vien truong. her bio and all of her accomplishments are online, and you can read that, and they're part of the program, so i won't

tunisia, we said all of europe 6500 and tunisia has is awfully close to europe. that is my concern. they simply do not have the capacity nor the intelligence assets that we have. so if you're interested in helping out in europe, the next step is actually to broaden that cooperation and try to find a way to help egypt help tunisia, help jordan to a certain extent make sure they can absorb and reintegrate their foreign fighter returnees and those are very very large numbers that are coming home. >> i will do on that. we already have seen, but you think we will see more border control measures put in place? less free travel? we've seen germany, france to a little but of that. -- definitelyry hungary. at least through their countries. do you think europe will address the open border situation and see more of a return to border controls or do think it will continue with the open border situation that we have now? dr. craig, i will address at you. whichever one wins to answer but we are on the clock. >> i have not spoken to european officials so i do not know what they intend to do. offic

he was a unifier of germany and europe.heirgh he did not start unificatio the people of east germany started the process in g did not complete the unification but nevertheless, he was an extremely important element in the processes. >> you experienced in close-up on many occasions. what kind of a man was he? >> he had a lot of different sides. he could be very friendly but he to waslso be very brutal the people around him. as a journalist, i experienced all of that close-up. this is also part of his legacy. >> allen, what is your strongest memory of helmut kohl? give us something that tells us the most about who he was? >> i remember on the night the wall came down for the night after that when he flew from berlin.imberland -- to there was an assembly in front of the town hall where john f. kennedy had his speech. the mayor of west berlin was there. there was a crowd of people who were jubilant at the fall of the wall and helmut kohl starts to sing the german national anthem. you can hear, they are all out of tune. yellingl

why is it, so much of a, more of a problem in europe? why is this so commonplace in europe? what are the factors there. what are they doing to correct that? anyone? >> well part of the problem is that in europe the release rates are a lot quicker than the u.s., right? so people get the example i always give is that somebody like the carried out the brussels 2016 attack hadpreviously been convicted for a bank robbery. where he shot a kalishnakov at a police officer in america i think that would lead to apretty lengthy jail sentence. think in belgium he got something like three years. so he had contact with radicals in prison. he was out very quickly and carries out these attacks. european governments are trying all sorts of different strategies to deal with this france tried isolating certain high-risk people, certain radicalizers, but that hasn't really worked. i think part of it down to numbers. the population ofmuslim population in prisons is way, way disproportionate in compares ton the overall population. and i know that lots of countries are arresting with different str

number two is in europe.u think there is a place you want to invest in europe more than the other? is it smarter to get into france them to germany. is there a place that is cheaper, with a better trajectory? ewen: i think it depends on the anatomy of the underlying stock market. if you think of europe as one big currency zone, it depends on the anatomy of the specific market. that explains why one is cheap relative to another. the focus is on domestically orientated businesses right now, although recently, there has been a bit of a pick up in interest to emerging markets. also, there is a big focus on shareholders value for some of the european listing global consumer syphilis companies. matt: you're going to -- consumer companies. matt: up next, check in on your market movers. we are going to show you what is going on in this gaining equity market right now. we're seeing another day of gains in europe. if we continue on this rise, we will get positive for the month. we are .7% of that on the stoxx 600. we w

and we've seen it replicated across europe. in fact, russia's active measures are only growing bolder and more brazen in the digital age. russia has interfered or attempted to interfere in elections in france, the netherlands, the baltics to the balkans. including support for far right and far left parties, opposed to historically successful european institutions in post world war ii western alliances. for example, russia has provided support and financial assistance to the far-right party of marine le pen in france in a very blatant and obvious way. russia's launched cyber attacks against political parties and government institutions in several western countries. they've also released stolen information in an effort to steer elections in a particular direction. and as we saw in the french elections with their release of information about then candidate macron. germany's parliament has been cyber attacked, with members' e-mailed hacked and stolen. most observers express this stolen information to be utilized before this fall's

we have to invent another name, because europe without the united kingdom is not europe. valued member of the european team on a number of levels, and that meant that other member countries to special deals for the uk to keep it sweet. we didn't have to join the eu currency, for example, and got a rebate on our contributions to the eu budget. but that was when were inside the club. now we're on our way out, and the eu says they have other priorities. i know the uk very well. i've been working a lot with british ministers in the last 20 years. they are very fine negotiations. but their other characteristic is they negotiate in their own interest. we are going to negotiate for our own interest, too. the european union is negotiating brexit on the half of all the eu's 27 member countries. nobody wants to punish the uk for its choice. one that is clear — the show must go on. the european show will go on. even if there will be some changes in the props department. so i've been told all of the flags of the european union are in this room. let's have a look. lithuania, latvia, i

in europe stronger. i think martin schultz will withstand that as much as he does that in other crises in terms of, for instance, the situation in turkey. angela merkel doesn't say much about that, and i think in germany many voters will expect that german leader would say to donald trump certain moments won't go with us in situation where we have brexit and difficult developments in terms of relations to russia, we have turkey and threat through international terrorism and all that kind of thing, i think social democrats have good chances as record of party of peace and good european records and therefore i think that will play a major role this time. >> mr. stegner, thank you for joining us, the deputy leader of the social democratic party of germany. >>> let's look at the european markets. we see positive markets. ftse is up a half percent. also up a half percent in paris. up four-fifths of one percent. in italy, seeing it lift more than one percent if you look at the european sectors, we seafoe food

everything at once again once again suffering in europe. is a shared concept i was prime minister of my country i was ten years leading you can commission but why i was twelve years in the government of my country so i am not a neural carets in the center of me i am not of your ilk rat i believe that we should be independent countries but independent countries that work together for a common purpose and so of course there is given take this is very important to understand if not if we continue to look at the european union like if your opinion was a country like let's say united states of america we are not united states of your opinion where we have countries that are independent some of them very very old many centuries of existence like my country but that they have decided to share that's of rain to so the concept of sovereignty in butin is not the same as in russia or in china or united states in the stands so of course there are those debates and say this is a problem because you are saying integration are tiring creation is not reall

and in europe's periphery. and the alliance without europeans, helps you pursue those national self-interests. senator heinrich: coy not agree more. mr. sarts, you talked about how we should take the truth directly to the russian people because of the filter that they receive so much of their information through. how can we cut out putin and speak directly to the russian people? director sarts: i think it is very clear and that is the same environment. which is the digital one. and if one takes note of the recent protest in russia against the corruption, it was very strikingly how young the crowd was. it is also very clear that these people don't any more get their world view from the tv. it's all about social networks. that's the way you can get the truth back to them. i'm sure kremlin will try to put up a new element to block us, but i think that is an environment where we can get back to them. senator heinrich: thank you-all for your testimony today. chairman burr: senator blunt. senator blunts: thank you, c

i will speak to the wisdom treat head of europe. -- wisdom tree head of europe. let's look at where european equities are trading now. just under 13 minutes to the close. here, i'm looking at the guilt yield curve. whatcommentary about the flattening of the curve means. we are looking at the flattening. is it a question of the market mispricing the event of brexit? lt money moving into gi markets? off the comments of mark carney saying he is worried about the impact of brexit on the economy. not be rushing to raise interest rates anytime soon. here, i have a trend channel chart for sterling. we had been seeing sterling extend its losses. it has gone below 127. 126.17 right now. the pound might extend. it has dropped for the long-term support. on the one hand eight dovish boe, on the other hand a hawkish fed. sterling below is more than a week in today's session. if we look at what else i have here, i want to show you european stocks. the charts are not coming up, but we are watching the stoxx 600 trade lower. posting losses after two days of gains. the dax hit a

judge jeanine: when change comes as quickly as it's done in europe, it will change the character of europeis that a bad thing? >> it doesn't have to be a bad thing. countries and cultures change slowly all the time. but when they change at this swiftness, there is a very, very significant problem coming. i traveled across the entire continent. there are places in europe that would be utterly unrecognizable. this is about ideas and the ideas people bring with them. some of those idea as we have seen in the rise of things like sharia courts in the u.k., in the rise of extremism and intolerance courts women and ethnic and religious and sexual minorities is worrying. judge jeanine: how do you have sharia court in the u.k. there is a move to prevent the effort to have sharia courts. how did it happen so easily in the u.k.? >> it came in through the back door where you can volunteer for arbitration pretty inch any system you like. the sharia courts offered to do it that way. they are not meant to supersede british law. but i have spoken to people judged in sharia courts and it's clear they do su

this will trump crisis is a good thing for europe, galvanizing europe, and showing them they need to work together, come together. we need to come together. it is about time. merkel has -- look at what merkel said she. -- merkel said. a transatlantic breakup. is there a breakup in the making? >> no. rieke: no, but i think it is a rather dangerous affair. >> i tend to agree. erik: it is a turbulent time. [laughter] erik: no breakup coming. >> thank you very much. thank you for joining me on "quadriga." to come back next week. bye-bye. ♪ >> this week global 303000 heas toto india to visit a school l whichs helping granandmothers learn o read and write. in bali young professionals are living a dream instead of being cooped up in a conventional office. but first we accompany a syrian family as they travel to italy by legal means, and with no perilous sea crossing. the central mediterranean route for many refugees it's the only option for reaching europe. but

code yes, across europe, this wall will fall. for it cannot withstand faith, it cannot withstand truth. the wall cannot withstand freedom. and i would like, before i close, to say one word. i have read, and i have been questioned since i've been here about certain demonstrations against my coming. and i would like to say just one thing, and to those who demonstrate so. i wonder if they have ever asked themselves that if they should have the kind of government they apparently seek, no one would ever be able to do what they're doing again. [applause] [loud cheers] pres. reagan: thank you and god bless you all. [applause] you. reagan: thank [applause] reporter: the president has concluded his speech and is being joined by chancellor kohl. he will be departing soon for aa, where he has planned birthday party in celebration of the 750th anniversary of the city and we will return you to our studio. [applause] >> thank you very much. as you mentioned, the president is joined now for a photo opportunity with the mayor and chancellor kohl

nowhere in europe has the division of germany and europe more clearly evident than here. longingels also for freedom and togetherness. here, the necessity of dialogue and cooperation behind -- beyond borders becomes clear. this wall stands between the hopes and wishes of the people. for that reason, it has no future. [applause] must become less impenetrable. it must be overcome. berlin once -- wants a symbol of freedom and dialogue amongst the people. policy like that is naturally based on reality, but also based on the expectation of changes that do not demand too much of anyone. cord -- inin aco accord with agreement. applied and fully exhausted, because this is where the opportunity that lies or berlin is in all directions. we berliners demand that all opportunities -- in the center of europe, and berlin is the heart of europe. -- and we cooperation are ready for it. it is based on a constructive climate and is a reasonable alternative. here, everyone can see that -- being reduced, realities do not only depend on -- any policy requires credible, confident measures. tha

is an important part of europe.ional player in the scope of europe's business in general. they are insulated from that. it concern you as an investor if these banks have to suddenly move offices are is that not a big enough expense to bother you? william: it depends on how much you are in we are talking about the london move, i guess, and it depends how much operations, they have to move. thatour opinion is a sense london is a financial center, and the primacy as a financial center predates the industrial revolution. regimes.rvived many english-speaking, common law tradition some of these kind of things. very good institutions and a clustering of associated services that is not replicated anywhere else. new york seems to be the plausibl place for forle -- plausible ways businesses to flee. with regards to europe specifically, a lot of them were troubled banks are mainly domestically focused -- the more troubled banks are mainly domestically focused. that will be hopeful on the nonperforming loan situation and help f

today we honor a partnership dedicated to building the 21st century europe that can preserve the freedom peace and find genuine unity for the first time. today we honor those leader whose values and vision have made that possible. in 1991 the world is very different the berlin wall had come down but a gulf separated the eastern half of your proof to from the most affluent neighbors on the west everyone agreed something had to be done to bring europe together but not everybody had a clear idea what that something should be. some people thought nato should go the way of the warsaw pact and in its place we have to build something new and untested and unproven a community that embraced with no true obligations imposed on anyone but others felt the challenges of eastern germany and europe had plenty of advice to open the institutions that they thought of as distant and foreign but helmut kohl understood backed by a blue print grounded of the institution for so long. he said your all called upon the new architecture and consider a splendid house and has risen. germany is united nato has three

experience in europe.wouldn't be a huge surprise as a board ed him member to push through the changes. tom: really speaks to the fact a t the food industry, package food industry, is really struggling. what's going to be next for that group? not just nestle that's come under fire. >> the previous speaker is absolutely right. he's pushing on an open door. whole reason that nestle hired mark schneider was to actually change the culture business. i think the whole of the european is global and has to exactly the same, because a lot of small local companies share in the food industry. food has always been local. but in the last few years, it's shape. aken the organic growth isn't there at the moment unless these change the way they're growing their business. best hich companies are positioned to take advantage of that, and which are worse positioned to take advantage of hat? duncan: i think he's got a rong market share, and nestle, to be fair, is global number one and probably leads top 10 fastest growing food

europe without the united kingdom is not europe. -- to.of the european team on a number of levels. that meant that other member countries to special deals for the uk to do it sweet. we didn't have to join the eu currency for instance, and that a rebate on our investment in the budget. but that was when were in the club. now we are on owl way out, they say they have other bodies. i know the uk very well. i've been working with british ministers in the last 20 yea rs. british ministers in the last 20 years. they are fine negotiations. but the other thing is they negotiate in their own interest. we will negotiate in our own interest, too. the european union is negotiating brexit on the half of all 27 member countries. nobody wa nts to all 27 member countries. nobody wants to punish the uk for its choice. one that is clear is that the show must go on. —— on behalf of. even if there will be some changes in the props department. so i have been told all of the flags of the european union are in this room. let's overlooked. little in it, latvia, i

judge jeanine: when change comes as quickly as it's done in europe, it will change the character of europe >> it doesn't have to be a bad thing. countries and cultures change slowly all the time. but when they change at this swiftness, there is a very, very significant problem coming. i traveled across the entire continent. there are places in europe that would be utterly unrecognizable. this is about ideas and the ideas people bring with them. some of those idea as we have seen in the rise of things like sharia courts in the u.k., in the rise of extremism and intolerance courts women and ethnic and religious and sexual minorities is worrying. judge jeanine: how do you have sharia court in the u.k. there is a move to prevent the effort to have sharia courts. how did it happen so easily in the u.k.? >> it came in through the back door where you can volunteer for arbitration pretty inch any system you like. the sharia courts offered to do it that way. they are not meant to supersede british law. but i have spoken to people judged in sharia courts and it's clear they do supersede british law.

>> europe is really difficult for us.mentioned earlier, rates at the short end are negative, so every bond issued out of germany is a zero coupon, so you are guaranteed to lose money if you hold to maturity unless you pick up investment grade corporates. it is difficult in europe to find via you unless you go down the credit curve, but the risk is the further down you go, the harder it is. we find more if i you and parts of the u.s. jonathan: we will get to the u.s. shortly. you are sticking with us. a check on the market and bonds, grinding higher wi-fi basis points on the two-year and 10 year, up six basis points on the 30 year the final spread, the wake ahead, a rate decision, including the fed. you are watching "bloomberg real yield." ♪ ♪ jonathan: from the city of london, i am jonathan ferro. this is "bloomberg real yield." it is time for the final spread. outside the french parliamentary elections, a wave of central-bank decisions. a hung parliament, prime minister may hangi onto power. confirming right now that cha

the story in europe is by europe.that you get reforms from european politicians, early today, matt miller spoke to the german finance minister in an exclusive interview. a goodink we have more thany now to get the european development. some days ago, a good friend of we are ready to make any reform but only in line with law. jonathan: still with us is mike wilson of-- mike morgan stanley and gina martin adams of bloomberg intelligence. when i first moved over here, somebody said you are going to witness one thing, a very binary view of u.s. based investors on europe. either super bullish or get out of there quickly. kind of nothing in between. we are out on the west side, super bullish seems to be the field. the you share it? mr. wilson: we had that view last year where people were nervous after brexit. we felt like things have gotten way too cheap in europe relative to the u.s. so we wrote that wave. we wrote it through the italian referendum and the french elections and now we actually prefer the u.s. back to europe

our europe's fortunes looking up?t is a pleasure to welcome emmanuelle chaze, a correspondent for radio france international and she says that the party hegemony is reshaping the political landscape. but, theresa may's alliance will affect brexit negotiations. , pleasure to welcome jon worth a consultant for eu institutions and also a blogger. he says that the eu turned a corner with emmanuel macron's victory in germany stability but the uncertainty caused by the u.k. is very serious. and we are happy to have malte lehming back on the program, the editor of tagesspiegel in berlin . he says nationalism and populism are now waning forces in europe, leaving an opening for a new realism. >> let's start with a look at what this hegemony means for france. as past experiences teach, france is not an easy country to govern. how long do you think that this fever for macron will last? >> it is interesting because we have elected a technocrat to be our president. a seems that he wants to rule the country as he would a startup, w

on should we have more europe or less europe and we've seen a bit of that in the uk because we saidd you —— move towards that binary debate, try and account for very different views on the continent and make them feel like they are part of this debate over the future of europe. it cannot have a situation where you got ordinary voters feeling fundamentally differently about issues like the refugee crisis and you've got say, business and political elite feeling quite at ease with how that issue is being managed because in the long one that's not going to put europe in a good, positive forward looking place. there are still quite a lot of work to be done across the continent. would you say overall this leaves you feeling bad people in europe can be optimistic about the future of europe or that we could see other countries pushing for their own exit from the european union? well we asked voters across nine countries when we excluded the uk, do you think more member states will leave in the next ten years and the majority of european voters said yes, we think more countries will leave. w

or europe?ersus growth, where do you see thae biggest disconnect? the biggestmann: disconnect is with alternative instruments. we will see that with interest rising going forward in the united states and we see a gap of 150 basis points between what the market expects the overnight interest rate to be in the u.s. and what it is in europe. that is going to play out in the form of exchange rate changes or in the form of snapback of some of the other prices. equities are going to be caught up in that turmoil. alix: for the u.s. growth 2017ast coming up 2.1% for and 2.4% for 2018. had you factor in fiscal policy for that call? dr. mann: we had a more aggressive approach to factoring fiscal policies for our last projection. some of the numbers came in a little bit weaker than we thought and that took down 2017. it is also the case that our expectations for movement on both the fiscal spending side as well as on the tax side, those have moved out into late 2018. in some sense, we are looking at the pr

if you take that and put it in europe, does that trade play out in europe?o. back to the point about valuations. the reason we like europe is europe was discounting a far worse scenario than u.s. it was discounting a far lower level of growth and opportunity for reversion investments was much more tractor. that has happened starting in march of this year. you have seen outperformance by europe on that basis. jonathan: but we have spreads incredibly tight, then injected interest-rate sensitivity from the bond buying program. can you still below on risk if you have an ecb president that way settle way -- subtle telegraphed the removal of accommodation later this year? >> the one thing that worries me is less about ecb withdrawing liquidity because i think they will be cautious in signaling and doing it. the thing that makes me nervous is consensus expectations for earnings in europe are 17% for this year, so you do not have as much of her positive surprises relative to before, but i think you have probably six months to nine months of relative growth than outp

europe itself? bold -- europe will certainly try to fill that vacuum in parts of the world.urope will have to deal with these issues without strong leadership. the chinese output themselves forward as an ally of the e.u., but there are significant differences of view between europe, the e.u., and china. there is no other obvious partner. tom: is the washington consensus that -- dead? degrees a lot of fancy about fancy international relations from another time and place. is what you studied in school dead and gone? do not think so. i think we are seeing a shift, but that could be a shift of a years.ime period of four we will be back. we need to be back. we cannot afford to break those rules, the postwar order we built for the e.u. they have served our interests. what is remarkable is to hear this language that is very similar to language we hear coming out of moscow, that somehow this system that we built up has injured our interests, has undermined us, that every trade deal we have ever done is against our interests. i think that is simply wrong. we will return to play the e

the unification of europe and the unification of germany.he has seen much of the aftermath of that. she has had to deal with a lot of the fallout that was caused by decisions that he pushed. pushing for the introduction of the euro despite the fact that the composition of the eurozone was not such that the economists said at the time an ideal place for the experiment. christopher: many thanks for that. you are watching dw news. stay with us. plenty more to come. christopher: welcome back. you are with a dw news in berlin. our top story, germany's former chancellor helmut kohl has died at the age of 87. when the berlin wall came down, he was the man who united germany. now kohl's role in unifying germany was without doubt his greatest achievement. the toppling of the communist regime was not initially aimed at creating a unified german states. kohl was convinced about the two germany's simply belonged together. >> in mid-1989, the first tear appeared in the berlin wall. the news spread like wildfire, east german citizens headed to budapest an

we have seen it replicated across europe. in fact, the active measures are only growing bolder and more brazen in the digital age. russia has interfered or attempted in elections in france, the netherlands, the baltics, we've seen the government's use of active measures including support for far right and far left parties opposed to his historically successful european -- for example, russia has provided support and financial assistance to the far right party of -- le pen in france. they have lunch cyber attacks against particle parties and government institutions in several countries. they have released stolen information and effort to steer elections in a particular direction. as we saw on the french elections with their release of information about candidate mccrone. germany cyber -- has been attacked. most observers to -- as of the united states, russia aggressively uses trolls and bots to spread fake news and disinformation. with the goal of weakening european institutions and driving a wage between the united states and

it can only be europe as europe.so we need our neighbors, our friends, our you a lies -- our allies to pick up some of this as well. europe is not the kind of political project that one large state can lead. that's not how it works. germans and german politicians are deeply aware of that. those kinds of stickers are not particularly helpful. tarun: i'd like to talk a little bit about the point of resilience that richard made. richard, you noted that there's a large delta, i think it's about 35 points, between the meeting percentage of respondents that had no confidence in donald trump and the median unfavorable view of the united states. it was 74% to 39%. is that delta sustainable based on previous survey data? is that something you expect to converge over time? what's your sense? richard: obviously how the world feels about the u.s. president and u.s. foreign policies does have a big impact on how the world sees the u.s. we know from our surveys that it's complicated too. there are lots of things that influence how