Browse content similar to 26/05/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
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. | :00:00. | |
Those are the latest headlines from BBC News. Now for the latest | :00:00. | :00:07. | |
financial news with Alice Baxter and World Business Report. The business | :00:08. | :00:18. | |
communities in Asia and Europe react to the elections in Europe, and look | :00:19. | :00:22. | |
at how they might influence the way it is run in future. And the latest | :00:23. | :00:27. | |
in our series revisiting those affected 25 years after the fall the | :00:28. | :00:32. | |
of the Berlin Wall. This week Estonia, and what was dubbed the | :00:33. | :00:41. | |
singing revolution. Welcome to World Business Report. I'm Alice Baxter. | :00:42. | :00:47. | |
In a minute we'll have more on Estonia, 25 years after the fall of | :00:48. | :00:55. | |
the Berlin Wall. But first: Europe's anti`EU protest vote has left | :00:56. | :00:57. | |
business experts asking what it might mean and how might it | :00:58. | :01:01. | |
influence the way the EU is run in future? Have we reached the high | :01:02. | :01:03. | |
watermark of integration, and where would that leave the project of | :01:04. | :01:06. | |
closer union that still underpins the single currency? And will we see | :01:07. | :01:09. | |
restrictions on labour movements being re`imposed within the EU? Lets | :01:10. | :01:16. | |
get some global business reactions. Carsten Brzeski from ING is in | :01:17. | :01:24. | |
Brussels. Thank you for joining us. This swing towards the anti` | :01:25. | :01:30. | |
establishment, anti` European parties, which we have seen | :01:31. | :01:33. | |
throughout much of Europe in these elections, how will that play out in | :01:34. | :01:38. | |
the business community? I think it will mean that further integration | :01:39. | :01:43. | |
in Europe and in the eurozone will be much more difficult to achieve. | :01:44. | :01:49. | |
What I am more concerned about is the repercussions on national | :01:50. | :01:53. | |
policies and national politics, especially when we look at France. | :01:54. | :01:58. | |
We will really have a problem. France economically is in trouble, | :01:59. | :02:01. | |
and now politically. This could open a discussion at the European level | :02:02. | :02:06. | |
about posterity versus structural reforms. What does this mean for a | :02:07. | :02:11. | |
single currency in France, for example, much of the campaign of the | :02:12. | :02:16. | |
National front was run on the idea that France will pull out of the | :02:17. | :02:22. | |
euro. I think a single country pulling out is totally impossible. | :02:23. | :02:27. | |
It doesn't seem realistic. Also not for France. What it does mean is | :02:28. | :02:33. | |
that we might again get this confrontation between the French and | :02:34. | :02:38. | |
the Germans. The French will now push for more time to implement | :02:39. | :02:42. | |
their austerity measures. A will try to find a way out, to implement | :02:43. | :02:47. | |
structural reforms. On the other side Angela Merkel will also be | :02:48. | :02:52. | |
disappointed by the result, and she will not eat, it will not be easy to | :02:53. | :02:58. | |
change her course. Without the functioning axis of French and | :02:59. | :03:03. | |
German, there might be a problem in the eurozone. One of the other | :03:04. | :03:08. | |
topics we have seen discussed across many of these countries which voted | :03:09. | :03:13. | |
for the anti` E U trend, is a clampdown on the freedom of | :03:14. | :03:16. | |
movement. That, of course, is one of the main underpinning beliefs of the | :03:17. | :03:21. | |
EU. How would that affect economies? Adversely, especially if you look at | :03:22. | :03:29. | |
the monetary eurozone countries, labour mobility is essential. | :03:30. | :03:33. | |
Without it, we cannot have a functioning currency unit. That is a | :03:34. | :03:39. | |
fact. If you look at the European Union at a wider European level, we | :03:40. | :03:43. | |
might see some more labour mobility. But again, a monetary | :03:44. | :03:50. | |
union across Europe, with severe labour market restrictions, it's not | :03:51. | :03:57. | |
going to work. Thank you for giving us the European perspective on those | :03:58. | :04:01. | |
election results. For the viewpoint from Asia, I'm joined by Linda Yueh | :04:02. | :04:04. | |
the BBC's Chief Business Correspondent, who is in Singapore. | :04:05. | :04:06. | |
Politics versus economics? For some time, the growing influence of | :04:07. | :04:09. | |
Brussels has led to debates over the democratic deficit. Now, we have a | :04:10. | :04:16. | |
glimpse of the views of voters. Not a great deal of reaction, markets | :04:17. | :04:22. | |
are up on the back of promising news from the US. But globally, investors | :04:23. | :04:28. | |
are watching. One of the biggest trading blocs in the world, it had | :04:29. | :04:32. | |
been believed integration would continue in terms of the single | :04:33. | :04:37. | |
market and what all countries except written and Denmark who are slated | :04:38. | :04:42. | |
to join the euro. The rise of the Eurosceptic parties will raise | :04:43. | :04:44. | |
debate about the direction in which Europe will head after these | :04:45. | :04:50. | |
election results. Is Asia particularly concerned about | :04:51. | :04:52. | |
possible implications on a single currency? I wouldn't say it is a | :04:53. | :04:57. | |
particular concern for Asia, it has its own trade region to think about. | :04:58. | :05:03. | |
But if I could take it again globally, into why it is it matters | :05:04. | :05:10. | |
so much, the euro project has been one which has created the largest | :05:11. | :05:13. | |
economic entity in the world. Bigger than the US, that is what the EU | :05:14. | :05:20. | |
economy as a whole. There have been moved since the euro crisis in 2010 | :05:21. | :05:23. | |
to integrate the region further under a single currency or banking | :05:24. | :05:28. | |
union. A fiscal co`ordination. All of these things are separate from | :05:29. | :05:32. | |
what has been called the Democrat at deficit. Concerned that Brussels was | :05:33. | :05:38. | |
power without consulting voters. What today's results show is that | :05:39. | :05:43. | |
voters have spoken. I wonder if it means there will be further | :05:44. | :05:45. | |
integration, solidifying this huge in economic region. Or there could | :05:46. | :05:51. | |
be pulled back. That is one possible path for the eurozone after these | :05:52. | :05:56. | |
results. Of course, it is not just about the eurozone, but about the EU | :05:57. | :06:00. | |
as a whole. These results can't determine whether or not a country | :06:01. | :06:07. | |
stays in or out of Europe. That is up to the national legislatures. But | :06:08. | :06:11. | |
the inroads being made across countries ranging from Britain to | :06:12. | :06:14. | |
Denmark to Greece, will certainly mean the EU will also be in focus, | :06:15. | :06:17. | |
as everyone begins to die just what this means for further at usual | :06:18. | :06:20. | |
reforms in the world's biggest economic region. Many thanks. It is | :06:21. | :06:26. | |
25 years since the fall of the Berlin Wall, and collapse of | :06:27. | :06:28. | |
communism in Eastern Europe. In Estonia, the break with communism, | :06:29. | :06:31. | |
referred to as the singing revolution, was followed by a | :06:32. | :06:33. | |
no`holds`barred introduction to capitalism, with a boom and | :06:34. | :06:36. | |
subsequent bust. That bust was so severe its economy shrank by nearly | :06:37. | :06:39. | |
20%. Harsh austerity measures had to be introduced. Public sector | :06:40. | :06:41. | |
salaries were cut by 10%, but unlike in Greece, there was very little | :06:42. | :06:44. | |
protest. Tanya Beckett reports from Tallinn. Estonia's operatic | :06:45. | :07:04. | |
depiction of the agony of austerity, as the country fights | :07:05. | :07:09. | |
back, after the financial crisis of 2008. For Estonians, in during | :07:10. | :07:17. | |
hardship is a familiar story. `` enduring. In Soviet times we had no | :07:18. | :07:25. | |
money. Even if you had money, you wouldn't have anything to do with | :07:26. | :07:28. | |
it. Because there was nothing available, anywhere. Discussion | :07:29. | :07:33. | |
about the sort of stimulus, posterity, and this crisis, has a | :07:34. | :07:37. | |
lot to do with the fact that Estonians could get through it | :07:38. | :07:42. | |
because they had gotten through much of worse for. Estonia's break from | :07:43. | :07:46. | |
communism was called the singing revolution. It was a path to freedom | :07:47. | :07:53. | |
paved with music. There was also spectacular joining of hands which | :07:54. | :07:57. | |
started here in Tallinn and extended across the Baltic navy neighbours, | :07:58. | :08:02. | |
Lithuania and Latvia. It wasn't long before they realised they would also | :08:03. | :08:11. | |
need other hand to hold. The Prime Minister at the time of the | :08:12. | :08:20. | |
transition was just 32. I was so young. When you are young you are | :08:21. | :08:24. | |
not afraid of anything. You do things which others might consider | :08:25. | :08:27. | |
impossible. Within a few years, the economy had left its Soviet past | :08:28. | :08:31. | |
behind. But then came the most recent low. The financial crisis of | :08:32. | :08:37. | |
2008. Estonia was hit hard, and sort its wealth shrink by almost one | :08:38. | :08:43. | |
fifth. Any change in the surrounding economic system affects us quite | :08:44. | :08:47. | |
badly. I think we have learned a bit from the financial crisis, in the | :08:48. | :08:52. | |
sense of trying to come up with better policies to counteract some | :08:53. | :08:57. | |
of the negative aspects of growth. So hopefully next crisis will be | :08:58. | :09:05. | |
less drastic for Estonians than the last one was. And tensions are on | :09:06. | :09:12. | |
the rise again. The troubles in Ukraine cast a long shadow over | :09:13. | :09:17. | |
Estonia, about a quarter of its population is Russian. In struggling | :09:18. | :09:23. | |
to close a difficult chapter, Estonians are reluctant to be forced | :09:24. | :09:31. | |
to open another. A quick flash of the markets now for you. As Linda | :09:32. | :09:35. | |
was just saying, Asian stock markets for the most part pushed higher on | :09:36. | :09:40. | |
Monday on optimism about the US economy. We will have some analysis | :09:41. | :09:56. | |
of the European elections in a moment. At first, let's pop over to | :09:57. | :10:03. | |
the world of fashion. And in the UK there is | :10:04. | :10:04. |