Billionaire investor george soros brands trump a wouldbe dictator, who is going to fail, and warns markets will reverse one he takes office. Its too early to taper. Thats the message from ecb executive board member Benoit Coeure, who tells cnbc exclusively the Central Banks policy is still working. Too early to have that discussion on when it ends, and even when we taper. That discussion has not started yet, because inflation is not firm enough, sustainable enough. That will come that will come later. Theresa may meets top wall street bankers as a slew of lenders unveil plans to move jobs out of london. But the uk Prime Minister tells cnbc the country is open for business postbrexit. Was were doing is setting up clearly for people what the position will be. Im optimistic, i expect to negotiate a good deal. But we wont sip up to a bad dea deal. The day has come. Its january 20th. We are less than eight hours away until donald trump takes the oath of office at the inauguration. The final preparations are underway for the inauguration today. Trump will be sworn in as the 45th president of the United States. A spokesman said the president elect is preparing to sign executive actions to roll back a number of president obamas policies on his first day. Steve mnuchin, president elect trumps nominee for treasury secretary faced intense questioning from lawmakers during his hearing. They questioned him about his ties to subprime lerner one west bank. Some characterized mnuchin as having profited from the financial crisis by foreclosing on thousands of homeowners. Mnuchin defended his investment decisions. In the press it has been said i ran a foreclosure machine. This is not an accurate description of my role at one west bank. On the contrary, i was committed to loan modification intended to stop foreclosures. I ran a loan modification machine. When we could do loan modifications, we did them. George soros has warned markets will not do well under donald trump adding that the president elect will be a failure. Speaking at a media dinner at the World Economic forum, the billionaire investor said trumps policies are contradictory and will ultimately have a negative impact on american and global growth. John paulson says he has increased his funds Long Exposure to stocks in the wake of Donald Trumps victory. Paulson who openedly started trumps candidacy told cnbc an administration supports growth supports everyone. You can head to our website to get more of paulsons views. Argentina sold more than expected in a twopart 7 billion bond sale. Thats much higher than the 3 billion to 5 billion the financial minister said the country was seeking. Im pleased to say we had the chairman of the central bank of argentina joining us now. Sir, thank you so much for joining us. Congratulations on the cash raise here, significantly more than you expected. Youre straight off the blocks this year raising cash. Can we assume by that you expect more volatility later on this year . Not really. I think what argentina has had is a fantastic turnaround over the last year. Last one year ago we came here to davos, talking about an economic with Exchange Rate controls which was in default with creditors. We solved those problems over the last year. I think the market is optimistic. As you point out, the economy still has huge challenges. Its still at the reliance of what happens in the United States, particularly as far as the rates are concerned and the u. S. Dollar is concerned. What are your expectations there . And what will donald trump mean for argentina . For argentina and many emerging economies. I would think on the one hand the fiscal push that one is expecting from the Trump Administration is going to increase interest rates. So i think that will put a challenge for many economies. I would say more than that, in the case of argentina, they have a low debt ratio. Its not a significant issue. Its more an issue of protectionism. We have a world which has become more integrated, thats been good, particularly for emerging economies. So i think a backlash in that agenda is something that worries us a lot. You make a valid point when it comes to protectionism, yet in davos we see so much optimism on the part of Business Leaders and some politicians. The chinese president , xi jinping was here and talked about globalization. Do you buy that optimism . I buy it because its good for the world, one thinks good ideas tend to stick in. So we buy into that view. But it will be something that will have to be worked out, by the whole community. The government in argentina has seen a Cabinet Reshuffle at the back end of last year, and the country has a new finance minister. The former finance minister was critical of your job saying it doesnt cut rates quick enough. Does the new one make your job more bearable . Argentina for many years has had an inflation problem. We are absolutely committed to to reducing inflation in argentina. I think the new finance minister will be much more keen on the fiscal issues, so argentina has a large fiscal deficit. We have to have fiscal stability. In that term its been a change for the better. You also have the challenge of elections coming up later on this year. As you say its a balance between Monetary Policy and fiscal policy. Do you see macre is an agent of change . Hes a longterm thinker. Populist leaders are leaders who are willing to forgo the long term for some short game. And he thinks in the longterm thinker. Structural reform, consolidation, are things that will go at a speedy pace this year. Just quickly, is the future bright for argentina in 2017 . Very bright. Or uncertain . Very bright. We come there ten years where the economy was closed to the rest of the world. There are so many opportunities. Well have a bumper crop this year. Industrial exports of software. So many opportunities in argentina. Thats what weve been receiving from the Business Community here. A lot of optimism and interest in argentina. Chairman, thank you very much. Louisa, back to you. Thank you. Last day at davos. Will you be sad to see everything, you know, behind you now . Sad . I think theres always some relief here, if youve done davos, once you have gotten through five days, hey, its been a wonderful meeting. Insightful conversations very cold. Very cold. Very long days as well. You guys work super hard while youre there. Well come back out to you in a second. Want to show viewers what u. S. Equity markets are doing. Its inauguration day, indeed we have trumps first speech as president coming up later on today. Stoxx 600 very flat. Very flat, just closing the week out by the looks of things. Were not closed yet, but were heading into a very quiet day of trade is what analysts have been saying given the political event later on this afternoon. When it comes to the ftse 100, a couple points lower. The cac 40, the ftse mib, and the xetra dax trading higher. The chinese Economic Growth data, 6. 8 , stronger than anticipated. 6. 7 was what we were expecting. Thank you very much. Julia, i want to make a point about these markets. Everyone is talking about the trump rally. But actually weve seen a sizable rally under president obama. Some stats telling us president obama has seen the second best performance to the dow and s p of any president postworld war ii except bill clinton. Why does no one talk about the obama rally . Let lets call it the yellen rally. Well go for a quick break and try to warm up here. After this short break, well speak to james root partner at bain company. With the xfinity tv app, anything with a screen is a tv. Stream 130 live channels, plus 40,000 on demand tv shows and movies, all on the go. You can even download from your x1 dvr and watch it offline. Only xfinity gives you more to stream to any screen. Download the xfinity tv app today. Before the break we were talking about argentina and the outlook for emerging markets under Donald Trumps term. What about turkey . The turkish lira plunged 3. 5 against the dollar in one single day earlier this month. It was the biggest drop since the countrys failed coup last july. The lira lost 20 against the greenback since november. Hadley caught up with the turkish Prime Minister and asked him whether the country is facing a currency crisis. Chb chb the lira has been under pressure, largely because of traumatic experiences in the past year and terror attacks in turkey and also structural deficit. Its quite likely this is not going to last for longer. Simply because policy response is in the making. Central bank has responded. And its likely to continue to focus on that. Because while we dont have a target level for lira, we clearly are concerned about the implications for inflation price stability but also, you know, turkish real sector has shown fx position and we have to Pay Attention to that. Clearly its also to do, as i said, with uncertainty surrounding the constitution amendments. Theyre likely to clear the parliament soon, probably over the next day or two. Then well have the referendum process completed within 2 1 2 months. Once we get clarity on this front, i believe that turkey will be back on track. Because we do have a strong reform agenda. And this constitution amendment will provide visibility on the political front. Therefore were not in a currency crisis. We just experiencing some adjustment. Thats not likely to cause permanent damage. In terms of the Investment Case for turkey. We talked about the lira, we talked about the volatility weve seen over the last year. Investors hesitant to put their money in turkey today wh. What would be the message . The message is straightforward. The fundamentals has not changed. We have 80 million people, per capita gdp of 10,000. This makes turkey a sizable half a dozen emerging markets. Secondly, right now geography seems like a liability. We live in a rough neighborhood. Thats not going to last forever. Couple years down the road remigrwe might be talking about reconstruction of libya, syria, yemen, iraq. Thats where turkey comes in. Thirdly turkey has a strong entrepreneurship culture. We have very dynamic private sector. Valuations are extremely attractive. Right now theres a lot of dust in the air. That wont last forever. Finally, the turkish story is largely viewed on good policies and good politics. Weve had a few traumatic experiences, but theyre behind. We have a strong reform program. We have a strong road map. We are going to strongly implement it as soon as this referendum is out of the way which is likely by midapril. So the story is a combination of favorable demographics, strong longterm outlook, reforms, and stability, and hopefully better regional cooperation. Theresa may has been meeting with top u. S. Banking bosses on the sidelines here at davos. This in a bid to allay concerns over brexit after the Prime Minister confirmed the uk would quit the single market. Corporate leaders are hopeful that may will back calls for a transition period of several years allowing the Financial Sector to adapt to brexit. Steve spoke to Prime Minister may and started by asking her if theres a feeling that the 2017 european elections will delay brexit negotiations. They have not triggered the formal start of formal negotiations yet. I think when we reach into those formal negotiations, people will see the benefit of having that trade agreement. At the point where we leave the European Union everyone will know what the arrangements are and what the basis of our future partnership is. I want to see a good, close, Strategic Partnership with the European Union, continuing to cooperate on security and defense, yes, with that good trade or agreement with the European Union, too. I think thats not just in the uks interest, not just in the interest of the global britain, but also in the interest of the eu. Weve also been speaking to key decisionmakers and ceos to get their takes on the latest brexit headlines. I accept the case that the British Public have voted to leave the European Union, to leave the structures, the British Public have not done to make us poorer. One thing im doing is lobbying the British Government but also businesses to impress upon their governments the fact that a hard brexit would be bad for london and europe, too. Yes, of course in terms of fluctuations there are challenges here. Thats a fact. But were looking at continuing to be competitive, looking at new markets, new opportunities. So im optimistic about the future for ireland, despite the uncertainties about some elements of the decision of britain to leave the European Union. We have a small presence in europe. Our business is 97 uk focused. In terms of european operations, 2 of what we do, well have to consider access to Payment Systems and business throughout europe at a scale which is 2 . We will have an adjustment to the brexit move, but it will not threaten the center of london or london as a center of finance for europe. It will not threaten the activities of barclays in europe. Remember, were a british bank, committed to the united kingdom. Well be fine. Were joined by james root, partner at bain company. Good morning. Brexit is a shock to british businesses, is there a Silver Lining in the sense theyll have to adjust quickly and very soon . Weve seen that with some Swiss Companies after the swiss franc shock, they have become some of the most Competitive Companies in europe. The answer is i dont know yet. Theres too much uncertainty. Whatever will happen, there are, i suspect, years ahead in negotiations. If im a ceo, kind of clients we work with, i got to lead today, lead in two years time, ten years time. Im thinking in the longterm. Were talking just then about the transition period, and ceos coming forward saying we need this transition period. Sometimes you dont get the luxury of choosing how and when you transition as a company. No. But they are the great leaders are braced for impact at all times. Theyre thinking about all the eventualities and scenarios. One of the things weve been talking about with our clients leading up to davos and also here is that setting aside the political cycles, the uncertainties of the European Union, the u. S. Situation, there are some fundamental changes going on. In fact, were expecting bigger changes in the way that firms are managed and operated and financed than weve probably seen in the last 50 years. One big theme weve been talking about is the fourth industrial revolution. I did a panel on that the other day. The message is we dont know what skill set of the future is, we know it will resolve around automation, digitalization. How do we make sure the firm of the future is ready for this . The research weve been doing suggests thats one very important driver of the change and whats coming. There are others, though. So, fourth industrial revolution, on top of that, theres the rejection of the social termism that many people are dissatisfied with. Thats this years theme at davos what do we do as leaders. But theres more. The last 40, 50 years, a lot of companies have bulked up, as theyve gotten bigger complexity has gone nuts, from chronic to critical. Its so hard to get things done in many large corporations. Its just not working. The fourth big driver, much less talked about, we want to focusing on it, its talent. Theres something going on where the younger talent now becoming a bigger part of the work force, just dont want to work in a company thats only about shareholder value. They want to work for a place that is higher purpose and doesnt have to be at the exclusion of making money for share holders, but lets find a balance between that purpose and those economic incentives. I dont think we talk about Corporate Social Responsibility enough in davos. Its a critical point. Going to what you were saying about the termism. What i heard from a number of corporations is the same thing. We have to report quarterly, therefore our term structure is too short. I like what you said in your report about venture capital, we need to think longer term. This sense of its okay to fail, take up a topic, fail, move on to Something Else and find the path through. How will corporates adapt to that environment . What happens to the ones that dont . Yeah. The longtea number of compa taken the lead trying to work with the analyst community, Investor Community saying we dont manage business around weeks, months, quarters, we manage it for the longterm, but its hard to get the response where the average Holding Period for stocks is short. People have expectations that they can switch in and out of different assets at the drop of a hat. How do you change the mindset . One thing that will happen, firms will look and feel different in the future. That will change the mindset. So much activity will be automated or outsourced that the average headcount in a firm will shrink. Those left in the firm will be sort of doing the Mission Critical things that you and only you can do. They will be didnt. They want to work not so much in functional silos, they want to work on project teams, be selfmanaging in teams. And its going to change how we recruit and retain. It will change the way firms feel. Particularly its going to reduce the importance and the number of professional managers that we need in our corporations in the future. I guess it is very important that we do not lose the human touch in the future corporation. James, well have to leave it here. Thank you for your time. Appreciate it. James root, partner at bain company. Julia, 2017, the year of elections, crucially in france. This might be a paradigm shift for france give than we have two candidates running with a liberal economic mratd form. Well talk more about this with helen rey. Well see you in two. Neh s iteelsd . Numumuref i diithe1 er neh jorg widuias. Tro diithe1 er lthkakaebyreugck, neh uros mu otes f low sin,maustodieaor r e mayed e and yy if exf yoomgias welcome, youre still watchiwatc watching street signs from davos. Im carolyn roth. Here are the headlines. Im julia chatterley. Inauguration day is upon us. With just hours to go until donald trump is sworn in as the 5th president of the United States, tensions remain as his treasury secretary nominee breaks ranks on the dollar. I think when the president elect made a comment on the u. S. Currency, it wasnt meant to be a longterm comment. Billionaire investor george soros brands trump a wouldbe dictator, who is going to fail, and warns markets will reverse one he takes office. Its too early to taper. Thats the message from ecb executive board member Benoit Coeure, who tells cnbc exclusively the Central Banks policy is still working. Its too early to have that discussion on when it ends, and even when we taper. That discussion has not started yet, because inflation is not firm enough, sustainable enough. That will come, that will come later. Theresa may meets top wall street bankers as a slew of lenders unveil plans to move jobs out of london. But the uk Prime Minister tells cnbc the country is open for business postbrexit. What were doing is setting up clearly for people what the position will be. Im optimistic, i expect to negotiate a good deal. But we wont sign up to a bad deal. Marine le pen is the frontrunner in the first round of the president ial elections according to a poll. The farright leader is in first place with almost 26 of the vote. And conservative Francois Fillon is just behind her with 23 to 25 . En inemanuel macron is in third place. I caug. Im worried of that. When protection and politics are starting to rise between countries, smaller countries who are small and open countries, there are those getting hurt by it. For norway, its a bad deal. We are high cost country with a lot of high cost exports. We are managing that quite well today. We are having to transform our economy. I also think it lowers the wealth of the whole of the world when you have more tariffs, more technical obstacles for corporation. We see we have lifted more than 1 billion people out of extreme poverty in the last 20 years due toparticipation. Donald trump called nato almost obsolete. That must be a concern for you. I spoke to donald trump, he did not say nato was obsolete. He said he is a great supporter of nato, he just wants us to pay more of the bill, which also obama wanted to do, and all american president s have. I think its important nato answers to security issues, and all are spending on defense. We will do that. We have also a large transformation of our defense. I think the United States will always need some friends, and their closest friends are in the nato alliance. British Prime Minister theresa may has been meeting with top u. S. Banking bosses on the sidelines here in davos to try to allay concerns after she confirmed the uk would quit the single market. Corporate leaders are hopeful that may will back calls of a transition period of several years allowing the Financial Sector to adapt to brexit. This is really interesting. We had some pretty feisty comments from the Prime Minister of the netherlands yesterday. He said the people that voted for brexit in the uk chose to be poorer in order to stem immigration. I caught up with him yesterday. I said thats kind of a bold statement to make. Does he stand by that . Listen in. This was the choice. The choice always was that when you want Economic Growth, being part of the biggest market in the world, which, the European Union is, to leave that market with all the consequences that that entails, theres consequences you have to face up to. They wanted to do this because they wanted to control immigration. Do you believe the uk people chose to be poorer . They had a clear choice. I still remember David Cameron three weeks before the referendum giving me a ring and saying the debate has shifted from the economic argument, which he was winning, shifting to the immigration argument. Clearly he was losing on that argument. I always told him, i was on bbc and other instances, i told people this is a clear choice. If you want more control of immigration, that will work against Economic Growth. You will get poorer by doing that. The sad thing is that i think at the end of the day, net immigration into the uk will not come down. Also in the future they will need many workers, also from Eastern Europe to fill the vacancies. Lets say youre right and the uk people said we would be happy to be poorer in order to control immigration. That says a great deal about the structure of the eu at this moment. Im not sure they were happy to be poorer, but at least the choice was on the table. It was clear on the table. People said, well, we dont believe these numbers. We just want to regain sovereignty. I think the European Union, we all are sovereign. We all can leave, in many instances we have visa rights. Its always been a silly argument that the uk would regain its sovereignty by leaving the European Union. Your finance minister said today he expects massive unemployment by 2037. The uk is going back to the 70s. I think hes right. I spoke today with Many International institutions, companies, banks, big, big organizations who are really thinking not thinking, theyre in the decision phase of leaving the uk, leaving london. Leaving the city. Do you think theres delusion out there . At the moment if you look at the way the market is looking at brexit, it doesnt look that bad. It doesnt look like the uk is going in that direction at this moment. Are people delusional . We have not seen the impact yet . In the shortterm, when your currency is devevaluating against other currencies, look at the shorter term and the longer term to the strength of the economy. Are you going to make it difficult for the uk to sign some kind of agreement with the eu here . I dont hope so. It is the right of the uk to trigger this famous article 50 and to leave the esu, but its their sovereign right. This is fascinating, you have the dutch who have elections in march going brexit will be a complete disaster. Dont look at righthand side of the political spectrum. Thats the pressure they face. But you heard him push back on me there saying, look, we still want to remain in europe. Its the immigration problem driving this not the idea of not wanting more eurozone and not wanting eurozone membership. Interesting, in my sense, the feedback is that that was scaremongering, similar to what we saw in the brexit campaign. You have main stream leaders being accused of populism, but in the opposite way. Lets see how this will unfold in france. Want to talk more about the president ial elections in france this year with helen rey from the London Business school. Thank you very much for joining us. Do you think in france this year we will see a trump moment . Well, i certainly hope not. But of course, you know, i dont want to be too wishful thinking. If we look at the recent polls, it is true that Marine Le Pen has been polling first. I will remind you that one of the very important characteristics of a french electoral system is that we have two rounds. In the past, he will pen madele the second round, but then was completely voted against. I still believe thats the baseline scenario. If she makes it to the second round that a lot of french people will vote against Marine Le Pen. But macron or fillon, if they want to pick up voters on the right, they have to move to the center or to the right because there are concerns about immigration and joblessness in france as well. Mr. Fillon is very much to the right in terms of his electoral campaign. As you may have followed the primary, he was particularly to the right already. As far as emanuel macron is concerned, he is towards the center. The position are clear. Marine le pen is like a lot of populists these days and playing a very weird card. So on the social values, very regressive, still scene xenophobia, on the left, demographic statements with no Budget Constraints in mind. Totally unrealisticosition propositions. So its extreme left fr, not thought out, from the social side, antiprogressive. This is the point with populist politics, pulling from both sides of the political spectrum. Thats the challenge for the mainstream politicians. Fillon is a reformist at heart here. We go one way and down this populist, dangerous route for the eurozone. On the other hand, we see a france ready to make reform and changes, and becoming the pillar that the germans hope france will be one day. Do you think thats what happens in this situation . Are you hopeful thats what happens . Or is Marine Le Pen, even if she doesnt win this election, still going to be a problem . You cannot wipe out the problems that her electorate is facing. Just by one strike, right . So the problems will still be there. Indeed france needs a few reforms. Both macron and fillon are looking to take some reforms. In that sense i think this election could prove very important turning point because we have seen a pretty disastrous string of electoral results from brexit to trump in the United States, an theres opportunity here for europe to kind of show a different way forward. I very much hope the French Election will be the turning point. And a new start into 2017 after a pretty disastrous 2016. Helen, thank you very much for your time. Appreciate it. Helen rey, economist from the London Business school. Louisa, back over to you. Thank you. Well come back to davos in a bit. Stay tuned for an exclusive interview with a member of the board of the deutsche bundesbank. I will be joined by him after the short break. Diu 8 e dteualn feat d drles diu 8 e dteualn. A lot of questions going to be asked of european leaders this year. I handled a panel yesterday and we were talking about this. I asked was donald trump the leader that europe needs in order to bring the eurozone together . The president of the euro group weighed in. Weve been under the american umbrella for a long time. The whole postwar period. If i take the president elect serious, and i think we should, that umbrella will go away to some extent. Which may be a good thing for europe. Maybe we need to leave home and become more independent and really think about our position on the global stage. For the ecb they stuck to that status quo after opting to keep rates and the qe program unchanged. I spoke to Benoit Coeure this morning and asked him about the outlook for the Financial Sector in london following brexit. We have to err on the side of caution. The ecb is supervising european bonds. Im not on that side, but we have a responsibility. So certainly the way my colleagues in the supervisory arm of the ecb will look at it is to make sure any bond that moves to the eurozone will be supervised and have risk management, which will be appropriate, sound enough, solid enough and they will have that discussion. Will you agree its going to be very, very difficult for the uk to keep hold of this in a hard brexit scenario . Its too early to tell. Theres lots of business beens. They depend a lot on the environment. Its still too early to tell. Since may talked ten days ago about the prospect of what will happen with the uk separation from the eu, and this belief of seeing a hard brexit, weve been asking a lot to of questions about trade. We have not been talking about what this means for the Financial Sector. You heard it there first from Benoit Coeure, there will be questions. And also questions about financial passporting. We heard people saying they will pull staff out. And hard brexit scenario, theyll have trouble. Thats what we got today. On the other hand i still feel theres a lot of uncertainty. Yes, some of the banks are making announcements, but i talked to the ceo of Credit Suisse the other day, he said we need more clarity and we vent made a final decision yet on the number of people well relocate from london. London will still remain a key part of our business. It always will be. Its not the death of london. No. What this comes down to again, particularly with the uncertainty, is the transition period. What is that transition period going to be . We could talk about this for the next two hours. Just taking it back to the studio for a minute, adding another voice, Andreas Dombret is here, member of the executive board at deutsche bundesbank. Good morning. Good morning. Interested to get your initial thoughts on what happens if we start to see some of these bigger banks moving a large number of people out of london. You must be hoping they all come to frankfurt. I dont think so. That that what we are interested in that the single rule prevails and it doesnt matter from a Financial Stability point of view, whether banks want to relocate, it should make no difference. What really is important is that the corporates in the eurozone get all products in a competitive manner with as little disturbance as possible. Im convinced there will not be one winner but some sort of fragmentation in the relocation. We expect actually and i personally expect for those banks who do want to relocate to make a decision in the first half of this year. How big a portion, if you look at some banks who have indicated already, we have a number of them, ubc, Goldman Sachs also rumored to put a large number of people out of london, how big a portion of that do you think you can get in germany . Its too early to say. The quote of benoit, who was just on before me, its too early to tell. Its not for us to give any advice. This is a private sector decision. The private banks are making their decision. We wont advise them. When they come, wherever they go, regulators and supervisors have to be ready. Theyll have to have the thought process well advanced. And this is the reason why i do understand why many banks are visiting supervisors, like myself, on a regular basis trying to find out what would we have to expect should we relocate in that case to frankfurt. Ive had a number of visitors on this topic. And we are talking to everybody. Were not advertising our Financial Center. The city of uk, a powerful financial lobby, theyre suggesting limited Market Access for some finance sectors. How would that possibly work . You have to ask the city of london. What theyre really putting forward is this idea of eequivale eequivalents. Im not so sure equivalents is a real full substitute for passporting. You have to ask the city of london about that. Every suggestion is welcomed. But the question is, if i think about a relocation, partial relocation, do i have enough legal basis, enough economic basis to really base my decision on that . That passporting will always be fine. Whether equivalents or not is fine is a twoway concept for me. What do you think the biggest risk is looking at a suggestion like that versus straightout passporting. Where does the biggest risk lie . I dont want to comment on a suggestion where i know far too little about. I know what passporting will mean, this will work and Everything Else we have to see. The real question is if ths thi one to one substitute . I dont think so. I look at the mergers, how would this shift the landscape, do you feel, for trade and also cross border trade . This is an ongoing process. Right now the European Commission is looking into a special aspect of competition issues. I dont have any say, nor will say anything about this we have to wait for this. Eventually, should this hurdle be passed, germany and in particular the state will have to think about their approval. From an economic point of view, clearly in times of renationalization, International Cooperation is something which, as a concept, i do like. I do support. Clearly it needs to be implemented in a sensible way. But to have a bridge between the largest and most significant Financial Sector in europe on the one hand, and Financial Center in europe. On the other hand the largest economy, that doesnt make a whole lot of sense, but needs to be implemented in a sensible way and pass those hurdles. I do believe it can make a big difference in terms of International Cooperation and i see the logic. Perversely, if i may add, the brexit decision is making the Business Case of a London Stock Exchange merger more compelling. Merkel come paining for a fourth year in office as well. You have the German Economy growing at the fast the rate in five years. You have not needed to go for new government borrowing for quite some time. Also looking at a public Budget Surplus well above billion you euros. The way i look at it is germany and others, but also germany is a stability anchor for the eurozone and for the European Union. We do help the eurozone and European Union by having a strong s strong, stable economy. We trade mostly with other european countries. This is why it would be not good for the European Union or for the eurozone if we would go slowly and if we would go softer. So a Strong Economy makes sense. Andreas, thank you very much for coming in to talk to us. Andreas dombret member of the executive board at deutsche bundesbank. Lets head back out to davos. Final word from you guys . One word . One word to describe davos . Probably optimism. Uncertainty i think. Who knows how this will go. You know what . I think the davos consensus is not usually spot on. Last year who would have thought brexit and trump would happen . Lets see what 2017 has in store. Davos consensus, run for the hills. Time for a coffee now. Thats it for our davos coverage this year. Worldwide exchange is up next. Good morning. Today is the day the world is watching as billionaire Businessman Donald Trump will be sworn in as the 45th president of the United States. Whats next for wall street . Stocks have been on a roll since the election. We debate where the markets are headed after the transition of power. And follow the money. Two billionaire investors reveal their post election positions. Its friday, january 20, 2017, Worldwide Exchange begins right now