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tv   Atlantic Council Discussion on the European Union Brexit  CSPAN  April 24, 2019 5:54pm-6:52pm EDT

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landscape has changed, there is no monolithic media, broadcasting has given way to narrowcasting and youtube stars are a thing but c-span's big idea is more relevant today than ever no government money supports c-span, it's nonpartisan coverage of washington is funded as a public service by a cable or satellite provider kahne television and online, c-span is your unfiltered view of government so you can make up your own mind. a european commission vice president visited washington d.c. recently to talk about the european union and britain's effort to leave it the former latvian prime minister was at the atlantic council the day before the eu granted a six month extension for brexit agreement >> good morning and welcome everyone i direct the business
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and economic center at the council. thank you for joining us today. it's a pleasure to welcome back the vice president of the eu commission as well as our moderator. we have a variety of purposes here today but the main one will be to take stock of brexit and the current state of affairs in the relationship between the european union and the uk and the vice president will share his views on global financial markets, sustainable finance and the international role of the euro. welcome back, he served as vice president for a year on social dialogue since 2014 with a portfolio for financial stability, services and the capital markets union. he's prime minister of latvia between 2009 and 2014 and served as the minister of finance between 2002 in 2004. >> the moderator today is dr. alexis crow who established and leads the geopolitical investment practice at price
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waterhouse coopers and is a fellow here at the atlantic house. the discussion is part of our initiative which aims to foster a robust transatlantic dialogue about europe and its importance to the u.s. the events , not only are we on the record today, we are on tv for your awareness, and with that, vice president if i could ask you to come to the stage. [ applause ] >> it's an honor to have you here today with us, i know many in the room are here because of a unity that we share across the atlantic ocean. so, it's really a pleasure to have someone here whose work so avidly throughout his career. the first question today that we want to address is this miniseries, this comedy were all
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binge watching. i think it could be called october is the new black. this would be brexit, we just had a summit, where do we stand today? >> good morning and first of all i'd like to thank the council for this imitation and for the opportunity to share the views on the latest developments in europe and transatlantic relations. indeed, brexit is one of the issues that keeps us busy. so, what was happening in this week's eu summit the good news is the eu leaders they are worried that the most destructive scenario, and currently, the uk basically has half a year more to reflect and to work on what is really their
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preferred scenario with relations with the eu because we know the debate in british parliament had been very complicated with no majority for a deal and no majority for no deal and no majority for no brexit and so, apparently more time is needed to figure out what to they actually want and where they can find a majority . >> do we still have a range of possibilities on the table for the uk? >> nothing is excluded from no deal to know brexit. but, having more time provides
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for the situation and of course, a longer extension means that the uk will help to participate in european parliament elections and they are corresponding and we are preparing for this. >> this public debate on the uk is in the context of european parliament elections . >> we've had very strong warnings from anyone from the bank of england on the no deal brexit not only to the uk but across the economy. the foundation came out with a study saying that it could cost up to ,40 billion annually. where do we stand in terms of actually looking at the future of the financial trading center , other european capitals are well boys and we have a lot of the clearing moving to frankfurt, they well boys to
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take some of the activity across financial services? >> we have two parts of responses to this question so what happens in case of no deals scenario and the second question is what have if there is an orderly withdrawal with the deal. so, in no deal scenario of horse it would've been ready and we have been preparing contingency measures for the case of no new brexit and we put our working group together with the bank of your england and the uk treasury and the uk commission for financial stability and to take necessary measures for example we pass
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determination so to say, mitigating the potential effect. now the concern is not maybe has immediate so, the question is, how the longer-term brexit financial services look like and there was an agreement and a political declaration that this could be based on a system of woodland decisions. the eu is basically running a system that is the most advanced in the world and this means that both sides -- that's what taking back control means and couple side make
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determinations with each other, but it's done sector by sector and low viral and of course and implies that the framework in supervisory practices how to stay close to the eu framework and reduce equivalent outcomes because only then we can house these equivalent determinations . >> thank you expectorant to the years economy, we had an outlook published by the ims and we have a lot of triggers on the dashboard for the global discussion and what causes it. on the external shocks we have the trade war and traits were much is going on. our you feeling today about trade between the u.s. and the euro zone and the impact on the economy? >> first of all, the economy
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indeed, this year we see some economic slowdown. but at the same time the eu is currently at seven years of economic growth and 28 eu states are growing. employment levels are at a record high and unemployment is down to precrisis level so all in all we can say that we are in a good part of the economic cycle, we are in good economic times. and if you also look at this in the context of global economy, and this was also the latest forecast published and the economic slowdown for 3% and then rebounding next year again
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may be in a range of 3.5 or 8.6 percent. similarly, we follow this tendency in europe and to be bound sometimes next year. and what is the impact of trade on this, it's indeed one of the risk factors. >> we had one round of escalation when the u.s. took a unilateral decision of introducing tariffs on steel and aluminum and the eu came with a proportionate response so to say setting additional tariffs on the equivalent amount of american goods, but since then we've managed to avoid further escalation, there was a meeting between trump and
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the president of the european commission where they agreed to stop the escalation and set up a negotiating group, which is currently discussing our future trade relations and just earlier this week, the states agreed to a negotiating mandate for the group. so we hope we could contain those and continue to address the issue and continue to were within the framework. >> thank you . >> i think even working beneath the european recovery and with some of his external shops, some of the underlying vulnerabilities and the economy was not -- how could we improve
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upon them? >> if we look at longer-term changes for the european economy , he was not related to the questions of zero productivity growth and the population aging and how to respond to that and we see more typical question so currently, and so we could basically continue with this policy and of course it has effects on bank profitability but it's a more typical development.
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so there were a lot of tendencies and indeed, we need to address them and so upon productivity, it's mainly so investment in research and investment and innovation that we can sustain growth and also equipping people with the right skills to work and be successful in a rapidly changing work environment which we are currently having. so, we set up what we call an eu skills agenda and also, in 2017 we came with an initiative of what we call european social rights and he was setting out skills and education. and, on population aging it's a question of long-term sustainability and
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of the long-term systems and a question of broad labor market participation to offset population aging. memory many member states implemented substantial but more are needed because the tendency is already clear and more gradual and less destructive change . >> there's one country today that unfortunately acts as a microcosm of the underlying vulnerabilities. it's one that people don't necessarily want to address. we've seen with the changes and in the view of this kind of fiscal expansion that we've had in the united states, so the
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delicate dance between france and -- >> my concern between economic and fiscal performance, and this came in for the office and it came in this year's budget which has substantially increased the budget deficit. we had difficult discussions and plans to increase budget deficits and and, we saw that also, the interest rates in italy increased for lending and broader economy. as a result, the confidence indicators went down and this is in fact doing investment and
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the economy slowed down very substantially. so, if late last year this year's budget was built on a 1% gross, just last week, italy presented a economic and financial document with an underlying forecast of 0.1% growth. one can say, overall, slowdown in the eu economy but the eu economy continues to grow with growth rates well above 1% what we present the fears, so i'm not quoting maybe all the figures. but, someone can say there's damage to the economy and then,
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they managed to reach an agreement and they corrected a course and reduce the budget deficit quite substantially to just as acceptable and it's also help to calm down markets somewhat and they remain elevated and indeed we expect complicated discussions concerning the 2020 budget. >> you mentioned may so we are coming to the election and how are you feeling about the election, we've seen huge polarization and recent elections where israel, turkey, the trend of popular is a man the rise of the far right, how do you feel about the election? >> well, i wouldn't say that we see so much politicalization,
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we see fragmentation and the political landscape is fragmenting and its strong parties in many european countries and has new parties emerging, right and left of the political specter so indeed, for the next european parliament it somewhat more fragmented but the political forces have a substantial majority in the next european parliament. we learned how the opposition was more like an ad hoc majority with different issues, but clearly, as this means that not european forces, they will help to cooperate and ensure that the majorities and that we
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can effectively make decisions at a new level . >> thinking about trade, it's a downside but one of the upsides to america's own interesting behavior is that it prompted a greater european cooperation with trading partners so quickly cementing free-trade agreements and now, as we know in the room, there is no eu china to date but how are things looking between brussels and beijing? >> first for the trade agenda so it remains open to international trade and it helps us swipe the number of comprehensive trade agreements besides the one who mentioned
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so in terms of trade, indeed, also for this tendency for trade conflicts, to give additional momentum to concentrate for these agreements because it was clearly more urgent and more needed. other than that, they eu triangulation's, we had a china summit discussing our cooperation including economy and including challenges like the fight against climate change . so, we also have issues with
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china and the u.s. for example is raising issues like force technology transfer, intellectual property rights, industrial subsidies, we have the same concerns and from that point of view, we feel that it would've been better to address those concerns in a coordinated way between the eu and the u.s. but currently this is not exactly happening. >> thinking also about the relationship between china and the european union, there is not necessarily a great harmony on the response whether it's in eastern european countries after the debt crisis or portugal or italy, how is the european union approaching the belton road initiative? >> the european union remains
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open to foreign investment including from china but, of course we need to be careful for the strategic technologies and concerns. what we recently set up in europe, a so-called investment screening mechanism that allows eu member states to screen and if necessary stop certain investments in strategic sectors and technologies. it's not country specific or against any specific country but if there are considerations where other states see certain risks, this is in the other states hands . >> thank you, you mentioned your cooperation with china on
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sustainable financing, a topic dear to your heart an agenda. i think that certainly were at the turning point in the global economy when amongst investing companies there needs to be some kind of harmonization on what the standards are for environmental governance and what sustainable finance truly is. describe some of the european union's efforts on this . >> indeed, may be let's start as a broader note, we have reached an agreement on limiting climate change to well below 20c or 1 1/20c is mentioned is the target. from the eu side we are looking at this agreement to lead the way globally in the implementation. of course there was a lot from
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standard settings and technology change and the scale of investment needed for example, in europe we need around ,180 billion additional, annual investment to meet our goals, this means that it's beyond the scope of public finances and that's why they need to be involved in play the full role. in march last year, we presented an action plan on sustainable finance followed by city proposals and two out of the three proposals are already agreed in regards to disclosures and sustainability is taken into account and low
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carbon benchmarks. we are making progress on the proposal which is the classification system of sustainable finance activities, basically providing clarity. and this is us avoiding so- called greenwashing. so, we are currently launching, also, an international platform to coordinate the work of different areas of sustainability and another number of countries have been open to this initiative including china, india, canada, argentina, to mention a few. so, we think that sustainable finance is rapidly moving from
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being a nash to being mainstream and we indeed see an increased demand for green and sustainable investment for both institutional and retail investors and we need the correct conditions and sufficient supply on these green financial incidents . >> this is linked to performance as well, increased performance . >> you mentioned innovation and someone sort of comically said that europe is very good at digital taxation but not necessarily a growing the digital companies. so, that is probably not an education question given the fact that we have some of the most technical universities whether it's in the uk or switzerland but also across the nation. what you see is some of the challenges and stumbling blocks and ways to overcome this? >> indeed. as regards innovation and the
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broader startup landscape, actually, the eu has a very dynamic startup landscape and we are basically on par with the u.s.. so, the difference comes in what happens two, three or four years down the road. actually, much less of those companies are still active at that stage. so the challenge seems to be for the companies to scale up and in this context, there are two things that are important. one is for them to be able to use the full potential of the internal market, without the single market, too often companies are still confronted with different sets of requirements so these changes allowing companies to act on
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the basis of single authorization and/or a single license across the whole eu. so, another challenge is funding and there were a number of initiatives in the capital markets initiative on the capital markets across the eu and especially how to facilitate the venture capital, how to facilitate what we call funding escalator, how to facilitate the gross market and the listings and all of those initiatives have recently been either adopted or agreed and that is soon to be implemented. we hope that this development of capital markets will help to address also those scaling up issues . >> thank you expect where we sit here in washington d.c., what
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is the outlook for the euro becoming growing as a currency on the road . >> indeed. the euro is now the second biggest currency and in terms of trade. so, in december last year we launched an initiative on strengthening the international euro. so, when were looking at how we can make a euro more attractive as a currency and transaction currency in the national trade, that example, for example we are importing only 2% of our energy from the u.s. and at the same time were having more than 80% of the contracts indoors and often as we see in certain
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sectors, you want to trade and you're looking at the reasons for that and how we can address it and have a bigger role in those transactions. were looking how to make euro more attractive as a payment currency so for example, we reduced to bank transfer costs for the transactions and the whole european union. and until recently we only had it for the euro zone's and transactions are priced as cheap leah's domestic transactions so now this is also for countries outside the euro zone and in the city of instant payment
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across the eu where money can be transferred within seconds within the eu. so the work streams that are currently developing concerning the international role of the euro . >> excellent. thank you so much . >> i must say that some say there is a bit of a geopolitical [ null ] for tat happening that the united states and europe was heard in the jugular vein and that euros can in turn retaliate with taxation of american companies. where do we stand on the taxation? >> local and digital taxation as those discussions are ongoing and yesterday we had a meeting and the chance to touch upon the issues. first of all, what needs to be acknowledged is that the
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economy is changing and it's becoming increasingly digital and at the same time the taxation system is still mainly geared towards so to say, the tangible economy. and we need to adjust our taxation system to increasingly be at digital economy and this is internationally recognized, how to best address this more digital economy. so, what we are doing now in the eu is basically trying to facilitate this international agreement and what they see is that the international agreement is not materializing, then we came with proposals on the so-called digital tax at the eu level because alternatively, what we see is that concerning, especially the
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direct taxation, numbers states are basically free to set the taxation. what we see is an absence of coordinated global response or european response and member states are making their own decisions because the treasury is severely losing money because on average these companies pay three times lower effective tax rate for classical companies. and if you do this at the european level and member states stop acting individually we may end up with this very fragmented system. so, to sum up, the first scenario would be a global internationally coordinated solution and if it's excellent they will pursue this and then if it's a european solution and
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if -- it would be a very fragmented international solution and would not help those international companies, multinationals for business in europe because it would have different taxis for each member state . >> thank you so much . >> we open to questions for the audience so i ask you to identify yourself. >> there's a microphone coming. >> i have two questions. with regard to derivative clearinghouses in london, u.s. policymakers are frustrated that the new eu law, not yet implemented, would extend oversight to u.s. clearinghouses despite a 2016 u.s. eu agreement
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, equivalence agreement, your thoughts please. the second question is agreements on sustainable finance internationally, of course you mentioned a number of countries in the u.s. is not one of them. thoughts about the u.s. isolationism on esc and sustainable finance please. >> well, first, my question, indeed we have recently adopted changes for counterparties and amendments for the european market infrastructure and also discussions on what are the potential implications for the u.s. but, as you know, we were close on this specific issue and following the adoption of legislation, we issued a joint
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statement, reflecting how this would affect our relations and continue to rely on the system equivalence or deference. so i think were approaching the internet coordinated memo because it's clear that these are globally coordinated responses and this changes our legislation that makes our system more similar to the u.s. system. so then to the second question on sustainable financing, currently we don't see much engagement from the u.s. federal government but at the same time we see lots of interest from states, from cities and private sectors and
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two days ago i was in new york where i was meeting mark who is mobilizing the private sector in cities and states and we saw lots of activity actually from the u.s. and, we believe that the evidence of climate change is piling up and at some stage also the u.s. federal government will help with that position on this . >> you also mentioned that the gdp of miami is potentially slipping and looking at the way that gdp in the u.s. is tied to some of the coastal cities, which are highly vulnerable. i think also, in the american sense, when you have the world's largest asset manager talk about the risk to client for climate change, hopefully they start to wake up. another question? >> barbara matthews, i am a
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fellow here and i asked a question about exit. you talked about the international role of the euro and the work you're doing to improve that one challenge for brexit is that the vast majority of natural incidents for trade in london, regardless of how the entire brexit situation comes out, i would imagine that strategically you would want more of the euro denominated trading to occur in the euro area. are you thinking about this and if you are, can you provide insight into what direction this might take that can't be resolved by october but i could imagine you put things in place and that would put you on a different road . >> well, first, you not setting some requirement for the euro and what were doing here is addressing potential risks of
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financial instability which i outlined earlier today. and there will be issues related to the market access for the uk companies. because, if the uk is leaving the european union and the single market, you have companies who have no automatic access to the eu market so it could be addressed easier through the system that were described earlier. there are companies that are helping to establish this significant presence in the eu and in this case we emphasize eu because we talk about the single market but not the euro zone necessary and then, being able to maintain the eu passport and provide services to customers.
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so that is how we are approaching this . >> thank you. >> gentlemen? >> good morning. i'm a fellow at the veterans in global leadership . >> with that we've talked about the challenges facing the euro zone with the u.s. and global economy as well as the challenges of brexit. you certainly had your experiences helping to lead latvia through the financial crisis in 2008. if i may ask, what guiding principles and lessons learned have prepared you to deal with these future challenges, what lessons and scar tissue have remained from that time. >> okay. well i would say the lessons learned are actually manyfold, but i would say one lesson was
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during the crisis, one you are a new deep financial and economical crisis from 2008 to 2010 like latvia. it's important actually to specifically address financial instability, because financial stability is the condition for economic growth. so if you delay action, you delay financial stability and these issues unable to return to economic growth. and we saw this in greece for fiscal adjustment on kingston ground saying they were doing fiscal adjustments during the crisis for the economy which is true but the point is that by
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delaying the fiscal adjustment, greece was not able to return to financial stability and by this it made the crisis longer and deeper and they eventually ended up doing more fiscal adjustments than latvia did for example. so this is one important lesson that is important to restore financial stability because with this it's possible quickly to return to economic growth. in terms of latvia, in the third quarter of 2010 we started to follow the european rules again. the second question is, of course, of course it's better not to get in that kind of crisis and therefore, it's important to stick with a responsible and fiscal my economic policy and it's also important for companies inside the euro zone.
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they are raising currency and by the way, especially among smaller eu economies, this is less effective, because smaller economies like latvia, they tend to be very open economies so there's an x substantial share in gdp and as such, you lose any competitive gains through inflation. so therefore, as i said it's important to stick with microeconomic policies and this was one of the lessons learned also at the european level and that's why, one of the responses from the crisis was introduction of the european center which is part of the nation of fiscal and microeconomic policies at the
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eu level. i will give you one example, maybe it's not a very scientific example and i'm talking with researchers here also but, so late last year, we had discussions with italy that had been planning the budget deficit of 2.4% of gdp in the whole world is up in arms with this deficit and everyone knew it was inappropriate and it was a big issue. and it's 10 years before the crisis and only in one year the deficit was 2.4 percent of gdp and nobody was really avoiding the policy and that means that at the european level, now we are actually much more aware and much more preventive against the buildup of bonds .
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>> thank you. another question here . >> hello. i am from john hopkins university and my question is you can address the cyber security market and then the agency overseeing this policy. if you could address the policies implemented within the eu . >> okay. first of all, we don't speak about the cyber security market initiative that you're currently pursuing. it's a digital single market. and indeed, we are trying to create a digital single market and a number of initiatives. one initiative was directed on
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personal data so were basically introducing something that some people even call a fixed market and we have good services and now we are adding a free moment of data, so the data can move freely within the eu and then we introduced a general data protection joining the principles of dealing with personal data, the general approach that people should have control of how the personal data is being used and this gives more information to individuals on how their data is being used and to use the
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same set of principles across the eu. then were approaching other issues with practices like geo blocking and making some content available and not others and these things have no place in a single market and there are initiatives to remove this geo blocking. and other than that cyber security, were coordinating this work of member states like a single eu agency dealing with cyber security issues and a number of institutions that work in close coordination with member states. for example, in the financial sector systems, one thing that were trying to avoid is the requirements because one thing in the financial sector because
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it systems need to be tested and for cyber threats and it may often be that financial institutions working across the board are receiving different testing environments from distant member states and so were trying to once again have a coordinated reporting and testing environment and also ensuring exchange of information of cyber attacks and cyber incidents and foster learning and faster possibilities for cyber incidents . >> okay thank you. the next question is how does freedom align with china's sigh of happiness. the gentleman here in the navy blazer . >> hello, michael higgins, i'd like to get back to bugs it for
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a minute. so the eu has not given britain another six months. i'm really surprised with that decision. does the eu, do you see a roadmap through parliament during this six-month period? do you have high hopes that they will actually get to an agreement or are you looking for them to decide for another vote or what? what led to the decision to give six more months ? >> first, on this extension. first, there's the fact that the uk invested and the extension was granted and even longer than the initial invest of the uk. one thing that's clear in the conclusion by granting this
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extension is that the eu is not the opening agreement. this agreement has been agreed and so were not reopening that. so, whether we see a roadmap in the uk parliament, it's not our task to see the roadmap, and we remain open to different options, of course both sides want to know brexit and that's what the extension help to achieve but there are also different forms of cooperation when the uk is leaving the eu and there are options discussed with customs and there are other options being discussed. so, it's not a current option
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that the only one on the table. it's one for the uk to decide and to do exactly this . >> he's been very generous with his time and i think we have time for one more question. the man in the back, the gentleman there, the microphone is coming . >> i'm from the european network of credit unions and world counsel credit unions, my question is, when do you expect the compromise on the amendments to the capital requirements directive to be finalized formally? >> well, there's a couple requirements and actually, they've been already agreed, last december and now, which is going through this formal process. so, from that point of
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view i just give you a specific date but it's shortly because, i would say the deal is done and we're just finalizing the formal procedures in the council and european parliament so i don't know what which stage you currently are but it's a matter of weeks not months. so, of course the work is not finished, this adoption of the current banking package, what this does is it basically is introduced internationally to agreed-upon standards and legislation including agreements reached in committee but in between, there is a new set of agreements and finalization and currently we've ordered these
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consultations with different stakeholders on how to implement this implementation in the eu . >> thank you so much. in you all think me in thanking him for his time and service. [ applause ] democratic presidential candidate and massachusetts congressman south moulton was at up breakfast in new hampshire today and here's what he had to say about impeaching president trump. >> well, this is another place where frankly i have disagreed with the party because i voted, with a minority of democrats last year to start moving on impeachment proceedings. the reason is that, even last
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year there was ample evidence that the president and his associates had committed crimes. will call the mueller report through the investigation has already indicted over 30 of the president most associates and friends. his campaign chairman is in prison right now while we are eating breakfast. so, don't tell me there's not enough to discuss about impeachment. frankly, i think her party made a mistake by waiting until now, hoping for a smoking cannon in the mueller report, before starting this debate. congress does two things, we debate things and we vote on them. the debate is important and we should've started the debate a while ago. i don't think the time is now for a vote because we still don't have all the evidence, we still don't have the full mueller report for example. but, we should've started this debate a while ago and that's why i called for it last year. >> watch the congressman's entire remarks tonight at 7 pm
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eastern time on c-span . for my lectures and history series which takes viewers into college classrooms around the country, penn state university professor elaine frantz teaches a class about the experience of being arrest did from the 1850s to present day. this class took place at the trumbull correctional institution in ohio as part of the national inside-out prison exchange program which brings together college students and inmates for classes. watch that tonight starting at eight eastern here on cspan-3. sunday on q&a the new york times columnist david brooks on his book the second mountain, the quest for moral life . >> i've met some of the most amazing people not motivated by money or status, there motivated by the desire to do good and live in a good relationship. life is hard and they've taken heavy burdens without a lot of money but they
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lead very inspiring lives . >> sunday night at 8 p.m. eastern on c-span's q&a. start before i move on to the supreme court, can i just say the 10 topics that we really need to know, here we go, write them down, foundations, federalism, public opinion, participation, political parties, interest groups, campaigns and elections, congress, president, and courts comedies of the big ten. this covers those 10 topics. are you appearing for advanced placement united states government and politics exam? do not miss your chance to part of the animal, cram for the exam program on saturday, me worth. our question is about [
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indiscernible ] and its significance. >> this is one of the words that students struggle with. it is a concept of the vote trading. the idea is if you try to get a big bill passed, it does help to have quid pro quo, this for that. if you have this writer, or project, sometimes you had earmarks, and if you add that in your market, you will get more supportive votes. >> watch washington generals cram for the exam on saturday, may 4 at 9:00 a.m. eastern on the span. the founding editor of courts, kevin delaney discusses the future of digital journalism, including the decline of facebook, and google's dominance. we spoke recently with students at the university of california in berkeley. this is about one hour. good evening everyone. my name is nichola


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