tv Bloomberg Business Week Bloomberg May 7, 2017 4:00pm-5:01pm EDT
am guy johnson and paris alongside tom keene. it is crisp and cold all across europe and the u.k.. >> it does make for a gorgeous eiffel tower. it is sparkles here in paris. we are watching the motorcade as it makes its way through paris with mr. macron. andt will be fascinating the different opinions we have heard about it. he maintained the enthusiasm and the optimism giving the harsh reality he faces from a divided france. right now, it is not divided. we need expertise. john? n: it is not a divided market and it has not been all week.
we have seen your strength. rength.ave seen euro st the magnitude of the move, not much excitement. we are up one third of 1%. that may be where you see the most euro strength. bid on the yen comes back out as well. euro-yen up. the story all week has been saving the le pen risk. >> amazing. tour boats are going by us. the waves are coming up almost onto the platform. the louvre is the most historic place, we all know it. it is the history and the fabric of france, that castle of the
kings of the 16th century has gone from a small size crowd to a large crowd. there were chances with the le pen group. ♪ hear, people are chanting. we have a concert going on. five -- the 5000 people gathered awaiting for macron to celebrate his historical victory. we heard him earlier from the headquarters, he left his headquarters about 20 minutes ago. he should be here any moment. did,g the first speech he at his headquarters, he was very serious because he knows the immense task he has an front of him.
he said, i want to respect those who voted for the extreme, i respect them, i hear them. he said, i will fight with humility and determination. at the end of a long haveratic process, you chosen to put your trust in me and for that i would like to express my found gratitude. it is a great honor and a great responsibility. nothing was said in stone and i would like to say, thank you. thank you from the bottom of my heart. ♪ probablyel macron will have a less serious tone at the louvre. he will be cheerful here when he arrives, even though he knows more than 12 million people voted for marine le pen and he will have to reconcile this part of the french population. ♪
>> absolutely. he looked incredibly serious in that -- >> he looked like he had never done it before. >> this is a rookie politician. >> everyone agrees on that. >> when do we start the serious stuff? when does he start to talk about who the prime minister -- who he knows is but won't tell us. when does that happen? >> in the next few days we will note the name of the first prime minister. this prime minister might change. -- ifnual does not manage a manual does not manage to get the priority. as you can see behind me, it looks like macron might be arriving. the first challenge will be to get the majority in parliament. his second challenge will be to
perform france -- will be to perform france. this last task will be to make sure that these people will be helped by globalization. government so we avoid in 2022 and election of the populace. we should say to the audience, good evening. it is 10:10 p.m.. the pictures of the louvre of an ever-growing crowd. let's get some perspective before he appears. she has followed the le pen campaign for weeks. she joins us. it is a somber change, a somber moment. what is the future? as we heard, emmanuel macron
sounded grave and somber and his victorious speech. here, marine le pen sounded resolute. a somewhat exclusive party in the restaurant -- in the party. he called this a historic and massive vote for the national front. she certainly is right on that. in terms of whether it was massive, whether the count comes grained%, 45%, she has -- gained count. of course, far from the victory that she was hoping for. and also below the 40% her party said would be considered the tortoise. marine le pen did concede cup feet -- did concede defeat. she said the french voters voted for continuity.
she said she called a emmanuel macron to wish him well. she also talked about how she would redefine the party. like to transform a movement to create a new political. absolutely necessary. i call on all patriots to join our movement, to take part in this crucial struggle. it is starting today. marine le pen said she will lead the campaign for the legislative election. that is what she is looking ahead to now. the big question is, how she will redefine the party. >> thank you. thettle more somber than
amended on background cap. here live pictures live from the louvre. we are awaiting the imminent arrival of mr. macron. we will see those pictures. i expect the crowd to corrupt when he appears on stage. by ino have standing london, paul donovan. paul, is this the restarting of the european program? is that what we witnessed tonight? paul: that is probably going to far. the antiestablishment movement is by no means over. this will be a challenge that we have to face up to again and again. we have elections next weekend in germany. we have the french presidential
-- parliamentary election. we have the german federal election, then the atomic and. there is to keep europe occupied before they start sitting down and talking. >> this question of redenomination risk. it was driven by markets, by the bond fidget a lot tase. -- by the bond vigilantes. levers theyt what european union. can -- what can these leaders do for the electorate? >> ultimately, the bureau does not work. it has never worked as a monetary union. it needs to work better. monetary unions are not generally perfect. it needs to work better. you need to have a genuine inking union.
it is ridiculous that if you write a check on a french bank you cannot use it in germany. that is absurd. it's like writing a check in california and not using it in new york. we need a proper banking union. degree ofs to be a automation to fiscal transfers. we need to automate the process that takes the political toxic sting out of it. ath that, you can end up with monetary union which is a viable at least economically and politically. >> a lot of folks -- a lot of on the effort to get gdp down and the budget deficit down. can they move things around for that? are they doing that already?
paul: that has to continue to be the case. that is part of the problem. the fiscal program recognized there was a free rider program. it clearly is not something which is going to be honored at the time of considerable economic disturbance within europe. to at the time when you need reform, which creates more pain in the short-term which you need to try to mitigate somehow. you had such expertise over the years. uecker looks at this, what does he think of? he has been visible and impolite to the people of the u.k.. how will he adapt and adjust to the victory of mr. macron?
paul: i think this is an interesting issue now. what is happening in europe with the u.k. departure is the balance of power in europe shifting. it is in a state of flux. the british are traditionally -- the british have traditionally backed the german view. one could argue the british played a leading role in terms of international trade. take the u.k. out of the equation, the balance of power tilts a little away from berlin and toward paris. the question now is, what sort of person is macron going to be? is he going to be focused entirely on the domestic agenda? will he play a european role and take more of the lead than france has done? this will be the question that
the european union as a whole is addressing. rants cannot be seen in isolate -- seen in isolation. france's role is in harm. paul, macron has talked about finance minister for europe. he has talked about eurobonds. other countries would be toxic, he has been elected president. in some ways, he has a mandate. , he has a mandate to take europe a big step forward. are the germans prepared to go along with that? paul: ultimately, that is the problem. he has a mandate to try and push
a certain agenda and france has voted for a pro-european option but to antiestablishment options. that does not mean that it is going to get passed through 20 -- 27 european parliaments. ar is it likely that you get great deal of movement forward when the difficult issue about separating the u.k. is still going to be on the agenda when the germans are going to be bogged down in their elections. willis not something which be moving quickly in europe. nothing ever moves quickly and europe. we have learned that over the last few years. paul, stick around. paul donovan joining us. let's get a recap. let's get a bloomberg first word news update. president-elect emanuel macron has been
congratulated by world leaders, including donald trump. votes, he hasn almost 63% of the ballot. his victory over marine le pen will prove a relief for market. ts. in germany, angela merkel has successfully -- 34%.ggested the cdu took the spd took 26%. it is a disastrous results for merkel's challenger. she's regaining momentum. in china, the foreign-exchange raise. bank of china says cash piles climbed by 24 $.5 billion.
-- $24.5 billion. the trump administration is weighing a cut of 95 percent to the budget for the white house office of national drug control policy. theoffice ordinates much of strategy including responses to trafficking. it could see several grant programs for drug prevention discontinued. this comes at a time the president has pledged to aggressively combat opioid addiction. in the u.k., theresa may has accused some european governments of wanting europe to fail. amber rudd claims european commission president held very hostile briefings against the prime minister to influence voters. the comments, as the conservative party pushes for votes. isclair broadcast group close to buying chuck unit media. sinclair would pay $45 a share
for the chicago based company. an agreement may be announced as early as tomorrow. -- sinclair broadcast media is close to buying tribune media. global news, 24 hours a day. powered by more than 2600 journalists and analysts in 120 countries. this is bloomberg. the tail risk did not materialize. the market has been failing that risk all week. we are up one third of 1%. a marginal squeeze to the upside. dollar-yen is a little more pronounced. bureau sterling, a little lower. euro-sterling. still with me as paul donovan. paul, let's begin with the brexit story. theresa may will know one of the names that will sit opposite her
as these negotiations commence. what is the story going to be from france? -- hows the president does president macrina set up paris? paul: he wants to attract academics, business people to paris. , heproblem is, to do that needs to have a majority in the national assembly or a government that will cooperate with him and he needs to implement the changes. proving to be relatively attractive compared to the u.k., i think it is too late in terms of trying to drag people in from the city of london. decisions are already being made from where any person -- personnel will go. i do not think he has the time
to be able to change the perception of france in the financial sector ahead of the uk's exit. in other areas, it is more a difference in terms of style and where france would like to see europe going versus where the u.k. is likely to go after 2019. this is something prime minister may has also emphasized. the best opportunity for any kind of collaboration is in 2019. the ideology around economic policy and regulation, even with macron, is going to be divergent after 2019. >> does prime minister may see him as a partner? him as thee opposition to what she is trying to achieve? paul: she sees him as more of a partner. i do not think madame le pen would have been a partner to
anyone in europe. it is complicated as these things always are. macron represents potentially a partner. he is looking to perhaps keep europe on a more pro-business footing, pro-economic growth. also potentially hostile as a competitor to the u.k. as well as a third country, and external country to the eu. france is going to be looking to take -- on balance, the prime minister will regard macron as potentially a competitor for the start -- from the start. by the end, i hope they will become an ally. the secondlook at largest economy in the eurozone, the big bulk of gdp comes from
government spending. -- how can heate make this a dynamic economy? without causing a lot of short-term pain for a lot of people across france? l: the short answer is, he can't. any structural reform is always going to entail certain amount of pain. how you managed that pain. it is inevitable at a time with change within france and the global economy, this does change things radically. --the process, things will people will have less security, less certainty. things they assumed would be with them for life will be taken away. this is very difficult to deal with. presentron has to do is
france and a way that is going to make more forward-looking, able to adapt. at the same time, provide a degree of stability for those who will be badly affected by this, retraining, better education. which tries to limit the social damage which comes through necessary economic change. >> what is the risk as you look at it? paul: that is lower. we need to see what happens in june. the difficulties are considerably higher. is sticking with us. he joins us from london. thank you very much. this is a france decides special, live from new york city and paris.
guys, i'm looking at the fx market reaction. wanted -- i just wondered how much upside it has for 2017. how quickly will italy be on the agenda for market participants in the months to come? >> you wonder about italy and the u.k. election. >> i would throw and the ecb. this is where the two things will interact. if the ecb sees the political risk failing, it starts to talk about the exit. >> we saw the power of these ranks last week with the falloff on oil. let us show you the louvre right now. mccroneaiting for mr. to speak. he is the president-elect of the republic of france -- we are waiting for mr. mcacron.
we're bringing a political from france. that barely describes his contribution to the thinking and france. he joins us now. i was very upset. if i say rothschild banker it is like saying a morgan stanley banker. it is different here. from thefrance heal emotion of naming a president-elect, a rothschild banker. that means something different to the people of france. century, a major majorinematic -- a was mentioned 150 times.
--was believed all the evil whether france was losing its embargo and so on was because of this getting hold of the country. saying the main omicron used to be a banker is saying his part of this bunch of people who are putting strength. >> this evening, how does france move on? how do they heal? how do they find a more modern france? peopleously, a lot of were afraid. if he were elected, france would become a very -- country. the majority of france realizes
that such a young president, a man that is not a member of any mainstream political party has experienced -- has experienced in politics. there are four political groupings and france. how the french political establishment will readjust, rebalance. how do you see that happening? >> what he wants is to work with all of those people who belong right and alsoam the mainstream social democrat left. majority withke a all of those people, regardless of their affiliation or not affiliation. once again, he will need to bring a new majority. he has no political party of his a mosh.pite his
-- >> he is building from the ground up. he is bringing people in from all of the country. atwould be amazing to look the demographics of people gathered outside the loop. where they come from and what they bring -- the other outside the loop. how does he tap into that? he has an opportunity. there's a danger he ends up thisng people in that see as the status quo and not actually new. traveled through where metro is meeting with his people. i saw a tremendous member of young -- i saw a tremendous
number of young people. they're are fed up with the politicians who have been around , 35 years. they believe it does not work anymore. what they found fascinating is this man who was very young. ideas, hes brand-new is fresh into politics. they can identify with him. the only problem is, most of those people belong to members of globalization. they're the most well-off. they live in a big city. it remains to be seen whether the president will get a majority of the provinces. >> let's recap what we are seeing at the moment and what we are waiting for. mr. mcgahn is the president -- mr. macron is the
president-elect. have -- we don't have a pyramid to help out. washington has some fairly impressive monuments. >> you do not have a pyramid, we can work on that. macron will be speaking very, very shortly. it was quite somber, and sort of -- >> stoic. guest andour esteemed important question. can i mention multiculturalism? president not reach out to this or that community, but can there be a whole fan -- france? i ask this particularly for disaffected youth of the country. >> what emmanuelle macron tells
members of the minority -- members macron tells of the is that france can win, they can also be winners. they want to integrate into french society, and they want to start their own business, and what to be part of this segment of society. he says we are a country in europe with the biggest number that we areo say slowly dying, and he is the candidate of the other part of the country who says no, and there are some very, very fine people in france, exporting aods and i think that is significant part of voters he got today. >> thank you very much for the moment. it is great to get your thoughts and share them with our audience.
let's go back to john farrow. >> thank you very much. i would like to bring you the eurozone economist of bloomberg intelligence. nexte excited about the president of france. on dependent is his mandate capturing any kind of majority in a parliamentary election in the coming month? >> it is a full round election, so he won the first two rounds, and now there are two more coming. so what will be interesting to see is if you can get enough parliamentary support. that is a condition for him to deliver on his campaign promises. he will not be able to influence his agenda without having a majority in parliament. this is not over yet. the second half is the parliament. he actually achieve? what can he achieve is the president that he could not do as the economy minister? >> there are a lot of things.
the french president is very powerful, provided he has parliament with him. macron workedmer, on making a reform of the labor market. he wants to bring this to a company level and lower the legislation on the label market. that is something he will need to do very quickly if he wants to see the results with his mandate. he also promised to tour europe and speak with european leaders to convince them to form a eurozone budget. that is an important thing in his program. it is not just about france, but europe. wondering what is achievable and what his mandate is, because i understand the but irm he ran for, understand some people voted for him because they did not want to vote for le pen. the question i keep coming back to -- the bulk of gdp is driven by government spending.
you have the appetite to pull back on that, reduce dependency on the state, but do you have the willingness to go through with it when this creates a significant amount of pain for a large part of that population? -- quite righte on government spending. france is very dependent on that. it is about doing this in a timely manner and doing it properly. without violence board frontloading it at the start of the mandate. he says he wants to boost investment spending and cut overspending from the economy. of course, this man, the next president of france, it will be in annual -- emmanuel macron. the country's youngest president and its eighth of the fifth french republic. thisnificant moment for man, you have to wonder how much he can achieve and how much time he has to do it.
>> it should say choreographed. greg that is what i have been saying over the past few days. the market has faded the risk out of the french election. pollsel macron, the pointed to him being the winner, and nevertheless, for those who have supported him, back to this incredible new movement that has french political life by storm led by this man, a significant day of celebration. the question is, what does it do next? >> i would like to show with your decades of experience -- does experience matter here? is it an issue to the french people, the newness of this president-elect? matter, bute does you can be young and experienced. macron spent two years as secretary general of the
presidency. andpent another two years net as the minister of the economy. experience mix of and freshness. be -- it is anto amazingly long walk for the taking -- >> the tournaments -- >> the symbolism and the visuals here are fascinating. is a man alone, walking towards the people of france, walking towards what he hopes is a better future for france, but as we have already said, it will be a rocky road. >> what challenges winky face? i remember when we were kids -- what challenges will he face? yes the folks -- focus on
that there is no compromise meleen medlen sean -- anchon. he will need to start showing the party within the majority. >> will they be celebrating at the factory he visited and have that sendoff? will they be thinking he is our man? he will help our future. somethingan deliver under the economy, including to those people, whether in the next few months or in the first year of his term, i think he will be ok. if it does not, we are in for a very hard time. notice that will this is beethoven's ode to joy,
the anthem of the european union. vote formacron was a reform. a vote for the e.u., and for the european union can listen to the fact that many french people are not happy with the way the eu is run. >> let us go to the loo right now. there is of irony that we discussed -- louvre right now. there is bit of irony we discussed earlier. this president-elect says he will be at the museum, by the 1989 and looking back to the home of the kings of the 16th century in france. let us listen to the audience and the comments. >> you looks more cheerful now. >> much better than he looked
or. -- before. >> my dear friends, thank you. french]g >> thank you for being here tonight. there are tens of thousands, although i can only see a few faces in the crowd, the thank you. -- but thank you, thank you for being here. thank you for fighting with such throughout the months. .onight, we won france one. -- when auto. -- won. [applause] [speaking french] >> what we have been doing in months iswo
unprecedented. there is no such thing in history. everybody said it was impossible, but that was misjudging france. thank you for the trust you have placed in me. thank you for giving your time for the commitment. thank you for all of the risks some of you have taken. becausee of those, and you have placed to this trust in me, i now have a responsibility to not disappoint you. i want to be worthy of that trust, and for the next five continue on the momentum of this campaign. [applause]
>> i would also like to say a few you words that few words -- few words to the french voters who came to vote in my favor without believing in my vision. that some of you voted to defend our republic, nothing else. to defend our country against extremism. are,w what our differences i will respect them, but i will keep to my commitment to protect the republic.
finally, i would like to say a few words to those who voted for pen.wn -- madame le boo them.them -- they expressed their anger, disarray, their belief, sometimes, and i respect those that well, but i will do everything i can in the next five years to see that these people no longer have any reason to vote for extreme ideas. tonight, all that matters is that the french people are united. it is all just about the french people, french people, french women, and you representing all the energy of the french people here.
and the very place embodies , from the oldtory regime to the liberation of paris to the french revolution to the building of this pyramid. -- a place place which has welcomed all french people. what thee embodies whole world has advise on. it is all about france being a beacon for the world, because europe is watching us tonight. [applause] world areand the waiting for us to stand up for of the enlightenment, threaten throughout the world.
throughout the world. they are expecting us to defend our liberties, the vulnerable, the oppressed. we are expecting us -- they are expecting us to be the bearers , tohe new hope and humanity defend the world with freedom, equality.h, with more a world that protects the environment. and finally, they are expecting be ourselves. [applause] >> and my dear, fellow citizens, the task is huge. , andt will start tomorrow it will require more ethics in public life.
ourequires that we defend vitality's and rebuild the economy, build a new measure to protect this world, and give everyone a place for education -- culture. we need to ensure the security of all french people. task is immense. bold.d to be --ight, we have one a right when although a right -- win right, butwon a although a right that we need to stand up for. the world needs to keep that commitment because the world is whatng for it. that is you're up is expecting from
france. -- europe is expecting from france. they want europe to be itself -- france itself, and that is what we will be doing. [applause] this task is huge. fromll require commitment all of the french people, from our armed forces, law enforcement agencies, all public agencies. an electiveare in position, a trade union representative, a worker, an employee, an independent worker, a farmer, student, businessmen, pensioner, that commitment is yours. again, it is a huge challenge, but in order to live up to this
challenge we will need to be truthful. truth is something that i have stood up for throughout the campaign, and i will carry on standing up for truth for you. this task of the huge challenge -- is a huge challenge, and it means from tomorrow we will need to warm a real strong majority -- form a real strong majority. a majority for change. this is our country's aspiration , and that is what our country desires. that is what i will be expecting from you in six weeks, because i will still need your help. [applause] [speaking french] citizens, youw
have been working alongside me so many days, nights and days. you and the people of france gathered here in the louvre. we have the energy and the will. where we have carried ourselves to these positions, and that is what has made us. the strength will answer for our future. we won't give in to division or to -- weill not given -- live. give innot given to -- to sarcasm or lies. i know how you are, and i know owe you, to my
companions, supporters, my friends and family. [chanting] it will not be an easy task. this responsibility comes with these decisions -- make decisions, but i know your education and courage will help me along the way. froml protect you terrorist threats. i will struggle and fight lies, and are sure, and
efficiency to improve -- inte ertia, and efficiency to improve your lives -- in the iciency to -- ineff improve your lives. i will bring the french people back together, and i will serve you finally -- and finally, i will serve you. i will serve you with humility and strength. because theseou are our values. .iberty, equality, fraternity you because i will
be faithful to the trust that you have placed in me, and i will serve you in love. long live the republic, and long-lived france. [applause] >> emmanuelle macron -- emmanuel macron, the new president-elect of france. speaking to the people who made party on, putting his the map. he talked about the challenge being immense. he says it starts tomorrow, tom, and he is not getting. france has a large to do list, but he also has the presidency. >> what an extraordinary
reinvention of democracy in france. with all the controversy he has faith, the immediacy and the suddenness, the various children of the family are coming out. i read today in germany, in the united kingdom, and now in france we have leaders with no direct children. they are now stepchildren, adopted children, all that. they are a modern presidents. -- they are a modern family for a modern president. >> this is significant, but i think there will be many skeptical voices across the eurozone over the next several months over what he can actually achieve. and he deliver that kind of reform? yes, he has the appetite to deliver it, can he deal with pushback when it comes? there will be strike after strike after strike. it will take a lot to push it through without backing off. we have seen this many times in
france again, again, and again. seniorjoined now by the vice president at -- about give me a base case what you expect to come? >> hi, thank you. i think macron and his party to win a great position the election, but it will be tough to be getting the absolute majority. he is leading in the polls with 24% of the polls -- votes, but right after him, you have the theer-right party and then e pen,ight behind -- l right behind with 22%. it will be hard for him to maintain an absolute majority in the elections in june.
>> thank you for being with us this evening. there seems to be a pattern here. the pattern of austria, netherlands, and now france. -- has populism been pushed aside? >> i am not so sure. it is better to not have a linear conception of politics. the fact is you have 11 million people voting for the far right party, and all the kind of populist parties like in italy for instance. you saw macron and his speech, death --d with o2 joy ode to joy. market reaction is still there. >> it has been a stronger and asn with the euro, we open in 24 hours, they are
saying the markets will perform better due to the win. he wants to clean up the banks within the eurozone. how much of that optimism is fueled by a hope that these reforms will go through, and how much of it is just a relevant trait that the banks have underperformed in europe for a significant amount of years now, and the economy has started to improve? >> we have to face the fact that europe has relatively firm growth now. we are seeing unemployment falling, including in places like france. we are seeing stronger growth. the economic climate, the story in europe is one of improvement. we take a step back and look at the european economy as a whole, there are too many banks in the eurozone. efficient, and it has still not come together properly. --t is something with france
they can contribute to the solution for it, but it is only one part of the eurozone and it will require a lot more than just a new french president to get real progress on this. >> let's go back to the loo. we have been monitoring what has been going on down there for us. a party atmosphere. i am fascinated -- who was in the crowd tonight? what kind of french people were in the crowd tonight? just described them to us. was very excited, because in paris macron did much better than men -- then in the rest of rant. he did better than marine le pen, so this reflects the division we haven't france at the moment, and i think the speech here tonight at the
louvre talked about those who only voted for him because they .anted to defeat marine le pen he says i respect you and will do everything i can, so you do not have to vote for the extremes in time in 2022 -- next time in 2022. this will be the big test in front of him. he understands this will be an immense task to reconcile these two visions in france, and those who feel trapped by globalization will not go for the extremes in 2022. >> it has been a long evening. i believe the sun will come up in the east tomorrow, and mr. macron has a stagger to the parliamentary election of june 11 and june 18. what will you need to do within his supporters to build that a majority inven
the parliamentarian elections? who will he need to make that first call to tomorrow morning? this is a tradition in france. >> this is a tradition in france. whoever wins the presidency he usually gets a parliamentary majority. we are in a different situation -- his party is a one-year-old with no elected officials, so he will have to reach out to those socialist send republicans who might be enough at the center -- socialists and republicans who might be enough at the center to push through any reforms over the next few months. flexibility to the labor market, but you also have to remember in france, the trade unions are quite powerful. we'll see, depending on how big his majority is, if he manages in june.e he can push through this first
reform to reform the labor market in france. we thank you for your reporting this evening from the louvre, and your perspective through the weeks of this election. making a fabulous job of ugly americans smarter. i do not know about the hands of united kingdom guy, but she made the hands of americans smarter kingdom guy,nited but she made the ugly americans smarter. >> tonight was a vote for globalization -- or was it? tonight was a vote for europe -- or was it? what was tonight a vote for? what was today a vote for in france? was it about for europe or for globalization? many will pitch it as that. it is a vote in flavor -- in favor of
globalization. voters voted for macron because they did not want a le pen presidency, right? -- this isople important to keep in mind, because in one hand, it proved --t macron vocalized mobilized a lot of voters, but it was not the majority of the people. i think he needs to keep that in he is looking for a majority in parliament. >> tonight in that speech, he talked about globalization and the european project. isthe eiffel tower sparkling. >> it is hard to ignore. it is sparkling. >> antonio, he talked about those things with his speech at the louvre. he is going to keep banging away at this drum, isn't he?