of energy crisis, and another reason i will say, that is the interest rate sensitivity, because in some countries you have a really high debt level for consumers and also for businesses, and when you have a higher debt level in combination with higher borrowing costs then you are going to have quite a big negative impact on your economy. negative impact on your economy- negative impact on your economy. negative impact on your econom. , , y economy. so ust briefly then, robert, economy. so ust briefly then, robert. what economy. so just briefly then, robert, what do economy. so just briefly then, robert, what do you economy. so just briefly then, robert, what do you think - economy. so just briefly then, robert, what do you think the | robert, what do you think the european central bank will decide this week? we expect them to raise decide this week? we expect them to raise the decide this week? we expect them to raise the rate - decide this week? we expect them to raise the
pain in the short run but it raises the total level of pain over time and that is why i think it is very important that the fed be prepared to act. the imf and the fed be prepared to act. the w and the the fed be prepared to act. the imf and the world bank have been meeting and a big concern is the debt level of poorer countries seeing interest rates shoot up because of the stronger dollar. how big of a problem is that for the global economy? it problem is that for the global economy? economy? it is a critical problem economy? it is a critical problem for economy? it is a critical problem for the - economy? it is a critical problem for the african | problem for the african continent, it is a critical problem for a number of other countries and it is a problem that could, at any moment, start to cascade, as it did during the 1980s and that is why i hope there are going to be elements of strong cooperation that are going to come out of these meetings. i5 come out of these meetings
think it would be how to put a number on it, but the proof will be in the pudding in the next couple of months, because as things stand at the moment, the scottish government brought forward a nightclub closure fund specifically for those nightclubs who were forced to close, but the money is not in from that yet, and we have been paying our staff wages for six weeks. with absolutely no income. so it s a tremendously difficult period of time and there is no certainty about the future, and i have no doubt that there will be businesses that go to there will be businesses that go to the war, sadly. i have no doubt that those businesses will accrue significant debt levels and, relative to the english market, our members are running at twice the debt level that there english counterparts are. that s quite striking and very disturbing for those of you hoping to get beyond this. mike grieve,
crosstalk. do come back to that. i want to, as you are the bbc s environment correspondent, justin. don t you mean bbc s climate editor! - climate editor! forgive me. just in terms of that, in practical terms, pavel, what about the impact on the russian economy here? because the point is of we are told is that russia has built up these enormous reserves what?, $620 billion worth of reserves. its debt level s down. but a quarter of its exports are bought by europeans. i mean, china presumably can only step in so far, even if it is minded to, to help fill some of that gap. oh, well, it s an interesting example was what happened back in 2014, when europe imposed the first round of sanctions following crimea. one of the retaliation measures which russia undertook back then was banning certain the import of certain products from the european union,