In one of the Fastest Growing jobs categories, we created a certification program. You can earn one of these certificates and build a consortium of Companies Including walmart, bank of america, intel, hulu, and others, so that once you earn this, it is basically a light degree. For us, one of the very important things is each of us has a responsibly to address these issues in society. I think our view is that if we come together and work cross through and ideally private partnerships, we can magnify the impact we have. You will continue to see more of our efforts there. Ian you heard kristalina say we need to g20 to not just do no harm, but they need to coordinate. You are saying the same thing for the private sector. Are you finding that that challenge is more of a lift, both within your sector, companies that have historically been very tough competitors, as well as across sectors when you dont have the connectivity . Ruth i think we are seeing that single Point Solutions are important, but from the extent we can come together and look, for example, at cross industry solutions, we can have a bigger impact. For example, one of the programs that we have developed we have developed with cities to identify what some of their needs are. For example, in the area of Climate Change, cities came to us, and one of the questions they had was what is the Carbon Footprint come as we have created a tool to address and help them identify what is there Carbon Footprint. There are areas like that where, hearing from cities and doing publicprivate partnerships is substantially more potent. In the area of covid, one of the first things we heard was what was going on with social distancing, and where the programs actually working. We created a tool for what is called social mobility that aggregated data into anonymous data that allowed cities to understand, where their programs in fact working. It is these kind of efforts when you can leverage the technology need to magnify. Your impact to magnify your impact. Ian tell us about where you think the biggest breakthroughs are going to be through Artificial Intelligence and helping us to create radical new efficiencies that will allow us all to think about the climate challenge very differently. Ruth we are already applying ai to Climate Change in a number of areas. One that i am particularly excited about is we believe we have the most Efficient Data Centers globally, and yet we challenge ourselves to say how can we improve Energy Consumption in our data center. We infect lowered Energy Consumption by 30 . That is starting from a base we already thought was pretty strong. We have now opened this technology to others to say, how can you similarly apply ai to enhance your Energy Consumption . In floodso using ai protection. That would give you even a bit of an early lead on flooding can save lives, so it is everything from what is going on with crops to what is going on with flooding, how you run your business, and we are continuing to look at ways than ai can improve efficiency and help save lives. Ian an unfair question to you because over the last few years, whenever we see climate scientists, the more we learn, it turns out it is a lot worse than we thought it was. Do you think there is going to be a reversed process, that the more we learn about ai, the more robust our capacity to actually turn all of this back in terms of climate . Place inwill have its helping with Technology Solutions i have already described. One of the most important elements as we are turning to the topic of Climate Change is what does each one of us do, and do we have federal and double polities that are supportive of other efforts, core to what we are doing at google. Ian thank you so much. Now we are right on time for Mike Bloomberg, who everybody knows. Thanks for organizing all of this, mike. Maybe let me start with you by trying to cfo that was alphabets speaking at the Bloomberg NewEconomy Forum. You can continue following the livem on bloomberg. Com or terminal. The s p is down by 0. 2 . The pound is also giving back a little bit of ground this afternoon. We will talk more about what is happening in the brexit negotiations in just a moment. The covid effect is no manifesting itself there. We have also seen some would argue a return to mainstream economics in the turkish central bank, and that is having a huge impact today, as you can see, on the turkish lira. It has faded a little bit, with the dollar down by one point 7 against the turkish lira today. We have seen 475 basis point being added to the rate in turkey. Alix we will discuss that later on in the hour. Now lets look at all of our top stories we are following today. There are now 56 million cases globally, and 1. 3 5 million deaths. In new york city, Public Schools are now closed, and new York Governor Andrew Cuomo says Indoor Dining and gems could close down again. Max nisen of Bloomberg Opinion joins us now. De blasio in new york saying now it is a question of when, not if. Max that is not a message that surprises me too much given the trajectory here and what we are seeing nationwide. I think it is just a general indication that there seems to be at least some seasonal affective the virus, that as the weather gets colder, it gets harder to control. Just when you have a nationwide wave, even in areas that have done a pretty good job of keeping things contained through december and the fall, we are starting to see an uptick. When you are closing schools, it is pretty hard to justify not shutting down some of these other areas, especially when from a societal standpoint, there is probably a better argument for keeping schools open. The vaccine news is coming thick and fast now. What did we learn from astrazeneca today . Max we got data from a trial that showed a robust effect, and this is lab assessed rather than the real world trial data we have seen from moderna and pfizer, but quite encouraging on a vaccine that is going to be really important. It appeared to predict to protect older people at the similar rates as younger people. Hopefully their full trial data comes in the next couple of months and will measure up to but we are seeing so far. Guy max, thank you very much, indeed. Lets turn to what is happening with brexit. The European Union is facing a grueling battle to overcome a threat endangering billions of euros in pandemic relief as ecb president Christine Lagarde warns of a dangerous delay. Joining us on that subject is chief. Rgs brussels euro walk us through where we need to see progress. Where do the compromises need to come . There are two big problems today. That there is a covid incident in the brexit negotiations, and the second is the recovery fund. The package that was agreed by eu leaders last summer is now been blocked because hungary and poland oppose the kind of disbursements. Haveu leaders are going to a call and hour from now. We dont expect a resolution today. The issue is going to drag on for weeks, maybe months, and it is all but certain now that the stimulus package will be delayed. How long we dont know. It depends whether poland and hungary will insist on their veto were not. Alix Something Else delayed now is brexit talks. Michel barnier tweeted earlier that with david frost, they decided to suspend negotiations. The team will continue their work in full respective guidelines, as some on the team have tested positive for coronavirus. Where are we with the talks . Nikos it is the latest in a series of unfortunate events that have halted these talks from the beginning. The timing is especially sensitive because the two sides were hoping to reach an agreement by early next week to allow enough time for ratification of a potential trade deal by the end of the years. Is this going to be a catalyst, the fact that the two chief negotiators have withdrawn from the process . Probably not because negotiators are at the lower level that continue their work, but it adds another layer of complexity in the process. Alix thank you very much for that report. We are also watching turkey, raising its benchmark Interest Rate by the most in over two years. The move now sparking a rally in the lira. Joining us is bloombergs turkish market reporter. This was the most important decision of Monetary Policy into years in turkey. The turkish lira has seen ups and downs, holding to a new record almost every day. The central bank made an important step today to restore its credibility. The key thing to watch is whether it is able to stick to tight Monetary Policy. Guy so we return to mainstream economics. We will see whether the president sticks to it. What does it mean for the turkish lira . How much momentum do we have their . Over 2 today,p and the bestperforming emergingmarket currency. The currency has a lot of room itappreciate, mainly because has been the worst performing this year, while most emerging markets either gained or studied , so there is room to appreciate. Guy thank you very much. X. Ts carry on, ali alix just a final point here is what we are going to be watching for next. Many analysts saying that hike is the first thing to look out for. Selcuk the key is to keep rates high above the inflation rate. Bank keeps at high and then signals that it may hike rates even further on , then i guess that would be a better policy change for investors. Guy thank you very much. I want to turn to the Bloomberg Economic forum. Mike bloomberg, the founder of bloomberg lp, is now speaking alongside the imf managing cfo. Tor and the alphabet mike in china, i think they do require a lot of people to take a vaccine. We have a very different system in america, and i can only speak to that. I think the ways you get people to do it is slowly have people take it and show that they are living longer, have fewer cases , and it didnt hurt them at all. You have to do it by example, and slowly over time, each day, a few more people will take it. You will get to the point where vaxxers arent going to take it, and they will suffer. It defies explanation why somebody walks away from all of the medicine and all of the science, but we would you but you will get a vast majority of the people as long as you do it slowly and we dont have leaders who are out there speaking falsehoods and trying to excite people to do stupid things. Ian the other piece of this goes squarely to the tech sector and ruth. Because at least on the vaccines, we are going to see the democratic and republican parties all saying this is a good idea, lets take it, but there is a level of absolutely crazy disinformation that continues to explode in the media and in social media that says, no, bill gates is trying to put a chip in your head. What can google do, what can the tech sector do to try to ensure that we actually really reduce this and ive asked this Antivax Movement so that we can get back to our lives as quickly as humanly possible . Ruth disinformation is sadly not new, and we have invested to make sure we are doing everything we possibly can to elevate authoritative information as it relates to, for example, covid. We were very tightly partnered with world health organization, and we continue to do that. Mike made a very important point. Is of the first thing we did aggregate this data and put up some very important points like wear a mask, social distance. Unless we have clarity in our Public Policy statements, it is going to be hard to break through. We are doing a lot of work right now to try to make sure we are elevating authoritative information. One very important element related to covid, one of the things we were excited about was to partner with apple to come up with an app around Contact Tracing, exposure notifications, another very valuable tool in trying to slow down this ghastly disease. Mike was helpful in ensuring that we get this implement it in new york in the tristate area, but social notification Contact Tracing cannot be effective if there is not massive pickup of it. So we need Public Policy consistently around these statements, and then we can amplify with technology in terms of solutions that we have. Ian now a question for you, kristalina. When will debt burdens around andworld begin to bite constrain our ability to make Strategic Investments . Certainly one of the big stories we have not yet talked about is the fact that debt around the world is only going to increase. Interest rates right now are low, probably not forever. How do you think about that from the imf perspective . Ms. Georgieva in some countries, debt burdens are already crushing businesses and economies. What we are seeing around the world is indeed, we started this crisis with high levels of debt, and not surprisingly, we have seen an increase everywhere in advanced economies, public borrowing, Government Debt has gone up by 20 of gdp. Now the countries with 25 of gdp in emerging markets, that 65 , has gone up to around an increase of about 10 . In poor countries, debt levels have gone up to around 50 of gdp. Countries and countries that stepped into this crisis already with unsustainable debt levels that we do need to take action today. Debtve seen two restructurings in ecuador and argentina. We see these discussions around zambia. There are other countries where this issue is pressing today. I want to flag that there is also corporate debt. Right now, the corporates are being helped with policy support. Everybody is being helped with low Interest Rates in most countries. Supporthis policy gradually is reshaped and we and thishealth crisis is withdrawn, there would be debt issues to be sorted out, so what is the imf doing . Hard forave lobbied Debt Service Suspension for the poorest countries. 44 of them have taken advantage of this. So as their economies are in standstill, their Debt Services are in standstill. Ourselves, for our poorest members, provided 29 of the countries that have debt obligations to the imf to not april, actually until depend, is relieved. We work with countries on a casebycase basis to establish how we can bring debt down to a sustainable level, and we work with countries to help goods regimes for dealing with bankruptcies. So there can be credible, prudent exit without harming the broader economy. I can say in conclusion that this topic is going to be with us. But Interest Rates are low, debt eventually has to be paid back. The best way to do that, economic growth, Debt Service Capacity improves. That withe to assume a democratic President Administration coming in, republicans are going to be much more interested in deficit reduction again. Given what is needed in the United States, what is your view on u. S. Debt broadly and how you think an American Administration , a Biden Administration, should go about that . Mike everybody is a debt hawk when they are out of office. When they are in office, they want to give the voters has many goodies as they can so they can stay in office. The republicans will now go from being a prolific party to a party that is worried about the deficit. We are going to have to deal with this. I think it is inconceivable that we could pay this down in any meaningful percentage of time. We will keep rolling it over. We will learn to live with it. As long as america has the currency that the whole world depends on, it is ok. If, however, chinas currency becomes more important than americas, then weve got a very big problem. I dont know that any one administration, a Biden Administration or whoever comes later, is going to have any unique solutions to do something here. What weve got to do is get the economy going back again and have companies generate revenue and pay taxes, and individuals pay taxes, and then stop expanding the expenditures all the time. Growing cities keep growing faster in the number of people that work for them than in the number of people paying taxes, and that is just unsustainable. You look at new york. A lot of wealthy people are moving to lower tax states. If you look at industry around the country, a lot of companies are moving to right to work states. They are trying to do what is right for themselves, and each state is trying to compete with combinationor the that will be the best for their citizens. New york is a high tax state, but i would argue i live here and plan to live here for the rest of my life i get good value for the taxes i pay. I live in the most wonderful city in the world, and i am glad my family is here, but not everybody does that. Everybody is in competition, one state to another, for our companies and our citizens. And then america is in competition with countries all around the world for who is going to make the products. Right now, america buys its chips more and more from china. We are not selfsufficient anymore. You do see Companies Like google and microsoft starting to make their own, apple now making their own, just because the american industry stopped making them. We outsourced this stuff, but nobody wants to be dependent on somebody else. So we are going to have to rethink runoff a lot of what we do here and how we deal with to rethink an a