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♪ jonathan: coming up on "bloomberg best," the stories that shake the week in business around the world. president trump taking meetings and making deals while back in washington his first budget makes way. >> that is something not being received too well on capitol hill. >> a lot of economists are crying foul. jonathan: opec agrees to extend its output cuts. they could do.h this buys them time to get more data. jpmorgan jamie dimon and tim sloan open up about their businesses in exclusive interviews. >> competition is a good thing.
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i have never been worried about competition. my number one job is to rebuild trust with all of our stakeholders. jonathan: conversations on europe as the ecb appears to unwind qe. and the e.u. and the u.k. get ready to hammer out brexit. >> is very important she needs to be -- the ecb needs to be fully in command. >> i did not fear that markets would be in a position where they would be surprised about -- by what we would do. jonathan: it is all straight ahead on "bloomberg best." ♪ hello and welcome, i am jonathan ferro. youris "bloomberg best," weekly review of the most important business news, analysis, and interviews from around the world. this week began with an unexpected change for one of the big three u.s. automakers.
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vonnie: fort replacing the ceo mark fields with jim hackett who has been running ford's spark -- smart mobility unit since last year. >> there has definitely been pressure at fort because stocks have fallen so much during mark fields' tenure and it was last week that bill ford was defending the company to the shareholders, but he never mentioned mark fields i name. it kind of look like there was going to be some kind of shakeup at order, but it was kind of surprised that mark fields did get pushed out and replaced by jim hackett. timehave never seen such a in our industry where technology and competitors and everything is converting to drive real change. it is very helpful at a time like that to have a leader who very experienced in driving transformational change and fortunately we have that in jim
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hackett. david: is this a matter of electrical vehicles question mark it is perceived that you are behind some people in the industry. >> it is about ev's and it is , autonomous vehicles and making sure we are investing in the parts of the car and truck business that we get good returns and we are not investing in parts of our business where we are not getting good returns. it's really all about capital allocation as well. people have been confirmed dead with around 50 injured at a blast in the u.k. in manchester. it happened just as a pop wasert by ariana grande wrapping up. police confirmed they are treating the explosion as a terrorist incident, which would make it the most deadly u.k. attack since the bombings back in 2005. suspectn abedi is the -- suspected attacker. looking less unless
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like a lone wolf attack. police made an arrest of a 22-year-old man suspected of aiding and abetting the attacker. they have also had a couple of raids in manchester and indicated the nature of the some level ofs planning. what we are looking at now is perhaps a much more planned event than the terror attack in westminster a few weeks ago. >> the threat level should be increased for the time being from severe to critical. this means that their assessment is not only that an attack remains highly likely, but that a further attack may be imminent. >> the white house released president trump's first full budget. mick mulvaney says it is a taxpayer first budget and the document calls for steep cuts to like medicaid, low income housing assistance, and blocks grants that pays for
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meals on wheels. what is the white house trying to do with this document? >> the white house is saying this is a document and a budget that focuses on the taxpayer, less so on the beneficiaries of various programs that would be cut under this proposal. they are saying they are looking at all of these programs and trying to figure out whether or not they are good programs, whether or not these programs are efficient and everything from medicaid to disability insurance are being cut. that is something that is not being received too well on capitol hill. this is not the budget that will end up on the president's desk, but it shows his idea of how he wants to spend taxpayer dollars. >> much higher than the previous projection by the -- under president obama. unemployment and inflation kept in check at the same time. economists are crying foul because of the very high and optimistic gdp rate, but also
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how those other factors play out as well, which would be the holy grail of economic growth. china has had its credit rating downgraded by moody's, which says rising debt and slowing growth costing clouds -- casting clouds over the financial outlook. talk this through the consequences of the announcement. >> i think it is something of a slap on the wrist. they do need to get a grip on the rising debt situation. had a rating terms warning before. moody's learned -- warned last year and the imf warned. and moody's took a step of putting the china sovereign they madethe first since november of 1989. it is a significant reminder about the challenges china has faced. authorities are preaching the
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need to rein in. the steps have been quite modest. when you see a judgment like we saw today from an next journal watcher like moody's, it is a sharp reminder of the challenges still ahead in china. moments, thefew federal reserve will release minutes from the main meeting. this is the meeting where officials left rates unchanged and signaled they were not alarmed by the weakness and first quarter gdp. >> we learned two things today. number one, at the may meeting, they were on course. not committed, but on course for a june rate hike. number two, there was wide agreement they should not cease from one month to the next the reinvestment of assets on the balance sheet when they begin to reduce the balance sheet. the existing eight -- the end -- the interesting thing is we are balancerogress on the sheet.
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the minutes say almost everybody agreed on that and the other thing they agree on is the idea of caps or monthly limits. they want it to be regular and predictable and they also want it to be -- they want to taper it. cany: can you -- jonathan: you unwind for a half billion dollars to some extent and make it boring? , do itmake it a nonevent very slowly and i think they end up doing that. jonathan: opec extended oil production cuts for nine more months after the landmark agreement last year failed to eliminate the oversupply. is it enough to stabilize the crude market and put a floor in oil prices? the sameonths with level of production that our member countries have been producing at is a very safe and thest certain option to do -- >> opec did what they should do.
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this buys them time to get data on what the real rate of global demand will be in gives them a period to show more evidence that they are working off those excess inventories. they have also reserve the right basically to surprise the market with deeper cuts by the big producers, saudi or russia if they choose to. what they have done -- if what they have done is not enough. trump -- he isnt in italy, but he is wrapping up his journey through the middle east and europe. his first foreign trip and today he is making his g7 debut after some tough talks in brussels. involve debates on public trade, climate change, and migration. in fact, we have a draft of the communique and it looks like migration will be one of the subjects very hard hit. "the draft, we have reaffirmed the sovereign rights of states to control their own borders and set clear limits on net migration levels."
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what does that mean for current migrants making their way to europe and to the united states? i think they are trying to say every member of the g7 has sovereignty to decide for itself . it's a very important issue to italy. italy has the presidency of the g7 this year and it is something they really want to talk about and so they are pushing to get into the communique. kevin: it has been somewhat different server response the europeans -- different of a response the europeans have given president trump than the response he got earlier in israel. -- briefingprecinct with donald tusk and he said he was "impressed" with president trump's toughness. find the scenes, there are some up easements going on to -- of these -- -- of
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appeasements going on. coming up, wel look at billion dollar deals in the middle east and meetings with nato leaders and exclusive interviews with jamie dimon and tim sloan. up next, more of the week's top business headlines. the congressional office scores -- congressional budget office scores the health care bill. >> the only score that matters is the one on the senate bill and that looks like it is a long ways away. jonathan: this is bloomberg. ♪ ♪
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jonathan: this is "bloomberg best." i am jonathan ferro. let's continue our global tour. in vietnam, trade ministers
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around the world discuss a number of sensitive issues at the annual aipac meeting. >> global trade and the threat of protection will dominate the talks this weekend. the posts summit statement was diluted, indicating pressure on ministers not to criticize the protectionist trend. >> it is interesting this watered-down communique. we seem to see that theme following the g7. apece diluted statement, ministers pledged to work on regulations, but there was no mention on resisting protectionism and like you indicated, we saw this happen at the g7 as well as the g-20 summit where secretary mnuchin refused to sign off on any strong wording resisting protectionism.
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it is suggesting the u.s. american first agenda is permeating all talks on trade everywhere in the world. has formally announced the first round of capital commitments for the tech investment fund worth more than $96 billion. who is in, who is not in, and what is next here? >> softbank originally announced plans for the fund in october of last year. it is going to be one of the cornerstone investors along with the saudi arabian sovereign wealth fund. you also have abu dhabi allstors, qualcomm, apple putting in money, too. they didn't quite get to $100 billion. they got $293 billion. that is a lot of money to be able to spend -- they got to $93 billion. that is a lot of money to be able to spend in the next few years. finance ministers
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failed to break impact on debt relief for grief. that means delays in the bailout review and the disbursement of loans. why wasn't a deal reached? >> that is a good question. we had almost eight hours of zone -- of talks and yet they failed to break the impasse. the answer to that question seems to be that really there were just so many positions at various finance ministers were coming from and the talks of complex and it made it difficult to come to this final agreement although we are hearing the talks were constructive. i spoke to the finance minister earlier, harris, he said we should look at this positively because the greek -- the review of the bailout went very well and now the talks can turn to debt relief and work on that will happen in the coming weeks. >> shares of fiat chrysler he are falling amid the news the
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justice department is suing the automaker for diesel emission violations. they say they are different than folks like an because they continue to deny they knowingly engaged in cheating. is that is right? >> that's exactly right. we didn't learn anything about case until it was already solved and california regulators extracted a confession and they announced september 2015 vw is cheating and we caught them. this has been so different was runningclock out on the obama administration and the epa said we are pretty sure these guys have some software here that is not acknowledged, not disclosed and we are notifying them of the wenttion and fiat chrysler ballistic. they were very upset. here we are months later and still no revolution, -- resolution, but another deadline is this -- several consumer
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lawsuits are being brought together in a california court tomorrow so the epa and justice to filing today in detroit try to get their case added to that one. has been hittors with a class-action lawsuit. the suit alleging the carmaker put deceit devices in trucks to beat emissions tests. volkswagen admitted to installing software to bypass rules. will gm try to fight this or will it admit that this alleged cheating did happen and try to settle? fighting back very hard and right away. they put out a statement calling the lawsuit baseless, noting that there vehicles have been approved by the epa and by the california air resources board. that sustained -- debt sustainability concerns
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have increased in the fat -- past few months. the ecb publishing the by annual financial stability review as the issue of scaling back stimulus begins to weigh on the central bank. talk us through the primary concerns in this semiannual financial stability review. >> the primary concerns are that sustainability will become a problem. the fed is expected to raise rates two more times this year and the ecb is getting closer and closer to this -- to discussing the possibility of normalization a policy. the ecb has talked about the importance of unwinding qe before it even thinks about raising borrowing cost. >> we have headlines out from the congressional budget office scoring the american health care
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act for the first time. federal deficits would be reduced by $119 billion over the next 10 years and an increase in the number of uninsured relative to current baseline by 23 million and less in medicaid spending. >> this is a report that means the house did not have to go back and pass this contentious health care bill another time. this bill can be sent to the senate and the senate can take it up and what we have been hearing is senators have been meeting on a weekly basis mostly not to take up this bill, but to start on their own bill to get a final product to make it to president trump's desk, it is likely to not look like the version that just got scored. >> the only cbo score the matters is the one on the senate will when that is done. mcconnell said that getting to 50 votes in the senate is harder than he thought it would be. that tax reform looks like it will be easier. >> deutsche bank maybe close to
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settling a u.s. federal reserve probe into how billions of dollars moved through the bank and out of russia. democratic lawmakers have asked the german lender to hang -- hand over its findings on the handling of russian mirror trades as well as banking on the half of now president donald trump. deutsche bank is looking at maybe paying off its third massive fine this year to u.s. regulators. expected tot even be the big one. the federal reserve is looking into this, but also the doj and the doj is the one investors are really focused on because that could be the biggest fine and the more consequential one given that deutsche bank is already operating under a deferred prosecution agreement. that is the one people are focused on. the federal reserve would certainly be nice for john cryan to get out of the way. they said they are more than halfway through the major things
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they need to get through on the major issues, but still a lot to be done. >> let's talk a little bit about this u.k. election. campaigning begins today -- resumes today after pausing to respect to the victims of the manchester bombing. shows aal conducted dramatic narrowing in the race with conservatives on the 43% of the vote and labor on 38%. >> i think there is real evidence to suggest there could be some sort of loosening in that power of theresa may and that comes back to the -- she had about a week ago about the funding of care for the elderly. that was a very unpopular measure. people are saying -- that doesn't bode well for her status which -- status which he goes into negotiations for brexit. ♪
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♪ jonathan: you are watching "bloomberg best." i am jonathan ferro. visitedt donald trump saudi arabia last week and it coincided with a major business conference. a host of a listers defended on riyadh to take part in a forum. jamie dimon was among the many sat down with an exclusive interview with our very own francine lacqua. is going to double in size in 12 and 15 years. there is plenty of opportunity and plenty of threats. we spent a lot of money in technology and we know what we are doing. we operate around the world and we help companies around the world. the emerging market is going to grow twice as fast. francine: can you break down the units where you want to defend market share? >> i want to grow it everywhere.
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we have to be harder in some areas because we have a high market share and clients -- investment banking in certain areas may be harder to gain share, but is it -- it doesn't mean you can't gain share in this country or this part of the world. we just know it is going to be a little bit harder. francine: what about fixed income? >> we have a good share there and i think it will be hard to gain. when we look at it, when you look at the numbered share, yeah, but when you look at what we can do better, we have plenty of things we can do better around the world and a lot of it will go to technology. we got to build there and maintain our share. competition is a good thing. i have never been worried about competition. you want a competitive world. francine: as long as you are better. >> that is our goal. in paris ae talked couple months ago and we talked about regulation. are you still as confident in the future for wall street?
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>> yeah. the trump administration wants to deregulate most things and a lot of us have been thinking deregulation is holding back growth. optimistic there will be some regulatory reform. it makes sense. even my democratic friends understand it makes sense to look at what is done, what can be done better, what can sympathize the burden of business, what can help people expand employment and the economy? just look at it at -- in the light of day and improve what was done. ♪ jonathan: coming up, highlights from president trump's tour of the middle east and europe which saw the u.s. and saudi arabia sign billions of dollars worth of deal. still ahead, the brexit barometer bounced all over the place. a top officials has britain will
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not get out without settling its bill. this is bloomberg. ♪ ♪
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>> it is hard to tell american families that if currency appreciates and if we see manufacturing return and gdp growth, everything will be just fine. we need greater certainty. even with discussion today about manufacturing coming back to the u.s. -- and i would love to see more of that, it will take time. in many cases, decades and decades. in some areas it may never return. we have to understand the unintended consequences of this new border adjustability tax. >> if the border adjustment tax goes through what happens to the corporate tax rate? and is there an alternative tax plan you would like to see that
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you feel would help business? decade, we have paid an effective tax rate of 35%, the highest in the country. under this new plan, that tax to 75%.ld go from 35% certainly, that is not going to be good for target. from 35% to going well over 100%. i would like to see greater simplification. and i would love to see it overall effective tax rate reduced. >> that was target ceo brian cornell speaking to us on capitol hill where he was testifying to a congressional committee against a border adjustment tax. in europe, it u.k. anti-e.u. negotiators have a brexit talks scheduled next month. markets watch the ecb closely as
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they are pulling back on it qe. a roundup of this week's conversation on eurozone uncertainty begins with any you official. official.. what jean-claude juncker suggested, around 50 billion euros? >> a lot of numbers have been suggested. it is only fair if you leave a club that you settle the accounts. it will be part of the negotiation. everyone wants a fair deal on this. i think it is only fair to say to the united kingdom, you have obligations. you entered into obligations over the years. if you want to leave the club, you settle accounts with us. >> prior payments made to the european investment bank should be included, netted off. would you agree with that? >> i will not start negotiating with you at this table. >> shame. >> a number of things be brought
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to the table by the british side and we will make sure we are well prepared to defend the interests. >> is that you setting up -- is the e.u. setting a precedent? >> no, this is about having a fair separation. we need to look at the interests of the 27 member states that will remain. u.k. was not forced out, they decided to leave. it is only fair you settle the accounts and look at the interests of the citizens. we do not want citizens to be heard because of this. we want them to continue their lives on the peaceful -- continue their peaceful lives on both sides. we want to develop a new relationship that is good for both sides. before we can get there, we first have to settle the separation. it is very important the ecb continues to do its work, that everyone is focused,
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and that we are starting to see the exit from this unusual, unorthodox monetary policy. my expectation is that we will see this over the next year. there will be some removing of the biases in forward guidance and a program discussion in september around what they will do in the next year, the tapering of purchases. kick in overill the rest of the year. it is important the ecb strongly leads and is in good contact with the market. we have seen what happened in the u.s. when markets were not well prepared for the tapering announcement. it is important at this stage the ecb president -- concerned that they start normalizing policy too brink?ven it is on the there are a lot fewer euro
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support than a few years ago. >> the ecb, as much of the policy we are on was appropriate 10 years ago when the crisis started, it is the 10th anniversary of this crisis. the policy looks increasingly out of place. both the purchases and negative interest rates i think will be removed overtime. the u.s. is ahead of the europeans in terms of moving and normalizing interest rates. the europeans cannot completely isolate from that. it moved up with the u.s. rates. the ecb it would be wise if i the end of the year they start to scale back their support for the economy. the european economy saw the german data come out today. the european economy is doing well. the netherlands last week, growth has been very strong. almost twice as strong as in germany. the european economy is
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increasingly driven by consumption and sustainable development. that is the time to scale back monetary policy support. markets have understood very well our reaction to monetary policy. markets would be in the position where they would be surprised by what we will do in the future, reflecting the new situation, the new development. markets also know we are committed to a certain policy stance until the end of the year. by definition means we need to get something to the markets before the end of the year. markets understand that very well. i do not fear any problems, turbulence, resulting from our monetary policy decisions going
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forward. as you said, financials the -- stability is oh is always implicit in the concerns of central banks. but, we see the financial stability and risks as something that has to be addressed by policies. meaning the changes, decisions about regulations and division of financial institutions. make it clear to there will be a change in monetary policy by the end of the year, that leaves out june. it would make sense to be cautious this june because you have the fed moving in june. anticipating what the council will do in june or september. i am just pointing out something that is evident, that we are committed exclusively to certain policy implements until the end
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of the year. we have to make decisions about the future. ♪ >> europe is nervous about its future. we travel to san francisco for an exclusive whorview with tim sloan, took the reins after the bank account scandal. clearly, as you mentioned, we had issues. my number one job is to rebuild trust with all of our stakeholders. we think about that is building a better bank. we are putting many legacy issues behind us. having said that, we are looking company. issues we find and deal with in a normal course. company. i am very proud of the progress the team has made. we made management changes, taken accountability, changed our incentive plan, reorganize
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of the bank is structured, and been focused on remediating customers. over the last nine months kumal we have done a year, maybe a year-and-a-half of work. i am pleased with the progress. >> can we quantify the progress in percentage terms? 100%, how to be at far are you the -- you? where you want to be? >> one measure is customer loyalty and customer experience in our community bank. --n we look at the measures we have been providing monthly updates to be transparent, the customer experience measures are now where they were almost at our highs about a year ago. we have more work to do with customer loyalty. another measure from an investor standpoint is to look at the fact that in the first quarter we made one dollar a share, $5.5 billion.
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that is our 18th consecutive quarter of a earning more than $5 billion. there are two companies in the country that can say that. having said that, there is more to do. ♪
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>> welcome back to "bloomberg best." donald made his first international trip as president of the united states this week, following an ambitious itinerary across the middle east and europe. in saudi arabia the president claimed big accomplishments. and saudi arabia have signed deals with hundreds of billions of dollars during president's -- president trump's visit. withrump: we signed deals the kingdom that will invest
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$400 billion in our two countries. >> is this a success? >> yes, it has been some of the best of his presidency. he came to the office saying i'm a businessman, a ceo, i know how to talk with ceos and cut deals for america. he brought home a lot of deals. he brought home actual contracts, military hardware, that will create jobs in america. voters, itf american will tone down the noise of james comey and the rush investigation. they say that is our guy, what we wanted him to do. >> president trump continues his overseas tour. his team in washington is set to release the first budget. like the president's remarks and saudi arabia and israel, an important focus on the budget is fighting terrorism. mr. trump: so many beautiful, innocent people living and enjoying their lives, murdered
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by evil losers in life. >> give us a sense what the reaction to the trump camp is to the events in manchester. >> he said he wants to obliterate this ideology. and those responsible for the manchester account should be held responsible and called them "total losers, evil losers." this was the first unscripted moment in terms of how the president had to respond. much of the first portion of this trip was in saudi arabia and here in israel, centered around scripted moments, planned moments. he has largely avoided many of leastfficult topics, at publicly. whether discussing a two state solution or whether or not to move the embassy -- the u.s. embassy from tel aviv to jerusalem. that said, he did have several strong moments publicly at least. reassert his support for jerusalem, particularly when
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israeli prime minister benjamin netanyahu was standing behind him. >> president trump has met pope francis at the vatican. given the opposing views of trump and the pope on a number of issues, do you think the two managed to find common ground? >> the pope and the president meeting behind vatican city in st. peter's basilica exchanging gifts. the president gave the pope books, including a book with the first writings by dr. martin luther king. the pope and then giving the president books on family, gospel, and here is where it gets interesting -- on environment. the environment is one of the key areas of differences on a policy standpoint between the president and the pope, who has been outspoken as an environmentalist. publicly, bring up, their differences on capitalism and immigration. >> president trump is in
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brussels today meeting with european leaders as part of an eight-day overseas trip. he has been talking about fighting terrorism in saudi arabia, jerusalem. leaks a problem with coming out of the investigation for the manchester bombing. tell us what theresa may will say. >> theresa may will be raising exclusiveof the bbc's reporting that manchester authorities have stopped sharing intelligence with the united states surrounding that terror attack because of leaks coming from the u.s. to members of the media. candidly i've spoken with four trumpet political consultants this morning here in brussels who have said this emboldened the president's case that leaks from the u.s. intelligence community are hurting u.s. national security interests. >> let's get back to president trump and nato. his first visit to nato headquarters in brussels.
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nato to become more engaged in fighting global terrorism and wants members to contribute their fair share. did he overdo it? is not thend shaming best way to start a meeting intended to showcase unity. do notopean neighbors accept criticism from the u.s. administration that they do not spend enough on defense. they claim that spending in areas including humanitarian aid, security, immigration, should also count as security spending. it is clear president trump does not see things this way. there is a divide and it seems to be widening. >> president trump is completing his overseas trip with two days of g7 meetings in sicily. he went to the heart of one of germanth remarks about car exports saying "the germans are bad, very bad.
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look at the millions of cars they sell in the united states, terrible. we will stop that." does that put this at the top of the agenda? >> at the top of the agenda was a translation by a well-respected magazine in germany, "der spiegel." comment asated his "naughty.""knotty -- will be met with a little bit of outrage from german citizens. but, jean-claude juncker, the e.u. commissioner had tried to clarify this morning to everyone here, he speaks german, that what trump meant was bad and he was talking about german trade, not the german people. gary cohn also backed up that correction. it will be an issue here.
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angela merkel, the german chancellor, will have to address it in some sense. it is a bit of a tempest in a teacup, if you will. >> from the big picture of politics to the latest focus of entrepreneurs. launched three years ago to offer high-quality betting prices at affordable prices. story in the latest -- in the latest installment of "small to big." beddinge a luxury company online and direct to the consumer. my wife and i were buying more sheets. the shopping experience was not what we were used to compare do other stuff online. it took $20,000 to get the prototypes going, build a website, a photo shoot. then we raised a little bit of money from friends and family,
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about another $100,000 or so. then we got to kickstarter to finance our first order. our girl was $50,000 of sale. $230,000up selling with just word-of-mouth. social media has been really important to building a brand and getting the word out. logical -- facebook has the data of an address range. pinterest is great for the home to core space. and there are influencers who advocate for the product. we did not take any funding until recently. we bootstrapped the whole thing. we would sell all of our inventory and use that money to roll over and buy more and more inventory. that created problems up and
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down. it is hard to get momentum when that happens. planning ahead of inventory and demand, making sure you have enough to fulfill the growth. it seems simple but it is super complicated to forecast. one of the biggest challenges to business.er our first year of sales with million dollars. we broke $20 million in sales last year. now we are on pace to more than double that this year. five years down the road, who knows. we could be the biggest linen company in the world. another company is looking to get a close relationship with the customers. everything we could, there is a lot more to do.
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>> hop into the bloomberg terminal. i want to show you how impactful this could be in terms of saudi arabia and and united states trade. 37 billion dollars is what the trade was between saudi arabia and the united states in 2016. with all this money floating around, china is at $45 billion. they could surpass china as the number one if these yields come true. are about 30,000 functions on the bloomberg and we enjoy showing you our favorites. maybe they will become your favorites as well. here is another you will find useful.
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it will lead you to our quick takes where you can get important insights into timely topics. europe's common currency, the euro, has been cheating death for years. now with the u.k. heading for a european exit, greece in perpetual crisis and discontent, can the euro, the world's most ambitious financial experiment, survive? voters are fed up with the economic failings of some e.u. countries and the loss of control in brussels. with the draw from the euro is a rallying cry for nationalist movements, including italy's five-star movement and marine le pen's national front in france. meanwhile, the greek tragedy continues. government is struggling to meet creditors demand to keep the
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bailout slowing. on increased austerity makes many thing greece will have to leave the union sooner or later. and, a slow recovery from the worst ever recession. unemployment for people under 25 has been stuck above 40% in greece and spain, quitting what some call a lost generation of european youths. here is the argument, the global financial crisis exposed the flaws in the common currency. when it was created by 11 countries in 1999, they agreed to a shared a set of interest rates. only a limited unified approach to government spending or bank regulations. to wobble andan countries like greece and spain were pushed to the brink, the common currency meant they were tied to the euro, leaving them as little option but to accept massive government bailouts from the euro.
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germany, as the area's biggest economy, paid the lions share. leadersen, euro area say they will strengthen the rule burke to make it more resilient. if greece falls out of the block, the euro will survive. european leaders have shown time and time again, they will do whatever it takes to keep the currency going. and then there is the politics. the euro, unlike other currencies, it is a symbol of europe's aspirations to unite in peace and prosperity. but, some business leaders, analysts, and politicians suggest the structural deficiencies mean its demise is just a matter of time. ♪ >> that was just one of many quick takes you can find on the bloomberg. you can also find them at bloomberg.com along with all the latest business news and analysis 24 hours a day. that is all for "bloomberg best
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," this is bloomberg. ♪
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♪ narrator: raised in exile during the cultural revolution, ai weiwei is a man driven by his conscience. an artist as much as he is an activist. he uses sculpture, installation, film, and even social media to speak about issues surrounding truth, justice, and human rights. >> ai weiwei

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