:00:00. > :00:00.ceremonial process we are seeing now. We see the general receiving
:00:00. > :00:00.the King's formal endorsement as head of the ruling military council.
:00:00. > :00:07.Those are the latest headlines from BBC News. Now for the latest
:00:08. > :00:18.financial news with Alice Baxter and World Business Report. The business
:00:19. > :00:22.communities in Asia and Europe react to the elections in Europe, and look
:00:23. > :00:27.at how they might influence the way it is run in future. And the latest
:00:28. > :00:32.in our series revisiting those affected 25 years after the fall the
:00:33. > :00:41.of the Berlin Wall. This week Estonia, and what was dubbed the
:00:42. > :00:47.singing revolution. Welcome to World Business Report. I'm Alice Baxter.
:00:48. > :00:55.In a minute we'll have more on Estonia, 25 years after the fall of
:00:56. > :00:57.the Berlin Wall. But first: Europe's anti`EU protest vote has left
:00:58. > :01:01.business experts asking what it might mean and how might it
:01:02. > :01:03.influence the way the EU is run in future? Have we reached the high
:01:04. > :01:06.watermark of integration, and where would that leave the project of
:01:07. > :01:09.closer union that still underpins the single currency? And will we see
:01:10. > :01:16.restrictions on labour movements being re`imposed within the EU? Lets
:01:17. > :01:24.get some global business reactions. Carsten Brzeski from ING is in
:01:25. > :01:30.Brussels. Thank you for joining us. This swing towards the anti`
:01:31. > :01:33.establishment, anti` European parties, which we have seen
:01:34. > :01:38.throughout much of Europe in these elections, how will that play out in
:01:39. > :01:43.the business community? I think it will mean that further integration
:01:44. > :01:49.in Europe and in the eurozone will be much more difficult to achieve.
:01:50. > :01:53.What I am more concerned about is the repercussions on national
:01:54. > :01:58.policies and national politics, especially when we look at France.
:01:59. > :02:01.We will really have a problem. France economically is in trouble,
:02:02. > :02:06.and now politically. This could open a discussion at the European level
:02:07. > :02:11.about posterity versus structural reforms. What does this mean for a
:02:12. > :02:16.single currency in France, for example, much of the campaign of the
:02:17. > :02:22.National front was run on the idea that France will pull out of the
:02:23. > :02:27.euro. I think a single country pulling out is totally impossible.
:02:28. > :02:33.It doesn't seem realistic. Also not for France. What it does mean is
:02:34. > :02:38.that we might again get this confrontation between the French and
:02:39. > :02:42.the Germans. The French will now push for more time to implement
:02:43. > :02:47.their austerity measures. A will try to find a way out, to implement
:02:48. > :02:52.structural reforms. On the other side Angela Merkel will also be
:02:53. > :02:58.disappointed by the result, and she will not eat, it will not be easy to
:02:59. > :03:03.change her course. Without the functioning axis of French and
:03:04. > :03:08.German, there might be a problem in the eurozone. One of the other
:03:09. > :03:13.topics we have seen discussed across many of these countries which voted
:03:14. > :03:16.for the anti` E U trend, is a clampdown on the freedom of
:03:17. > :03:21.movement. That, of course, is one of the main underpinning beliefs of the
:03:22. > :03:29.EU. How would that affect economies? Adversely, especially if you look at
:03:30. > :03:33.the monetary eurozone countries, labour mobility is essential.
:03:34. > :03:39.Without it, we cannot have a functioning currency unit. That is a
:03:40. > :03:43.fact. If you look at the European Union at a wider European level, we
:03:44. > :03:50.might see some more labour mobility. But again, a monetary
:03:51. > :03:57.union across Europe, with severe labour market restrictions, it's not
:03:58. > :04:01.going to work. Thank you for giving us the European perspective on those
:04:02. > :04:04.election results. For the viewpoint from Asia, I'm joined by Linda Yueh
:04:05. > :04:06.the BBC's Chief Business Correspondent, who is in Singapore.
:04:07. > :04:09.Politics versus economics? For some time, the growing influence of
:04:10. > :04:16.Brussels has led to debates over the democratic deficit. Now, we have a
:04:17. > :04:22.glimpse of the views of voters. Not a great deal of reaction, markets
:04:23. > :04:28.are up on the back of promising news from the US. But globally, investors
:04:29. > :04:32.are watching. One of the biggest trading blocs in the world, it had
:04:33. > :04:37.been believed integration would continue in terms of the single
:04:38. > :04:42.market and what all countries except written and Denmark who are slated
:04:43. > :04:44.to join the euro. The rise of the Eurosceptic parties will raise
:04:45. > :04:50.debate about the direction in which Europe will head after these
:04:51. > :04:52.election results. Is Asia particularly concerned about
:04:53. > :04:57.possible implications on a single currency? I wouldn't say it is a
:04:58. > :05:03.particular concern for Asia, it has its own trade region to think about.
:05:04. > :05:10.But if I could take it again globally, into why it is it matters
:05:11. > :05:13.so much, the euro project has been one which has created the largest
:05:14. > :05:20.economic entity in the world. Bigger than the US, that is what the EU
:05:21. > :05:23.economy as a whole. There have been moved since the euro crisis in 2010
:05:24. > :05:28.to integrate the region further under a single currency or banking
:05:29. > :05:32.union. A fiscal co`ordination. All of these things are separate from
:05:33. > :05:38.what has been called the Democrat at deficit. Concerned that Brussels was
:05:39. > :05:43.power without consulting voters. What today's results show is that
:05:44. > :05:45.voters have spoken. I wonder if it means there will be further
:05:46. > :05:51.integration, solidifying this huge in economic region. Or there could
:05:52. > :05:56.be pulled back. That is one possible path for the eurozone after these
:05:57. > :06:00.results. Of course, it is not just about the eurozone, but about the EU
:06:01. > :06:07.as a whole. These results can't determine whether or not a country
:06:08. > :06:11.stays in or out of Europe. That is up to the national legislatures. But
:06:12. > :06:14.the inroads being made across countries ranging from Britain to
:06:15. > :06:17.Denmark to Greece, will certainly mean the EU will also be in focus,
:06:18. > :06:20.as everyone begins to die just what this means for further at usual
:06:21. > :06:26.reforms in the world's biggest economic region. Many thanks. It is
:06:27. > :06:28.25 years since the fall of the Berlin Wall, and collapse of
:06:29. > :06:31.communism in Eastern Europe. In Estonia, the break with communism,
:06:32. > :06:33.referred to as the singing revolution, was followed by a
:06:34. > :06:36.no`holds`barred introduction to capitalism, with a boom and
:06:37. > :06:39.subsequent bust. That bust was so severe its economy shrank by nearly
:06:40. > :06:41.20%. Harsh austerity measures had to be introduced. Public sector
:06:42. > :06:44.salaries were cut by 10%, but unlike in Greece, there was very little
:06:45. > :07:04.protest. Tanya Beckett reports from Tallinn. Estonia's operatic
:07:05. > :07:09.depiction of the agony of austerity, as the country fights
:07:10. > :07:17.back, after the financial crisis of 2008. For Estonians, in during
:07:18. > :07:25.hardship is a familiar story. `` enduring. In Soviet times we had no
:07:26. > :07:28.money. Even if you had money, you wouldn't have anything to do with
:07:29. > :07:33.it. Because there was nothing available, anywhere. Discussion
:07:34. > :07:37.about the sort of stimulus, posterity, and this crisis, has a
:07:38. > :07:42.lot to do with the fact that Estonians could get through it
:07:43. > :07:46.because they had gotten through much of worse for. Estonia's break from
:07:47. > :07:53.communism was called the singing revolution. It was a path to freedom
:07:54. > :07:57.paved with music. There was also spectacular joining of hands which
:07:58. > :08:02.started here in Tallinn and extended across the Baltic navy neighbours,
:08:03. > :08:11.Lithuania and Latvia. It wasn't long before they realised they would also
:08:12. > :08:20.need other hand to hold. The Prime Minister at the time of the
:08:21. > :08:24.transition was just 32. I was so young. When you are young you are
:08:25. > :08:27.not afraid of anything. You do things which others might consider
:08:28. > :08:31.impossible. Within a few years, the economy had left its Soviet past
:08:32. > :08:37.behind. But then came the most recent low. The financial crisis of
:08:38. > :08:43.2008. Estonia was hit hard, and sort its wealth shrink by almost one
:08:44. > :08:47.fifth. Any change in the surrounding economic system affects us quite
:08:48. > :08:52.badly. I think we have learned a bit from the financial crisis, in the
:08:53. > :08:57.sense of trying to come up with better policies to counteract some
:08:58. > :09:05.of the negative aspects of growth. So hopefully next crisis will be
:09:06. > :09:12.less drastic for Estonians than the last one was. And tensions are on
:09:13. > :09:17.the rise again. The troubles in Ukraine cast a long shadow over
:09:18. > :09:23.Estonia, about a quarter of its population is Russian. In struggling
:09:24. > :09:31.to close a difficult chapter, Estonians are reluctant to be forced
:09:32. > :09:35.to open another. A quick flash of the markets now for you. As Linda
:09:36. > :09:40.was just saying, Asian stock markets for the most part pushed higher on
:09:41. > :09:56.Monday on optimism about the US economy. We will have some analysis
:09:57. > :10:03.of the European elections in a moment. At first, let's pop over to
:10:04. > :10:04.the world of fashion. And in the UK there is