[reading names] reading names] [bell ringing] [reading names] the reading of the names this year. An audio recording with the names of those who died in 2001 with families in the plaza area. Also two moments of silence to observe the fall of the south tower in new york city anticrash of United Airlines flight 93 in shanksville, pennsylvania. A different memorial. We are looking to that final moment of silence on the north tower fell in about 20 minutes time. We do want to give you an update whats making headlines outside the Business World and over the rest of the world. For that we want to give you bloombergs first word news. Thanks, President Trump and joe biden will mark the 19th anniversary of the 9 11 attacks in the same place but not at the same time. The president intends a Memorial Service in shanksville, pennsylvania, for one of the high jacked planes crashed. Biden will go to shanks bill but not until later in the day. Pennsylvania is one of the battleground states. Poll shows biden has a narrow lead there. The coronavirus outbreak, passed brazil this week to become the worlds second business yeg. The country is record lows to 100,000 new cases every day. India will soon also surpass the u. S. , which is the current number one. In the u. K. , Prime MinisterBoris Johnson is facing a revolt from his own party. Johnson wants to breach International Law and rewrite the brexit deal. It would give parliament a veto oferte move. The e. U. Has threatened legal action. Both sides say they want a trade deal, but time is n issue. U. S. Consumer prices roads for a third month in a row in august. The c. P. I. Was up. 4 . The big factor, the sharpest gain in used vehicles since 1969. They rose 5. 4 . College tuition costs, schools returnling to Remote Learning because of the pandemic. News 24 hours a day powered by more than 2700 journalists and analysts in more than 20 countries. This is bloomberg. Thank you very much. Lets turn back to that story, what is happening with brexit. We also need to talk about what is happening with the eurozone economy. Joining now Paschal Donahoe is the irish finance Prime Minister and theure row group minister. We greatly appreciate your time. Lets dive in. I want to start with brexit in i might. I want to get your sense of where we are in terms of the mood music amongst your colleagues within the eurozone. Is the e. U. Prepared to walk away from the trade talks with the u. K. If the u. K. Does not back down on pursuing its internal markets bill. The very high level of solidarity within the European Union. Most of my colleagues here in berlin today continues to be palpable, continues to be at the highest level. And the European Union is not walking away from this, but what the European Union is making very, very clear is we have an agreement. An agreement that protects the good friday agreement and also stands by the single markers which is at the heart of the european project, and also a Core Foundation of the Irish Economy and of our country. In order to look at other agreements in the future, we have to honor agreements that have already been made. This is an agreement that was made by the British Government this time nearly a year ago. It was a agreement made by the current British Government. And the prerequisite of any future agreement was to be honoring agreements that have just been made. The basis for current and future agreements is trust. How damaged has trust been . Trust has been damaged as a result of this. Its been damaged because of the nature of the announcement. Its been damaged because we have a process under way that was always predicated on an agreement that was just made. With that being said, the European Union and ireland is very clear that we want to engage. We recognize all that is at stake. We recognize the value of an orderly agreement in the future between the United Kingdom and the European Union. And ireland antiEuropean Union will not be found wanting in work, creativity to find a way forward. But that has to have a foundation. That foundation is honoring agreements made and honoring an agreement that was passed in the house of commonts that looks to get the pal right between protecting the good friday agreement, recognizing the desire and democratic will of the british people to leave the European Union, but also standing by the Single Market of those still in the European Union realize and want to protect because its so important to our few two. You laid out a really sound case for walking away from the talks if the u. K. Does not back down. You have to have some planning going on in back rooms. Whats the contingency plan . Whats the scenario where you walk away . From an irish point of view this time nearly a year ago outlined what kind of Contingency Planning we would have to deal with the consequences of brexit if an agreement could not be found. Within the European Union, my colleagues and all our Member States, for example an agreement made just before the summer, the agreement that looked to look at how we could create a new budget for the European Union, that agreement had within it to put funding in place to deal with the consequences of brexit for countries that are most affected by it. We have already done the kind of planning that is needed to deal with the consequences of brexit. And we stand ready to deal with what those consequences could be. But before we get to that point of having to deal with very, very difficult circumstances, again i would echo what many of the european leaders have said that stand by an agreement thats already in place. And lets lead our efforts to put in place and build upon that an agreement that can lead to a good future relationship between the e. U. And the u. K. Minister, as you say that is the positive outcome. That is in many peoples minds the desirable outcome. It is increasingly possible that we do not get a deal. If it becomes apparent that we are not going to get a deal, is it important who walks out of the talks first . There are matters that are a consequence of a decision or a statement that was made by i believe during the week. And i think my views and the consequences of that statement are very, very clear as are those of the European Union. As opposed to anticipating what might happen if the situation gets more difficult. Let me make very, very clear the European Union is ready to engage. The european commission, traveled to london this week to engage. But it is all based on the maintenance, the key assumption that we have which is you make an agreement, it will be honored. As opposed to anticipating what might happen in an even more difficult situation, lets just go back to where we were, if possible, with an agreement that was made. And lets see if it is possible to get a relationship that builds upon that. Prime minister, you are contending with the resurgence in the virus and a stronger euro. Christine lagarde yesterday seemed to take a back seat. They are worried about the stronger currency. Is the europe too strong right now to help receipt covery . Is the euro too strong right now to help the recovery . We always monitor an array of economic indicators. One of those is where we are from an Exchange Rate point of view. We are meeting here today. It was not a topic of discussion. Its a longstanding view of the eurogroup. It is so important to us an Exchange Rate reflects the economic fundamentals of the euro area. It was not a subject of discussion today. And this is a matter the president has commented on. What is your assessment of where we are going into the autumn . The Economic Data has improved over the summer. Do you expect that to continue . What degree of certainty going into that period . We are, of course, in a atmosphere at the moment in which there is much uncertainty. The figures released by the European Union a number of weeks ago did point to a decline in income. National income across that period of nearly 12 and decrease in employment of nearly 3 , which is affecting so many millions citizens within the European Union. As we look where we are at the moment, we have seen evidence of growth, of a rebound now in recent weeks and months. And as we look to the future, we believe it is very possible to build on those signs of recovery. In particular as we move into 2021. But thats why the agreement that has been made by the European Union in relation to the recovery is now so important. What the European Union has done is created a new, very strong economic tour the purpose of which is to strengthen the recovery in europe at a time needed the most. Which is when we move into 2021 and 2022. For the eurobond, the European Union, it will recover. What we have now, don, true building on other interventions put in place. Gives us the ability to drive this recovery at a time when further support for us will be needed. If there is a second wave, and this is the beginning of it, is the eurogroup going to have to do more than that 750 billion euro . We believe we have things in place at the moment. We believe the scale and timing. We did have a discussion in eurogroup today regarding the current economic status. At one point i reiterated in a message that came out of that euroarea of discussion is the importance of taking care with the changes, change in levels of economic support that are there at the moment. We dont want policy cliff edges within europe at the moment. We dont want a withdrawal of economic support that are there. What we want, and this will take very careful judgment and will take much debate and consultation within the euro area, is get to a point that the changes and level of economic support are in line with hopefully an improving recovery. We believe the use of judgment combined with the deployment of the recovery and Resilient Fund in 2021 and 2021 are the kind of measures that are needed to guide the recovery within the euroarea. But as always, we keep all of this under review. We meet every month. We are all aware of the nature of this recovery, how its difficult from recoveries in the past and the need to support it. It was pointed out in a News Conference earlier on, Financial Markets sentiment towards europe has improved. How do you sustain that improvement and keep it going . What do you need to do as the eurogroup . I think the three elements for the continued maintenance of this confidence as noted early on Financial Market septemberment towards the eurois strong. As a result of the work that has been led by president lagarde and also because of the work that has been done at a budgetary level at the European Union. Three more elements regarding how we can maintain it, firstly the deployment of the recovery and Resilient Fund. A huge economic till to support economic recovery. Secondly, looking to make continued and steady progress in relation to the completion of Banking Union and acceleration. And thirdly, just go on to a point which at the moment ago which is taking care regarding how we change the level of budgetry support and supporting individual Member States in making sure the right National Form plan for their economy, and as i said, we adjust the and take with care in response with employment and investment in each economy. I think within the euro area as we work to deliver those three important Economic Policy blocks, it should be the kind of change that is needed to maintain to support. We have to leave it there, first down recall. Wed love to fip wed love to continue the conversation. Thank you very much for your time. Its a busy time. Joining us now is bloombergs david merritt. You were listening to the interview. What was your take away where we stand with brexit now . Dave i thought it was interesting the tone of mr. Donahoe. Theres been so much noise and fury this week on both sides. Very strongly worded statements from the European Union and from the British Government. Lots of threats of walking out. We have had a very calm response and motivation is clearly still there to get a deal and a belief that there is a deal still to be done. There is work going on behind the scenes. What the headlines thats been grabbed by this huge row over the Northern Island and controversial bit of legislation that mr. Johnson has introduced, perhaps all is not lost. In fact both sides still want to get this deal done. Will parliament here in the u. K. Even allow Boris Johnson to pursue this tact . David that is the big question everyone is asking today. Theres been an amendment tabled to this bill, which effectively will neuter it. Give parliament the final say. This government isnt supposed to be dealing with rebelons. They have a huge majority that mr. Johnson won last december. They run a very tight ship. Remember when they threw out all those very senior conservatives voting against the government . Even so youve got a growing list of conservative m. P. s who say they are either going to vote against this bill or vote for this amendment. I heard from one this afternoon giving that support to this amendment. Can they keep this rebellion in check . Even if they can get through the commons, it was widely expected to be blocked in the upper house, the house of lords. The path of this legislation will not be smooth and next week we might hear mr. Johnson suffer a significant defeat. Were he to do so, what are the implications for his government . In theory he has an absolutely massive majority. He should be absolutely cast iron in his ability to dictate to parliament what policy he thinks that he thinks this government should be pursuing. What does it tell us about where faith with the countrys in him, parliaments faith in him, his partys faith in him . David i think its a very good question. Theres been many questions asked over the last weeks and months around the capability of mr. Johnson to do this job. We know he was very ill from covid19. Question about how long he has taken to recover. He has not had a good crisis, pandemic crisis, his popularity has fallen off a cliff. And there are lots of whispers on the back benches about how long he can really continue. Its extraordinary when we consider the scale of that victory back in december. We talked about him having a free reign and one of the most powerful politicians in memory. And that has evaporated over the course of the summer with all these different missteps and u turns by his government. Then this on top of that. There is a growing sense that he is losing his grip on power and is not the force in british politics that he used to be. That vote next week, thats where i think could be a key moment. If enough of them are willing to rebel, then maybe hes not going to be around at downing street as long as we thought. Today should have been a victory lap for the u. K. Government. It has signed a deal with japan. Its going to add great deal of not going to add a great deal to the u. K. G. D. P. Nevertheless has it been overshadowed . Are deals such as these call into question if the world cant trust britain to stand by International Agreements . David i think very much overshadows it. You are right to highlight the economic effect of it is very small indeed. The scale of the trade is completely dwarfed by the trade that happens with the European Union and crucially with the united states. We heard this week from the u. S. Nancy pelosi saying that any chance of a u. S. U. K. Trade deal is completely off the table if Johnson Presses ahead with this legislation, which in her view does away with the good friday agreement. There is a huge knock for this tampering of the agreement with. So bigger deals. They can chock it up as a win, but the big prize is still to come and thats whats in danger. Thank you very much. Lets hear from greg on that subject of the deal that has been done with japan. He is the u. K. Trade minister. Take a listen. Its our first major pretrade agreement as an independent trading nation now that we have left the European Union. With one of our best friends and allies and biggest trading partners and biggest economies in the world with japan. So its a very significant moment for all of us, for the contry, for the government, and actually it improves on the e. U. s existing deal with japan in particular areas. Particularly on digital. Particularly on nngs services. Financial services. And also on u. K. Food and drink. So there is actually some really improvements on the existing e. U. Trade deal with japan. Its a very good statement for Global Britain as we go forward. Minister, why should the japanese believe