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we begin with the turmoil on financial markets today, the pound sterling continues to languish against the us dollar and several other currencies. the slide in its value was triggered by last week s mini budget, with its controversial package of tax cuts. let s get historical for a moment. we have records for sterling against the dollar going back through history, and in the early hours of monday morning it reached an all time low that is since the creation of the us currency in 1792. let s take a closer look at the past few days the dollar has been strong but this further drop down is about sterling weakness, with a bit of a recovery and then falling back again. you can see this dramatic few days, sterling weakness with a little bit of recovery before it fell back again. on friday and monday there were massive moves within a day, which for a currency like sterling is rare. and one of the impacts of a low pound means that we import inflation, oil and gas is more e ....
The country will also bring in income tax cuts worth 6.2 billion euro and finance some of the extra spending the government is banking on potentially optimistic forecasts for economic growth and an explosive pension reform which has not yet been passed. joining me now is tomasz michalski, economics professor, hec paris. nice to see you. i say it is a familiar tale because many countries in europe were facing very similar challenges. talk us through this budget in france and how it has been received and what you make of it. ., ., . ., ., , it. the announcement that was made yesterday it. the announcement that was made yesterday was it. the announcement that was made yesterday was a - it. the announcement that was made yesterday was a little - it. the announcement that was made yesterday was a little bit j made yesterday was a little bit surprising for many observers. clearly, what the government tries to achieve to stem down any possibility of social ....
Uk and europe the situation is quite different. interest rates are rising, but they are really rising because prices are going out of control as the result of their shock in the energy markets. so while they are rising everywhere, they are rising everywhere, they are rising for different reasons. in the us it is much more palatable. it s their response to strong growth. in the uk it is really to try to control rampant price pressures and have us use less energy and consume less in the meantime so that we can blanket some of those precious everywhere. so it is different. it is different. thank you for -auttin it is different. thank you for putting this it is different. thank you for putting this all it is different. thank you for putting this all in it is different. thank you for l putting this all in perspective for us. it is very helpful. let s get some of the day s other news. the world bank says economic growth in east asia and the pacific region will weaken sharply this year ....
In ukraine, how does europe wean itself off coal and gas? in all russia s turmoil, it has never quite come to this. president yeltsin said today would decide the nation s destiny. the nightmare that so many people have feared for so long is playing out its final act, here. russians are killing russians in front of a grandstand audience. it was his humility that produced affection from catholics throughout the world. but his departure is a tragedy for the catholic church. this man, israel s right winger ariel sharon, visited the religious compound, and that started the trouble. he wants israel alone to have sovereignty over the holy sites, an idea unthinkable to palestinians. after 45 years of division, germany is one. of europe s biggest and richest nation. after 45 years of division, ....
Kevin peachey, bbc news. so, check the back of the sofa. as europe grapples with an energy crisis and fires up coal power stations, questions remain on how europe will eventually transition to green energy. this week the european commission s biggest event dedicated to energy efficiency and renewable energy, the european sustainable energy week takes place culminating on friday when the eu s 27 energy ministers will meet for the third time to discuss a set of response measures to the energy crisis. joining me now is arjun flora, director ieefa europe. a warm welcome to the programme. just tell us what they are discussing throughout this week and what they are hoping to achieve. ....