i think it's a very vast image of europe and europe's history, made up of the constant interplay, as it is, between heaven and earth, or heaven indicates openness to the transcendent to god, which distinguishes the peoples of europe, and reflects the concrete ability to face situations and problems. the future of europe depends on the recovery of the vital connection, the inseparable connection between these two elements. a europe which is no locker open to the transcendent dynamic of life is a europe which risks slowly losing its own soul, and that humanistic spirit which it yet loves and defends. taking as a starting point this opening to the transcendent, i would like to reform the centrality of the human person, which otherwise is at the mercy of the fashions and the powers of the moment. i consider fundamental, not only the legacy that christianity has offered in the past, to the social and cultural formation of the continent, but also, and above all, the contribution which christianity has to offer today, and in the future, to europe's growth. that contribution doesn't represen

whole busloads of them from all over europe. they are drawn to the windows, dressed with loving attention to detail. at first, helen byrne was worried that her fellow villages -- villagers might not take to her whimsical photo re-create and from history -- her whimsical photo recreations from history. >> if you put animals or people in the windows, we were afraid people would vandalize it in some other way. so far, not one of them has been vandalized, so it has been a great success that way. >> it's almost ironic that her idea of success has le to the first of the figures being taken down, thanks to the stream of tourists. a real cafe has opened here. roy and bart are already planning their next coup in its back room, a hiking trail to the coast about five miles away. >> it's bold, yes, but it needs to be because it's the only way you will get anything done. you take a backseat, and nothing will get done at all. >> it's possible, you know. if you have that vision, these days, you can offer change and make it work. >> helen has t

. -- europe is built. thank you. >> i would like this opportunity to thank senator feinstein for her perseverance to see the report through before the change in the senate. because i think this reminds us, and she said it very rightly, that what sets a democracy apart from a dictatorship is accountability and moral authority. none of us are immune to these tendencies. we all have this kind of violence in us. but what makes us different is that we have accountability and there is no impunity in a democracy. and therefore i am very pleased to hear all colleagues and all political groups should insist on accountability and the need for europe to come forward with its role in the cia program. because we can point at the americans, but europe has helped the cia antiterrorist program. all aspects of it. it i am glad that poland has admitted it, but there are many other countries. there are a number of member states that are close allies with united states. and i think that this argument has expressed itself seve

think it's a very apt image of europe and europe's history, made up of the constant interplay, as it is, between heaven and earth where heaven indicates openness to the transcendent, to god, which is always -- which has always distinguished the people of yet, represents europe's practical, concrete ability to face situations and problems. the future of europe depends on the recovery of the vital connections, the inseparable connection between these elements. which is no longer open to the transcendent dimension of riskss a europe which slowly losing its own soul and that humanistic spirit which it .et loves and defends taken as a starting point, this opening to the transcendent, i would like to reaffirm the centrality of the human person, the mercyrwise is at of the fashions and powers of the moment. i consider fundamental not only the legacy that christianity has offered in the past to the social and cultural formation of the continent, but also and above all, the contribution which christianity has to offer today and in the future to europe's growth. that contribution does not repr

by these means, we seek to increase the safety of europe and all the world. but we must remember a crucial fact. east and west do not mistrust each other because we're armed. we're armed because we mistrust each other. [ applause ] and our differences are not about weapons but about liberty. when president kennedy spoke at the city hall those 24 years ago, freedom was encircled. berlin was under siege. and today, despite all the pressures upon this city, berlin stands secure in its liberty and freedom itself is transforming the globe. in the philippines, in south and central america, democracy has been given a rebirth. throughout the pacific, free markets are working miracle after miracle of economic growth. in the industrialized nations, a technological revolution is taking place, a revolution marked by rapid, dramatic advances in computers and telecommunications. in europe, only one nation and those it controls refuse to join the community of freedom. yet in this age of redoubled economic growth, of information and innovation, the soviet union faces a choic

not in europe. because what happens in europe after the first world war. essentially, yes, the losing empires lose, and they implode, ß$nt. russia, hungary, austria, imperial germany. they didn't get the good part of the deal. but even if you sort of think in terms of the french and the british, who won, yeah, essentially what happened in europe and africa is, well, their empire basically expanded. the largest dissent of the british empire is after the war. woodrow wilson would like to move beyond an era of empires. that's not happening immediately. at least certainly not in the middle east. certainly not in africa. very much happening in asia, in a way that's quite shocking. and you see this -- you see this in -- well, remember this quotation. just remember, again, the degree of interest in asia in the latter 19th century, the degree to which these great european empires were at least plugging into the chinese economy, it's not a formal empire, but they're sort of excited about the growth potential, and being there on the ground with what's happening, bu

europe wakes up to extremely sad news out here in asia. we have confirmed reports that at least one body has been recovered from the search area by search and rescue teams and unconfirmed reports said several other bodies have been as well. these were of course a part of the 162 passengers and crew on board, airasia 8501 which went missing coming to 58 hours ago now. we have word from officials saying they are starting to shift body bags to the recovery area. the bodies that have been recovered so far have been transported on to indonesian naval ships. they are going to be repatriot rated to the indonesian airport. indonesia's president is on his way there to oversee the operations and see what's going on. so extremely sad news. the relatives and friends of the 162 passengers on board were gathered at indonesia's search and rescue headquarters about two hours ago to start getting news. before the news of the bodies we have news of an object confirmed in the search area. these objects are indeed confirmed to be from 8501. we are talking abo

what about the prevalence of gender-based violence in central and eastern via europe -- eastern europe? >> it is different from what martina described. as we talk about violence in eastern europe, it is present when we talk about prostitution, for example. in both regions between poland and germany, germany and the czech republic, poland and womene, we have a lot of .ho work as prostitutes have prostitution. this is not the case in eastern europe. we have prostitution, and we have violence. >> thank you very much. we will come back to some of the issues you raised. let's continue to latin america. area, inworked in this both places. give us a snapshot. >> after listening to both of you and the experiences you shared, there are many parallels, which shows this is a structural and global problem. yet the manifestations are different. inn i walk the streets berlin, i feel more or less safe. yet i do get comments, i do get harassment, and i do have to look at some any sexualized women and advertisements and newspapers. when i think of latin america, i had a very similar feeling in urban ar

europe unfinished experiment? europe as an -- >> europe was -- first, europe was a partner. we know for all the countries around, europe was still our main partner. but its capacity is diminishing, particularly in the military sphere. then there's europe as an ongoing venture. in the short run, there's the euro crisis, which is not over, by all means. and then there's the longer term question that seems to be about the european construction. in a funny way, europe has succeeded well enough so that cat loan yeah and scotland don't need countries, they can just have europe. then there's the looming question of europe's neighborhood, both northern, of which we're very aware now, but slow to come to grips with i think in europe, and also its southern border as well. again, i put it on the list. because so much is in motion there, in flux, both inside europe and with respect to it and its neighbors. >> let me stay there for one question, given we're the atlantic council and we talk a lot about this here. clear to us the role of the transatlantic relationship during the cold wear

president that looks towards europe. that is a huge value. >> the cooling relations with russia. >> the increase focus on nato reflects, once again seeing how important. >> member states will have to unite to solve the problems, even though many europeans are more apathetic than ever about the idea of european union. >> the goose run because this is a traditional holiday dish that germans tucked into on christmas day. >> when you see santa running towards you with a stuffed goose in hand, that might look odd to the untrained eye but more and more berliners are catching on to the idea of this special boxing day run with the sole purpose of digesting your christmas meal. question sitting around the whole time is boring. looking at what was offered on the telly, i don't know what else i should have been doing. >> but then, we spot more indulgence as runners quench their thirst with mold wind. with such calorie intensive refreshments, they might not be getting back into pre-christmas shape. >> four and a half minutes, well a

so you're looking at an europe that is really aiming to diversify away from russia. so south stream is just used as a metaphor, an example as a project that you will spend money and will not bring economic value. >> if you're sitting in tiblisi or kiev, are you relaxing, watching vladimir putin on the hot seat this week? >> no, unfortunately, what i see there are more problems in kiev. i see it spreading, and i don't see near-term solution for problems in ukraine. no, i wouldn't be relaxing. >> thank you for joining us for "inside story." steve hanke, please stay with us. the set of jet fuel has increased the price of flying. when we come back, the cost of >> welcome back to "inside story." i'm ray suarez. with the winter holidays just around the corner. you're probably thinking all of this talk about low oil prices might make it a good time to buy airplane tickets. but that may not be the case. airline profits are expected to grow 26%, to $25 billion worldwide. the extra money goes into planned overhead, maintaining and buying flames, expanding flight networks. airf

europe was either occupied or had been conquered, anevery country in europe needed resources -- it needed to restock it needed food. and of course, it had to be reconstcted. we were the only country that had the real resources to spare for tt. and of course, you'd have to buy these sources with the dollar. schoumacher: so bretton woods provided a framework for the rebuilding of europe. and the united states played the key role ininanci europe's recovery. the marshalllan, cread in 1947, gave millions of dollars to europe. this flow of dollars and goods was soon supplemented by loans and private investments from the united states. the american economy reaped immediate benefits from europe's rebuilding. as fast as theollars were pumped overseas they floweback here to pay for american machinery and goods. in the decade following the war, europe importedbiiof dollars worth of products from the united states. but by theid-'50s, europeancomies were no loer so dependent upon american goods. byhe 196 our paymen abroa for imports,nvestmen and foreign aid had far exceeded our receipts. why did this

has voicesng council from the core of europe. to discuss what they will buy, there is in decision within the windy city and there are not many options. you can buy bonds that are back to the development in germany you focus on infrastructure and development. you can buy sovereigns and hope that governments will spend will --p most investors governments will spend. most investors. >> this has to be a comprehensive approach. you see what mario draghi may or may not do and we have seen the plan. is not what we were expecting. they may use a bazooka. the plan is falling short. now, they are solving the crisis and it is definitely ironic. it was part of the crisis in the first place. 21 million is a basis point. you have to pay. in projects you can invest generates cash flows. governments and companies cannot do it by themselves. risk-taking and a lack of size and transparency in the moment with all of the global investors who believe the plan will work. >> let's talk about the market strategy. you came on and talk about how the perip

in europe this is the issue. the sovereign element of the march operation -- of the monetary operation. otherwise it is clear that using sovereign bonds to go about -- >> either way you get quantity. >> exactly. you bring down the risk-free rate. the bund yield. yields in other countries and other asset classes follow the decline. you do not need to go into corporate bonds, into abs, covered bonds. the whole market rallies and spread to tighten on the back. that is the difference. in the case of europe i think the ecb is focused on the fact that the banking system is more important in the transmission of monetary policy than it is in the u.s. that is the first fact. the second, we have this problem of the sovereign element of the whole thing. >> nice to see you. riccardo barbieri joining us from mizuho. we have to take a break. the devil will now be able to order his or her prada online. brand's renewed push into digital. after the break. ♪ >> 23 minutes past the hour. you are watching "the pulse." we are live

europe's role in becoming a source of heated exchange. an exclusive interview with shadow chancellor ed walls over his concern with the british exit from the eu. oure need to make sure economy is growing at a strong and stable way and to do that we need to say a member of the european union. reform but to to walk away from the largest single market on our doorstep would be a disaster for british jobs and investors will have to win the argument with the public and open international trading economy. >> what are the chances of the u.k. leaving the eu? >> it is a real risk. if you have them committed to a referendum by 2017 when there is little or no prospect of reform at a time when the eurozone is in a sluggish state that is a dangerous thing. we want to win the argument with the public's of being in europe is good for jobs and investment. we need reforms to make that happen across a wide range of areas. i think the david cameron proposal -- the 2017 referendum speaks more to his weakness and division in the conservative party than anythin

we said a europe whole and free. and when you see citizens wanting to go and flee what has been an oppressive society, clearly, that is a message that -- that mr. gorbachev will understand. he sees it not only in eastern europe, but he sees it inside the soviet union. and so we will very a good -- [ inaudible ] before these developments took place. i said that we would be discussing the rapid change inside eastern europe and we have been talking about that today, just before we -- you-all came in here. we have been talking about the gorbachev meeting and one of the things that we are determined we will discuss and i know he will want to discuss is this change. >> [ inaudible ] >> i don't see that they're related. i don't know. it is way too early to speak on that i have spoken out on the question of german reunification. i notice the president of france, president mitterand spoke out. i heard what chancellor kohl had to say about it. but i don't know if the development of today speeds up the day or not. >> thank you.

so we don't see the disincentives to being in europe. we see more and more investors to be global. >>> we want to get your reaction, the fbi reportedly warning companies that hackers are using malicious software to launch structured attacks, such as the one against sony pictures last week. the fbi issued a five-page flash warning late money. the report refers to sony and it's not about a new attack. it's capable of wiping data from hard drives. when you hear these type of stories, as a consumer, it's quite scary. what do you do to fend off that? >> we prevent access into those drives, but we encourage folks to have backup drives. we sell a retail product that will allow you to back up the drives. so you can always restore. so the cost of that is much less than the cost of losing the data. so we have a portfolio that will allow you to, one, protect the encryption, but even as it gets hacked or lost, we believe the user should take control of that information and there's multiple means, whether you have an external drive, whether you use e

and europe, had the u.s. and europe not been completely unified along with australia japan, other friends in our approach. there were even worse opportunities than what we saw over the course of the year. but now, we have a really toxic cocktail with the effect of sanctions, with low oil prices with the impact finally being felt inside russia of the economic mismanagement of the last 10 to 15 years where the economy is so heavily hydro carbon dependent, so it is a point of decision making, i think, for the russian leadership, but also for the russian people. whether this aggressive policy vis-a-vis neighbors is worth it, and whether this choice to prioritize imperial ambitions over the needs of your own citizens, over their wellbeing is really in the best interest of the russian federation. >> please. >> thank you. >> hello, ms. nuland. >> could you identify yourself? identify yourself? >> i'm niccolai. i'm ukrainian journalist political journalist, and so totally spent seven weeks in battle zone in eastern u

we have sort of steadily made our way outside europe. i am going to try my best to get us even farther. i do want to thank the mcarthur memorial, also the hampton roads naval museum and old dominion to inviting me here. it is a personal honor and privilege for me and i think it is a personal honor and privilege for asia to be included on the program of world war i. thank you for that. you guys thought of it because you have mcarthur. i should have made my pilgrimage a long time ago. for us i do realize he is important in the first world war. for us we think of him as the asian general and one who was very much involved in the united states going global and going asia pacific in the 20th century. i think it is very apropo. i do want to speak of the larger issue of war in asia and why we should be worried about asia today. i think we will ultimately get there. just to begin here with my frame of some of you already know of what the japanese are up to during the war. this is one of the enterprises. we will get there in a second. it's not ju

we are finally getting reform in some of europe. a change that greece could do is show how fragile the euro edifice is. >> ira were talking about two years ago and it was a very different subject than cash i remember -- i remember talking about two years ago, it was a very different conversation then. bill is not panicking, i'm sure some people are there is the stock right now, the company trading at a 2003 low. >> welcome back to "on the move ." time to talk about oil. crude, absolutely crushed this year. over the last two and a half weeks you have seen brent slide 22% and now we are seeing repsol in talks with talisman energy for a possible deal. is this a good match? are there synergies to save money? >> there are synergies it just depends on what the deal is. using think about repsol two things they had the desire to go into development market and $10 billion in cash thanks to argentina after a company got nationalized. they have the will and the means. look at talisman energy on the other side, they need to sell something and h

the new europe that former u.s. defense secretary donald rumsfeld once proclaimed seems as divided as the old one. the only difference is russia seems willing to throw its weight around, in places where it still wields power. >> up next, the new cold war continues as i go man on man with the person who helped end soviet >> my name is elenor and for the last 25 years i was bernie madoff's secretary. >> an unimaginable story of betrayal. >> they lived this incredible life. it just never occurred to me that they were living on the dime of the clients. >> greed... >> bernie was stealing every nickel but he wasn't trading anything. >> ... and entitlement. >> you took my grandchildren's future away from them. >> feu countries are more suspicious of russia's actions than poland. in 1980 a new independent trade union called solidarity led protests that challenged poland's communist regime. by 1990 poland was able to transition to democracy and pivot itself towards the u.s. and nato. a quarter century later, former polish pr

it produced a profound disillusionment of europe that a europe that plunged recklessly and thoughtlessly into catastrophe, into an abyss recognized only in retrospect and after thor war. and found in the haunting melodies of the music that was playing when you came in. barba ba barber's adagio for strings. a young american composer who remembered the carnage of the first world war and foresaw it in the rise of the seeds of fascism for the second. reminded of douglas macarthur is defeating the defeating the fascist powers. particularly in the grave disappointments of the war and the grave disappointments of the peace. indeed, although we tend to focus on world war ii, too, as a society. here as my grandmother stood with her brothers and her older sister, one brother born in poland. the other three born in new jersey to immigrant parents. here they posed for a picture in 1917, waving american flags in celebration of having won an award for their family's victory garden in new jersey. how do they feel about world war i. what did they remember in their 90s in the picture next to it? what pre

we have sort of steadily made our way outside europe. i am going to try my best to get us even farther. i do want to thank the mcarthur memorial, also the hampton roads naval museum and old dominion to inviting me here. it is a personal honor and privilege for me and i think it is a personal honor and privilege for asia to be included on the program of world war i. thank you for that. you guys thought of it because you have mcarthur. i should have made my pilgrimage a long time ago. for us i do realize he is important in the first world war. for us we think of him as the asian general and one who was very much involved in the united states going global and going asia pacific in the 20th century. i think it is very apropo. i do want to speak of the larger issue of war in asia and why we should be worried about asia today. i think we will ultimately get there. just to begin here with my frame of some of you already know of what the japanese are up to during the war. this is one of the enterprises. we will get there in a second. it's not ju

catching up with europe's biggest movers and shakers. they talked about what to expect in the year two come. -- to come. >> i am always amazed the strength of the u.s. economy, incredibly strong. productive, creative, innovative. they focus on getting -- growth. that is something the eurozone is only starting to understand. by funding the economy. they focus on finding the economy. >> i have a question. >> go for it. you can play my role. >> you can -- [laughter] [indiscernible] ey havestion is maybe th4ey h goingight in lehmann bankrupt. do you believe in hindsight it was a good move or a wrong move? >> francine lacqua joins us now. the show airs at 5:00 p.m. u.k. time. big names around the table. what was the market cap? >> it is above 100 billion euro s. he had a tough year. he took it personally when he had to pull away from the merger. massina had a great year. >> maurice levy always looks happy. >> he's not. he has a temper. show.e for a cracking said, i even forgot the camera's were there. i asked her if there was a lehman brother

they don't carry on to europe from there. instead they vanish into the desert in the south. >> it means the youth in arabic. the group is considered an offshoot of al qaeda. it is responsible for many kidnaps. they also operate in neighboring kenya and uganda. the militants have taken advantage of the chaos left by 20 years of civil war. somalia central government is struggling to assert its authority. there was little infrastructure to speak of. ideal conditions to recruit terrorists. they should not be underestimated. >> they want to turn smalley into an islamist state. they have global ambitions. the former minister of information always said we have to keep fighting until we raise the islamist flagged over alaska. >> he will not fight anymore. he is still a devout muslim but he know over -- but he no longer believes. it is a band of criminals. >> we are joined by one of the correspondents who brought us that report. he is on skype. what was the atmosphere like when you traveled? >> you can feel the threat of fighters ever

their court was one of the grandest in europe. because this was a tring cot, moving between the palaces of their scattered duchy many of their artistic treasures were portable-- tapestries, metalwork, and illuminated manuscripts. all this medieval extravagance was principally paid for by the burgundian netherlands, the most highly urbanized ar of europe. during the 15th century, bruges became the busiest port in northern europe while bruxelles and ghent became two of its largest industrial cities. [bells ringing] we can catch a realistic glimpse of flemish urban life through the window of religious paintings such as this madonna by robert campin. in italy 15th-century artists used perspective and the study of antiquity to depict a suitable setting for their religious paintings. by contrast, a northern painter such as campin in his merode altarpiece, saw no great divide between the past and present between the look of antiquity and the late medieval world. joseph, in his carpenter's workshop is depicted with detailed realism-- the

is europe that important for us to export to europe can it can hurt our growth at this point? >>. >> energy is an important commodity. >> that's it. the dollar stays strong. they've got all kinds of structural problems that we know about in these countries. then even in the good countries, like germany that has its economics together, they're thrown together with this hodgepodge trying to use these same interest rates and the whole thing is jury r-rigged. it's never going to work. >> europe has been meandering for years and the deflationary pressures are accumulating globally. that is one of the big problems. >> 20 minutes, becky. >> now you've thoroughly confused me. i have no idea what i'm going to do. >> no one will know what to do and that way they can't see if i'm right or wrong. >> surprises. >> it's so unlikely, most of them don't come true. but just put them out there. >> so dour about europe. >> i am dour about europe. >> if he's right, is there any way to turn it around? >> yeah, go there. >> you're making it up. >> when the euro is worth a dollar, go there. >> mario

it killed the artist lorenzetti and half the population of europe. it was the greatest catastrophe in the modern history of the west. but surprisingly, for some regions, the plague was a springboard for economic growth. [bells ringing] for the survivors, there were new opportunities. florence recovered particularly quickly. by 1400, this was the city-state that dominated central italy. but bankers and textile merchants were expanding their trading empires all over europe. over the next 100 years, an extraordinary interaction took place in florence-- the innovations of artists and architects, the excitement of rediscovering classical achievements, and the patronage of a wealthy commercial class. these key elements brought about a series of artistic and intellectual breakthroughs that came to be known as the renaissance-- literally the rebirth of learning and culture. in the church of santa croce, a series of frescoes painted around 1320 were to have a revolutionary effect on florentine painting. here, the great merchant families competed with one anot

you should not overlook europe. then you've got to look at some of the bombed out areas in europe, such as greece. the news is bad, everybody is negative, now maybe is the time to look at those companies that will survive all this chaos. europe should not be overlooked. mark, we have seen a big move in em currencies. can you put an overlay on top of the em currency story, the equity story with the em currency? how do i hedge it out? what is the tactic? you definitely have to look at it and in some cases hedge it out. you have to make sure you make it on a company by company basis. if a company is exporting, a week currency is great. they are going to be doing very well. we have seen that in a number of companies in asia, where the currencies were weak or getting weaker and these exporters were doing well. it is a two-sided coin. if you are buying the general market and the currency is deteriorating, then you've got to watch out. but we like to look at it on an individual company basis. there was a time, not too long

there is no market. >> all the reforms in place and europe -- in europe, it means that we will not invest in infrastructure anymore. >> you have a system where it is the way in which you reduce the growth in the country. >> we are not filling the void. because regulation stops us from filling the void. >> you cannot leverage the financial markets. >> no. >> you can only leverage the economy. >> it's a real problem. >> the creation of twitter, the creation of alibaba, did it on a fundamental level change your work? >> google is the fifth continent, a third country in the world. the reality is you need a huge amount people in order to leverage the platform, as we know. they cannot attract the best people. when you see the reserves that they are doing, at google, when you look at the driverless car. insure a driverless car? >> no. we don't do any property and casualty. >> would you say your success is based on the fact that you are selecting the area where you are operating? >> absolutely. where to compete. where not to compete. we are very disciplined. it can become a hypermarket everything

people get frustrated with the lack of growth in europe and they will come to us. from our side we're a little bit overdone and technically overbought and the markets will either churn for a while and do noig nothing and allow the economics to catch up or pull back a little bit but people shouldn't be concerned. >> kenny and john, thank you. appreciate t.ty, up to you. >> sue, it's day three of apple's billion dollar antitrust trial. the testimony everybody is waiting for, steve jobs defending his company in a videotaped deposition just months before he died. josh lipton live in oakland, california. josh. >> reporter: well, tyler, apple's top executives are taking the stand today, including eddie qcure who is apple's man in charge of itunes. he's there to defend the ipod updates in 2006. remember, it was after the update that music from rivals real networks wouldn't work on apple's device and what plaintiffs' lawyers want to argue is apple made that update because it wanted to still competition, it wanted to expand its monopoly over the online digital music market.

which is europe's busiest hub. they said there was no certainty that a further offer would be made. >> weighing a proportional response to the cyber attacks. sony canceled the release of the movie due to threats from hackers. white house spokesman refused to say whether the u.s. has concluded that north korea was behind the attacks. he says the administration is wary that the intrusion may have been designed to provoke a arge-scale reaction. consulting on its view that limited review of the football contents may harm competition between pay tv retailers. they will review whether regulation will require sky to offer two sports channels remains an appropriate way to ensure competition. will outline further steps to be taken in 2015. >> coming up, a rift on russian sanctions as the ruble leaves the russian economy in free fall french presidents breaks ranks with his european peers over the timeline to end those sanctions. >> and as greek prime minister puts his record to the vote former economy minister weighs n on wh

inng qe and europe -- europe, i think i am right in your view it is not the same as doing qe in the united states of america. >> absolutely, because they are two different systems. the structural problems are different. i don't think you we can resolve on its own. i think you e is a powerful qel, particularly -- i think is a parcel tool, especially if it goes along with structural reforms -- is a powerful tool, especially if it goes along with structural reforms and other reforms. >> you can get the full interview in a special half-hour program coming up. the one thing i took away from that conversation was there is no one risk in markets that is going to cause issues. it could be a combination. you heard him talk about quantitative easing and how that differs. you heard him talking about how europe is going to have to get closer together. we had a chat about liquidity. he said ultimately bank customers are going to have to pay more. discussion.joyable >> did you deliberately choose to wear the same outfit? >> the producer and cliff jones -- beautifully lit. .> so your stylist >> there wer

it might help combat europe possibly does problem, the economic crisis. -- europe's biggest problem, the economic crisis. >> sweden's parliament has recognized edward snowden with the alternative nobel prize. he accepted via video link. >> he and a member of the guardian were chosen for helping to reveal massive surveillance by the nsa. he is living in exile in russia to avoid a possible long prison term on espionage charges. >> to activists are going on a hunger strike to press their demands. >> this is after the aftermath of clashes on monday. >> after two months of road test, it is heartening in hong kong. -- of protests, fronts are hardening in hong kong. >> chaos in downtown hong kong. police moved in after pro-democracy activist forced the government headquarters to close. the tactics appeared more aggressive than previous. the clashes escalated on monday morning and dozens were injured. >> we have no weapons. we try to use -- although we are breathing, they do not stop the violent actions. >> the government has made it clear that this is just the beginning. >> from this day on

and google over how the company operates in europe. if the forces behind this initiative win the day, it could change the way many europeans get their news. much of which they access using google as a gateway. the tech giant has 90% share of online traffic in europe, a larger share than google gets in its home territory, the u.s. those in google's corner says it's a reflection of customer satisfaction. many news organizations say they like what google does for them - directing traffic their way. their fear is if your story does not show up on the first page of a google search, you don't exist. then there's revenue issue - google paid by advertisers for channelling web traffics to content providers saying more of the ad revenue should go to them. the story boils down to should governments have the power to break up a digital behome oath like google. google's home base is in california's silicon valley, our starting point is brussels. . >> europe has had an unease with american tech giants. now google is in the cross-hairs. it's a war of

when we came to office, there was a ferment in eastern europe. we looked at that ferment and said, we want to make it different than the other ones. we want to encourage it. but at a level underneath that that would cause the soviets to crack down as they did before. we didn't know what that level was. what we tried to do was encourage the kind of freedom attitude without stirring up the soviet union. so the wall was -- the wall was -- vacationers going over to hungary, to germany were all parts of this overall thing they had in mind. >> general, you touch on a very important point of calibrating our actions in a way that would produce the results that we sought but not lead to another soviet crack down. can you talk about your strategy towards gorbachev in particular, the soviets in general, the diplomacy that led to the outcome that we got? >> i can give you one specific example that illustrates it. when the wall was falling, we didn't know exactly what was happening. and a press advisor said to the president, you need to go on television. we s

europe the politics are typically a mess. so you have a few of the issues next year coming up and greece always wanted to provide uncertainty and next year it just brought it forward a little bit. we think there is a good chance that in december the president is elected and we avoid the elections again in january or february. does not happen history teaches us that once a party goes to power it becomes more centrist. >> there was a time when samaras was anti-bailout and he changed his tone. talking quite extremely ahead of getting to power but once you get to power you become more centrist. i think the big story for europe is the diversions with the u.s.. if you look at the outer differential we are at the top of the range of a 40 year high. the u.s. is as profitable as it can be and this gap should start to close. it does not stay like this for too long and currency is going the right way for europe. he stays with us for a little bit longer from j.p. morgan, we will talk to him after a short break. you're watching countdown.

this is how the migrants arrived in europe. they are now being looked after at a local school. >> it is a real emergency. >> is this the worst you have seen? >> yes. >> what must it be like to spend your entire life savings on a journey in the dark with no guarantee of arriving safely? the migrants are held at this school, they risk their lives to get here. it is hard to see how some of them survived the trip. the police asked us not to speak to the migrants but one man was desperate to describe the conditions on board. >> we don't have clean water, we don't have food. >> of their journey is now at an end. the investigation into how this cargo ship came to be used for smuggling is now beginning. >> is a priest of the roman catholic church told me how the local community was responding to the unfolding situation. >> to be honest, that's the lady is responding very well. this morning, one of the operators recalled what we had in the early 90's when a lot of albanians came suddenly on our coast. there is a big organization, a gian

europe unfinished experiment? europe as an -- >> europe was -- first, europe was a partner. we know for all the countries around, europe was still our main partner. but its capacity is diminishing, particularly in the military sphere. then there's europe as an ongoing venture. in the short run, there's the euro crisis, which is not over, by all means. and then there's the longer term question that seems to be about the european construction. in a funny way, europe has succeeded well enough so that cat loan yeah and scotland don't need countries, they can just have europe. then there's the looming question of europe's neighborhood, both northern, of which we're very aware now, but slow to come to grips with i think in europe, and also its southern border as well. again, i put it on the list. because so much is in motion there, in flux, both inside europe and with respect to it and its neighbors. >> let me stay there for one question, given we're the atlantic council and we talk a lot about this here. clear to us the role of the transatlantic relationship during the cold wear

europe will see its best one-day gain in three years. right now, we are seeing gains across europe. the ftse 1100 up about 0.7%. the real focus or driver, i should say, has been germany. let me get you the data. german consumer sentiment rising to its highest level in eight years. that has been sending investors back into european equities. european markets hit a multi year high on december 15th of this year. italy, interestingly enough not joining in on today's trade. but let's get so what markets have been watching, not just about the global indices, but volatility has been one to watch right now or yesterday losing about 14% in yesterday's trade. the vision liming about 29% for its biggest two-day drop this year. a very different story earlier this week and we were seeing a rise in volatility due to what was happening in russia, also concerned about a slowdown in china. it seems like volatility or the concerns around where this market is headed as subsided, at least for now we're still looking at the vix traded at around 17. more or less higher than we saw a couple of weeks ago,

there's one exception, it doesn't grow which is europe. in europe. natural gas is in a winter sleep. we think natural gas consumption in europe will go back to 2010 levels only around 2030s, okay? so, therefore, there is a big gap there. so, and for europe while the european demand will stay more or less stable, european import needs will increase significantly as a result of the huge declines in the domestic gas production. and the question is while europe is now today is worried that they are getting a big chunk of their gas from one single source with the growing import is what to do. and one of the options here in the medium and longer term is lng. we see that the lng trade is increasing substantially. today 50% of the gas that is made by pipeline, 50% by lng, and we think this will grow significantly in favor of lng mainly as a result of many lng projects are coming to completion sometime soon. and not only the amount of lng is increasing, providing flexibility to the markets from 300 to almost 600 bcm, but perhaps more importantly the countries

are western europe focused? >> so it may not happen tomorrow, but what are the obstacles to the deal? >> they are many and they are varied. one big one is antitrust. we are focused on the u.k.. germany is where the biggest issues would be. vodafone owns kabel deutschland. liberty global also has a huge cable footprint in germany. you can imagine regulators looking for some disposal there. then there are the financial obstacles. liberty has a lot of debt on its balance sheet. has some concerns about taking all that debt onto the balance sheet of this combined company. >> any other deals that we should be watching out for? >> deals all the time. telecom never stops. thet now it is all about u.k. but that could change. italy has had speculation about consolidation in the mobile space for a long time. similarly, we could see consolidation in the nordics. then there is the question of, what do people like alt ice do next? i is going toh want to do more as will his rival. he has put everyone on notice that he is plann

futures a little lower across ainland europe. we're looking at dax futures indicating a drop of 1%, down 99 point. we may get a lower open. let's get to caroline hyde. in theil sales helping u.s., but it looks as though the warm winds from asia aren't going to flow to europe. we are expecting another down day. barclays calls it oil lead to volatility. check out the fix. it's going to be the worst week in two months. we see the ftse 100