Transcripts For BLOOMBERG Bloomberg Daybreak Europe 20170626

Loreal. Manus welcome to bloomberg daybreak europe. I am manus cranny. Anna edwards is out this week. This is the deal. There is value in water. That is what we have got here. This is the forward for nestle. It is trading at a premium. To its peers. On average, is about 4 over. This is a value creation. What does he want . He wants loreal. Mark schneider, activist shareholder could be his Worst Nightmare or create value. Sell a stake in loreal, taking 27 billion. Any 7 billion. This is rare to find a businesslike nestle with so many avenues for improvement. Set a target, the break. 80 to 20 in terms of your margins by 2020. What will nestle deliver . Lets see how the stock performs on the open. You go away for a begin to come back and nothing can stop the juggernaut of foolishness bullishness. The msci pacing higher. You have oil rebounding. You see technology playing into this market. Since on is up 1. 2 . The csi 300, what a storm or. A stampede continues. Mscis addition to mainland shares is a still reverberating. We understand state backed funds are supporting the market. The volume, 60 of the average volume is changing hands. Oil, what a butchering it has taken. It is still technically both brent and wti are in bear market territory. Five weeks of torture. The hedge funds have pulled their long positions. , cable, up. We have not seen a run when on sterling since june 4. On sterling since june 4. It comes down to brexit. Those are your markets. Ets get to Juliette Saly she has your first word news. Italy will commit as much as 17 billion euros to clean up two failed banks in the nations biggest ever rescue. Support to state acquire their good assets. Speaking after an emergency said theynd officials can take on some assets without hurting capital ratios. Alternativea better than this decree . From the point of view supporting families, the two banks, the stability of the financial system. I wish the people who criticize me would tell me what a better alternative could be, because i do not see it. Juliette you can permit with hit by a cyber attack on saturday. The house of commons is investigating the incident along with the National Cyber security sector. The breach came two days after the times reported the password for officials failed. Qatarllerson has said will find it difficult to comply with some demands led by the saudi led block. He did say they can there can be a basis to talk. The list of demands numbers that 13. Numbers at 13. In pakistan, more than 150 people have been killed after eight tanker exploded. A tanker exploded. In the u. S. , firefighters are battling intense leases in california and utah. Out in Southern California after a car crashed on a freeway. Meanwhile, Officials Say Better Weather conditions have limited the growth of a wildfire in utah. It has come to the evacuation of 1500 people from hundreds of homes. Spacex has launched its ninth record of the year. Last nights liftoff from california follows another launch on friday. The craft is carrying 10 satellites. It is the first time spacex has sent to rockets into orbit in shutting in such a short period. Global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. You can find more stories on the bloomberg at top. We are getting towards the end of the first trading day of the week in asia. There have been a lot of markets closed today, including should say,ndia i and the philippines. Some great games coming through from the tech players. Japans index has been marginally higher all day. We are seeing a lot of info coming through into these large cap stocks in china. We are seeing a lot of inflow coming through into the large cap stocks in china. A Taiwanese Company has hit a record high on upgrades iphone maker on the back of its agm last week. Toshiba, after theyll on friday, we heard the Tokyo Stock Exchange was demoting it to the second session. Toshiba falling by four point. 4. 9 . Rbc analysts have told bloomberg it is likely that rio tinto will look at that big closely. Closely. Id we are counting down to the handoff from hong kong to china. Continuing to see this growth accelerate in china. If you look back to 1997, hong kong had about 18. 4 of chinas gdp. It is now less than around 2 . Kerry lambeau telling bloomberg she still expects hong kong to be a key Financial Sector in another 20 years. Thank you very much for the roundup. Some headlights coming through from the fed president. He says the u. S. Is a strong job market. We going to have a whole host of fed because this week. Fed speakers this week. This is the first of the week. He said you have a strong u. S. Job market. This is the speech he gave in sydney. He says inflation, he sees, reaching the 2 goal in 2018. These are the headlines coming through from him. One or two lines coming through. A banker is find the panetta banker assets. Fly will by some of the assets of veneto. We will have the details shortly. Theresa may will give more details today. These on her plans for e. U. Nationals. The proposal last week was criticized by european leaders. It said it did not go far enough to protect citizen rights. Meanwhile, david davis responded to reports to oust the Prime Minister. He spoke to the bbc. Selfindulgent is my message. It on with the day job, which is people put us here to deliver a decent economy, like for them like for them. The more you do of that, the more selfindulgent nonsense you go for, the more difficult to make it for us to do our job. Manus david davis there. Stephen macklowsmith is the atd of european strategy j. P. Morgan. Good to see you this morning. I wrote down, the leadership challenge. Catharsis or pragmatism . Of padma to voice them at the moment that seems to be raining for theresa may. In other words, hold the hound the debate. Hounds at bay. Stephen they are not what they would like to be. That theresaon is may would win a compelling majority in the general election, and she did not. Any Prime Minister who calls an fails by a majority is in a weakened position, but the choreography is complicated. Two weeks after the election, you start with the e. U. Negotiations, and clearly, what you need to stability of leadership at that point. The last thing you can afford at the moment is a conservative Party Leadership election. Manus we will get more details today in terms of e. U. Citizens rights in the united kingdom. A more substantive response. Yesterday,g to us anything but the European Court of justice. I have written down, style over substance. This is the brexit right argument. If i can rebrand this, i have won a victory. Stephen its interesting. Im not sure the country as a whole is as incensed about the European Court of justice at some politicians. As some politicians. We will see what comes out of it. It is a year and a day since we voted for brexit. Lets talk about markets. A bounce for four days in a row. This is the topline index. How do you look at the u. K. At the moment . Fading consumer confidence. We have gone from hero to zero in terms of growth. Challenging time for the u. K. In terms of markets . Stephen personally, i do not see it as challenging. Revenues for companies are so much of the last month what is happening underneath is interesting. Growth is not zero. Gone from the bestperforming growth in g7 to the lowest. Stephen that is true. The u. S. Is still in the middle stages. The uks facing challenges, because until the nature of our relationship with our largest single trading partner is clear, it is probable you would get some deferment of investment from companies. The sterling has weekend. Has weakened. G there will be pressure on consumption. It is difficult to see genuine pressure on consumption happening at the moment. In the background, the cause of the rotation in the stock market , a lot of domestic sectors have been genetically berated. Dramatically derated. Manus i hear what youre saying. We have a variety of issues to deal with. We have been binging on credit in the united kingdom. It is growing at around 10 per annum. The numbers are pretty staggering. In terms risk is that of the financial policy committee, which will meet tomorrow . There is an expectation of drawing back. Me when iworry to look at the trajectory of that. Stephen in some ways it is. If you look at the history, it of ically the amount what is the saturation point for Consumer Credit . I dont think we have reached that saturation point. The aggregation of debt to Fund Expenditure is a danger. Productivity is not zero. It has been growing modestly in the u. K. Manus if i overly a percentage of debt i have relative to the household income, it becomes a more of a question. Stephen then flip that around. What about the debt servicing costs . Because Interest Rates have been low, there is that servicing cost. Manus lets see what happens. I will beove higher, interested to see how the u. K. Consumer holds. The position in the expectation, that puts doubt in peoples minds. Guest stays with us. We have a lot more to get there. Stephen macklowsmith stays with the show. We are going to go to italy. The government proving to emergency rules and the veneto this is bloomberg. Region. Welcome back. It is bloomberg daybreak europe. Lets get a business flash. Has called onloeb nestle to sell its stake in loreal. It intends to encourage management to sell its stake in loreal, increasing leverage for share buybacks and reviewing its portfolio. Thanlds a stake of more 3. 5 million. It for nestle was able to immediately comment. Was unable to immediately comment. Takata files for bankruptcy protection. The company filed for bankruptcy protection in the u. S. And japan. Filing listede more than 10 billion in my abilities. The filing listed more than 10 billion in my abilities. That is your Bloomberg Business flash. Manus to italy. It has approved emergency rules for two of its failing banks. Mobilizing as much of euros to liquidate the lenders, so good assets so good assets. The finance minister said there was no better alternative. Is there a better alternative than this it then this degree . The stability of the financial system. I wish the people who criticize me would tell me what a better alternative could be, because i do not see it. Great to see you this morning. How did this decree come about . I have to tell you the size of this operation. 17 billion euros is huge. Nobody was expecting this kind of amount. What happened is the two banks, bloomberg daybreak europe and bancao banca spa popolare di vicenza spa and veneto banca spa will be money to cover potential risks related to the operations. Monthsernment tried for to find a different solution. They were trying to attract private investors in order to rescue the banks. Successful. S not the ecb said time has run out and there are no other possibilities, plans to be implemented. That was the situation. From the political point of view, we heard a clear message from the finance minister, which is, you tell me. I have no alternative. This is the only alternative. There is no better alternative. What this driven by pragmatism or political actions . I think it was a mix of both. He wanted to avoid any big distraction. Lets from italy will go to general election maybe as early as next october, november, maybe early 2018. Of course there was a lot of criticism coming from the opposition. Saying, again, it will be up to the italian taxpayers to force the deal. Lets keep in mind that these two banks, while they may not be big in size, they are significant, because they are in the central of the region that is highly productive in italy. Thank you so much. Details. Latest stephen macklowsmith is the head of european strategy at j. P. Morgan. He is still with us. The saving of these two banks or the splitting of these two banks, do you think this is a good message to the market saying italians cannot in size, 17 billion . Stephen we saw this with the injection of funds. We are getting towards the end of the problem. This is not the start of the italian banking problem. People look at these assets, they look back to acquisitions of american banks in 2007. They say, i have seen this play before. Italian s in the the issues in the italian baking system are now well known. We know what the it the size of the italian npls are. They are a relic of 4 poor growth for many decades. The size was so great and everybody knew about them, that trying to bridge the groep thege the gap and the marks bank has taken is too far for the banks capital base. Manus relative to the european story, you can see 40 at ven eto. As you say, it is nearing the end of the issue for italian banks. Stephen macklowsmith stays with us. Line in terms of money to keep the european banks and business. This is bloomberg. The dollar is. And there is a little bit of an update for you. Ande is the dollaryen small games for the dollar. Lets put the markets into context. Good morning to you. And weis is interesting are looking at how this will develop through the day. Up andtish pound is there are interesting lines talking about what is happening. Up righthe ftse 100, now and the pound is up and that tells you that some european markets might do good. Dragound has acted as a and the trend lines are interesting. You see the index here and the trend line still remains in place. We have not broken that. There are some interesting trends happening to keep an eye on. As pointed out this morning, will this be a lead indicator or an anomaly . If this was going to break above, would it act as a catalyst . We will keep an i on this and watch it carefully. Daybreak is available on your tablet. You know how to get it. Coming to the rescue of italy. Euros. Ion proper expensive. Two are going to clean up of the banks in the region and the eu approved the intervention governmentsl see provide funding to purchase the good assets by 12 billion euros and they will set aside risks related to liquidations, so let me bring in smith. You were just talking about this and you said that there is data on the nonperforming loans. I think that is staggering. What may take place with the markets . The issue for the italian banks is that the size of the market is daunted by that and you have seen the secondary markets and the gap is because of the largest in the world and there is 80 billion euros this and that is just 25 of the total. A big consequence. There is a flow of credit with a relatively modest rate precisely by the balance sheets. Lovely a. It is going to be a busy one. Andave the stability report it booms and janet yellen is in london. O draghi daybreak focuses in on a Company Fired for bankruptcy filing for bankruptcy. They have 10 billion in liabilities from the airbags. The company will be sold and the. Irbag maker is owned by china , you mentioned the central bank and what a week we have for you. European banks have cut their dollar exposure. The german lenders are among the highestmet dollar position and they are matching the assets and liabilities in the currency and it is a busy week beginning. We have brought in Richard Jones Richard Smith is on set me. It will be a big week from a intral Bank Perspective and want to jump off with the mostal bankers and their recent report that the inflation spurt cannot be excluded. The bigger risk is the financial cycle bust. Are the risks rising or are they ebbing . That it is taking a much longer view with this indication in the short terms. Cause me to be concerned about the financial buzz. As a result of this in the changes in policy, the position is more robust than it has been they have fairly aggressive risk of the credit portfolio. It will be a busy week, in terms of data. I have to go broad and swiftly and ease myself back in. It will be a busy week, in terms of inflation and it is globally proving hard. That is a key points to sort of focus ourselves on this week. We get these central bankers and you get your area of core get then and we we have not2 and 2 in four orat five years. The u. S. , pattern in but not where it has supposed to have been for the last few years. They are throwing the kitchen sink at this and it is still where it has been during the postfinancial crisis. We have a couple of articles up on the bloomberg terminal and we are talking about unemployment and the propensity to deliver Wage Inflation and the change in the dynamics of our situation. Would traditionally work and greater minds then i can question whether they are rogan. The coronations are last less robust and this is an issue that needs to change. Validare still valid targets. Theiris the point i had overwhelming of and it is aation and theh core inflation product was of the oil price in 2016 and you look at the dynamics in the labor market and it is very interesting, the change in the Participation Rate. In the eurozone, the Participation Rate has said only been climbing as a result of the deregulation in the labor market putting more people back to work. The result is that the eurozone unemployment is still in the 8 the percentaget of people employed is an alltime high. The Participation Rate has been you would associate with the employment rate and we andin a amending process they have not started to see the Wage Inflation pressures that you would expect. There have an comments over the weekend and talk about the propensity to raise rates. Is loose Monetary Policy going longer than actually on ad and i know he is hawkish tilt. We must not become prisoners of the governors of markets. This will be part of the debate from them and it will be important. Is a classical debate that we yearseen over the last 10 and we now are seeing this ongoing debate and the question about inflation and wages behaving as a conundrum. As long as it is still a conundrum, the models are not quite as robust or as applicable to situations as have been in the past. Opine let a smarter mind on that. If Thomas Jordan describes that as a conundrum, that is probably indicative of the central banks. It is a conundrum. Switch and talk about the corporate stories of the day. Sell 27pressure to is partin the proposal worldsge fund and the Biggest Food Company is what is being targeted. Bloomberg now is the managing editor. They are going in and punching he is layingand theory for the agenda. We have broken the story first and the way he sees it is actionstle is ripe for and it is nudged on and he wants the company with the big chunk that they own and there are a lot of things you could do with that. That they should shed on companyts and a huge with lots of areas where they could approve the margins and there has really been a case with so many areas. The question is what makes they aretarget and aware of the group. What do you think makes them stand out . From activistses in this space. That is right and it is Consumer Companies and we are seeing it. Even to some degrees, we see it unilever. O lever he is probably thinking this is another company where he can try his hand and a area that is interesting is there is a new ceo who is a man who has shown and he isnts a change probably thinking he has an ally and a ceo who is willing to shake things up. Lets see how the response is. There is the managing editor. Thank you very much. So, 40 million shares. Shake down. Buybacks. Can they beestors, a source for good and create better value for Asset Managers . Theoretically, anything is possible and i am not convinced that there is it better vision for the company. Nestle is a company that we talked about inflation and they are a company that really benefits from the ability to push through price increases and leverage the goods. It is about brands and people pay for brands and it is less priced in. Is pretty well placed in the future. There is a flow of money and there is a question about the money and global businesses that have reasonable exposure. Ticker and the flow of money. Japan and the eurozone this comes tolike the end of the issue. It is a conflagration that still sounds appealing. There iseeing this and every sense of that and there is a lot of good stuff going on. We will talk about some of that. Stay with the daybreak team. Daybreak on your mobile. This is it. All the functions and what we have been chatting about is all at thend you can join in bottom of the screen. Questionssed to take for stephen and myself. After entering a bear market, fund isp and the hedge tapering tempering the outlook. Who is right . This is bloomberg. Night. A beautiful their other futures and it is a beautiful morning. It is far too early for this time for thes business flash. Thank you. The company sparked the bankruptcy protection and did more than 10 billion in liability, including plans for automakers and for people who brought classaction lawsuits. A gauge of Bank Financial time. The move came after the german issues. Ns the representatives for ubs and Deutsche Bank declined to comment. That is your Bloomberg Business flash. Thank you very much. The secretary of state has weighed in on the qatar crisis and says that they will find it difficult to comply with some gulfds to end the diplomatic crisis. This could be a basis for talks. The diplomatic transport links have been closed and the oil markets are moving and responding to the global aspects. Ands a slightly better bid we are joined now by blackrock. Of equitieshe head and asset management. Welcome. When i look at the oil price, i ive been away for a week and looked at the numbers. The issue is a debate and they cannot get oil off of the floor. Rejuvenated and their pumping it out of the ground. Range . Trapped in a tiny what do you make of the oil markets . We look at the inflation prices and the history of the first oil well. 43. 5 and we are in wee with the longterm and can talk about the oil prices and there are the long time gives a lot of there is thed and i dont think it was necessarily a great story, shothe second point is a in the third point is there is a generally weaker dollar. The second point is the fundamentals in the market and it is still average. Preoccupied and you to makeld do anything this. When you look at the oil market, how does this play into your investments at the moment . Is aght now, there bearishness and it is not fundamentally broken. The longterm or main reasonably bearish. Nearterm is not a great say andd it is fair to we are nearing a point. How confident about this are we . Not very. Pulling this together, they have given away all of this since november of last year and and what doesllar it take to change the perspective . There is a normalization path that has been thrown into doubt and the fed has said not to and theyut inflation and it will goth higher. Will it take higher in the eyes of the rising fed . There is a sensible point of view of want markets. Is this yield back and it , but you willult not see that kind of your medic. We have a little bit more to get through. This is bloomberg. Have a very good morning. Post details on Citizens Rights. Theresa may spells out a plan for nationals living in the u. K. The chief brexit negotiator says there is no role for European Courts in the matter. A recordbreaking rescue. Safentervention includes ports and they will acquire the good assets. The third point with the hedge fund urging the company to sell the stake in loreal. It is 7 00 here in the city of london all stop welcome to daybreak. And annas cranny edwards is on assignment. The european equities are higher alongsidedraghi is ben bernanke. Lets have a look at the futures and we are seeing a slight oilieve in sterling and the maker and a small recovery after five weeks of butchery. Dealing with issues of nonperforming loans and setting with the european inflation data a little later this week and it will set the tone for the markets. You have the Technology Higher and there is a red headline coming through. Let me just bring you this. Pounds and 7 billion this is a change in the united they have the there ist vehicle and one of the largest chains here this state of play is on dealmaking. European equities are rising and oil is getting a recovery. We have had the biggest monthly drop since july of last year. And you a supply issue still have the lower dollar. This is the lowest in 10 months there are more than 3 million residents here in the u. K. , but we havent seen a run like this since june. The bank of england is having a live meeting. What does it take to turn dissent into action . Questions about the equity markets on the day and you see the money rolling in to the big chinese at the stock and up andtralian index is it is hardly what you call strong. There is the bond market down with italynch market having a risk of more clear dissections. Actions andr the this is the first word. Parliament is on the way with the lawmaker access to emails disrupted. Signal intelligence agencies. The breach came after the times reported that other officials would have a sale. The secretary of state has said it will be difficult to comply with some demands to end the gulf diplomatic crisis and Rex Tillerson said it can be a basis of support. Diplomaticut back ties and and they sure can military presence in the country. Hospital and rescue Officials Say that dozens more are in critical condition. U. S. , there are intense blazes and a wildfire broke out on a freeway and prompted evacuations of nearby homes. Officials said that Better Weather conditions have limited there were evacuations of hundreds of homes. Round of the final election shows a resurgence of support for silvio berlusconi. He backed candidates based on the actual vote counts and the independent candidate was ahead in parma. This marks a step back for the ruling party. Launching spacex is a rocket. Ons follows another launch friday. It carries 10 satellites and it is the first time i have sent to rockets into orbit in such a short time frame. Global news powered by 27 journalists and analysts and you can find more stories. Andaw a close in Australia Japan and it was pretty flat. Solid gains in the region and there were tech record on the toshiba wasdes and on the Stock Exchange on friday and it is down on the close in tokyo. On rio tinto and they review the offer favorably. We have been seeing the lead up to the anniversary of hong kong to china and we show the chinese gdp continue to grow and you can percentage of the contributions significantly. For 18. 4 and it she wast 2. 4 and saying that she still hopes that hong kong remains a key it isial center and higher with that third or fourth position. Thank you very much. That was the latest on the markets. Nestleet back in to getting under pressure and he wants to sell the stake in loreal and the nonperforming assets. Just think of the brand and they stand by. Benedict has an agenda. Would he find a friend in the new ceo . Up about 1 and they indicated 1 higher. Will he find a friend in mr. Schneider . This is a big question and we do not know. Interesting to and there areeact a lot of thoughts and he is interested in selling the stake in loreal and he wants them to read out on the performing assets. There is the confectionery they indicate that he may become best friends with dan loeb. That is what it is all about. I have this chart beside me and i am looking at the premium and it is 11 . The forward that is part of the appeal. Ideas. Re stock and trade is this a way for anybody to jump on . These are radical ideas. Letter thatn the was sent to investors and it is a play on europe and he says that he sees europe is a favorable market for investment. You look at france and there is a sense of excitement. You look across the region and their are activist shareholders rediscovering europe. We have seen this come and dan loeb was there. There is a range of companies coming into play and unilateral was unilever was targeted. On a constant journey. Thank you. You have the emergency rules and a liquidation of lenders. It is great to see this morning. We talking about the euro package. With the size of this expected, was it bigger than what the market had anticipated . This is fundamental to facilitate the process with the popularity and there are 12 the dish euros as part of a state guarantee with the potential this was pretty clear yesterday. Who couldmany people this is because withspecial fund set aside 20 billion euros and created in order to help some. Thank you very much. That was the main headlines on the italian banks story. Is with the black Rock Investment industry and she is still with us all stop two biggest stories have been setting the table. Ets do italy what do you make of the handling of the banks. Show me the alternative. Decided towards resolving that we are in terrible shape and we are loansng this mountain of and hindering the performance of the italian Banking Sector. There is finally some movement. That is an excellent story. The news is very fresh and it is only the third time they have declared they banks. It is new and there are questions. Some of this looks a little funny, but it is not what people expected. There is the cost to the wasayer set aside and it questions about why not have there isen sharing and the framework and that is how it will work. We will have to see. Thereead this story and that one could say that this is to avoid the burden on senior debtholders. Explain inl need to the solvency laws that should apply. Movement and capacity with the italian Banking Sector and that is good news for italy and europe. We have to squeeze in the would you agree about the rediscovering of the journey and the momentum coming from that trade . We are seeing the Global Investors starting to listen and take notice. Arepolitical risks and theyming the world keep things going down and this seems to be as far as the banks are concerned. Is theller story and theyfrom investors are not as wellmanaged as american counterparts. I think that there is a sense that you can squeeze out more value of the company and we will see that. Thank you for putting that in context. Now, up next, the chambers of commerce and growth in the next few years. Biting . T this is bloomberg. It is 7 21 in this city of london. What a glorious day. I went away for a weekend and brought the good weather back. Not seen a run like that since june. This could get better. It will be stagnant over the next few years. The Business Group upgraded the forecast slightly and still see expanding. Adam marshall is the director general and it is good to see you. Stagnant is a word. This orthe beginning of are there other facets at play . Businesses a lot of reacting to that and we see the numbers and there are some concerns. Upsee the investment going to other countries are going have to adjust at that point. Where is the investment coming . . Here are you seeing it anyone who has the adjustment to make will invest ahead. Terms get more with these barebonesk at the of what you are seeing and it is feedback from the members so far. Off businesses and we have known that these people are given absolute rights and we have clamored for that to get have theed and we skills that we need to have and the certainty. Both sides need to agree on that and what they want to see is this. That is a risk. The sunday shows and they say they are not 100 sure. This must be the most worrisome aspect. There is the Single Market and they are looking for a final supplement final settlement to get implemented. You want businesses to have one multiple. Ts and not if we have another adjustment, that will make us less competitive. Give me a series of issues. You are also moving and you are and there probability are a number of institutions who say that august is a live bank of england. How would you react and lets say they need to move twice and they need to move earlier than we thought. How do you think the community will respond to the nudge . Would it really matter . Increases in Interest Rates would not overly unsubtle those i represent and i would be more worried about large moves over short times with a warning in place. Everybody in the community realizes the rates will normalize and they want the gentle path towards a new normal. I did do a bit of reading from the beach. Is very french and elegant see that as realistic . That everybody is posturing and we are taking a look through it. Whether it is Citizens Rights or in the u. K. With infrastructure. This gets the Business Community interest. You were looking for another word. Thank you very much. The pound is up and we are seeing this. Look at china. China, isney into that putting money into an asset or a ticking time bomb . The open is up next. This is bloomberg. Manus welcome, you are watching the book market european first trade coming up on cash. Mattguy johnson of it miller is not here, but he will be back next week. 17 billion euros of public money to wind down to fail banks. What does it say about the future of the Banking Union . Theresa may will provide a conference of picture of her plan for eu citizens i