1 00:02:01,266 --> 00:02:04,867 Good morning, a very warm 2 00:02:04,867 --> 00:02:06,600 Good morning, a very warm welcome to everyone for the 3 00:02:06,600 --> 00:02:08,699 welcome to everyone for the third day of brutal and 4 00:02:08,699 --> 00:02:11,967 third day of brutal and meetings My name is Roy. I’m a 5 00:02:11,967 --> 00:02:14,799 meetings My name is Roy. I’m a senior fellow at Bogo and I’m 6 00:02:14,799 --> 00:02:17,267 senior fellow at Bogo and I’m very honored to share our 7 00:02:17,267 --> 00:02:18,867 very honored to share our discussion on the search of 8 00:02:18,867 --> 00:02:22,400 discussion on the search of inequality of it and we have an 9 00:02:22,400 --> 00:02:24,866 inequality of it and we have an excellent panel. let me briefly 10 00:02:24,866 --> 00:02:28,000 excellent panel. let me briefly introduce them uh sanna Basi is 11 00:02:28,000 --> 00:02:29,967 introduce them uh sanna Basi is the deputy head of carne of 12 00:02:29,967 --> 00:02:34,300 the deputy head of carne of Nikola. Who is the European 13 00:02:34,300 --> 00:02:35,699 Nikola. Who is the European Commissioner for jobs and 14 00:02:35,699 --> 00:02:38,167 Commissioner for jobs and social rights? she’s joining 15 00:02:38,167 --> 00:02:39,767 social rights? she’s joining remotely, then next to me in 16 00:02:39,767 --> 00:02:42,234 remotely, then next to me in the brutal office, the 17 00:02:42,234 --> 00:02:43,133 the brutal office, the plumber’s member of the 18 00:02:43,133 --> 00:02:45,234 plumber’s member of the European Parliament. He’s now 19 00:02:45,234 --> 00:02:47,733 European Parliament. He’s now currently having his third term 20 00:02:47,733 --> 00:02:50,201 currently having his third term as a member of the parliament 21 00:02:50,201 --> 00:02:52,467 as a member of the parliament and last, but not least Martin 22 00:02:52,467 --> 00:02:54,933 and last, but not least Martin Sabu The European Economics 23 00:02:54,933 --> 00:02:57,433 Sabu The European Economics commentator of financial times 24 00:02:57,433 --> 00:03:00,166 commentator of financial times who very frequently writes on 25 00:03:00,166 --> 00:03:03,967 who very frequently writes on topics related to. 26 00:03:34,867 --> 00:03:37,867 For example, that people who 27 00:03:37,867 --> 00:03:40,400 For example, that people who have lower income uh they have 28 00:03:40,400 --> 00:03:43,234 have lower income uh they have five times higher unmet medical 29 00:03:43,234 --> 00:03:47,201 five times higher unmet medical needs than people having higher 30 00:03:47,201 --> 00:03:49,400 needs than people having higher income. That is also a very sad 31 00:03:49,400 --> 00:03:51,400 income. That is also a very sad that statistics such as thing 32 00:03:51,400 --> 00:03:54,000 that statistics such as thing that people with lower income 33 00:03:54,000 --> 00:03:55,333 that people with lower income leave approximately 10 years 34 00:03:55,333 --> 00:03:58,666 leave approximately 10 years shorter than people having 35 00:03:58,666 --> 00:04:00,234 shorter than people having higher income so health 36 00:04:00,234 --> 00:04:02,733 higher income so health inequality is also an 37 00:04:02,733 --> 00:04:03,933 inequality is also an absolutely important issue, 38 00:04:03,933 --> 00:04:07,800 absolutely important issue, and, for example. Yesterday at 39 00:04:07,800 --> 00:04:10,266 and, for example. Yesterday at the session on the future of 40 00:04:10,266 --> 00:04:14,400 the session on the future of work here at meetings, not very 41 00:04:14,400 --> 00:04:18,333 work here at meetings, not very wisely that those people who 42 00:04:18,333 --> 00:04:20,699 wisely that those people who have uh a higher health risk. 43 00:04:20,699 --> 00:04:22,299 have uh a higher health risk. They also typically have a 44 00:04:22,299 --> 00:04:24,767 They also typically have a higher risk of losing their 45 00:04:24,767 --> 00:04:26,201 higher risk of losing their jobs, so the two things health 46 00:04:26,201 --> 00:04:29,201 jobs, so the two things health and employment prospects are 47 00:04:29,201 --> 00:04:30,933 and employment prospects are very strongly correlated but it 48 00:04:30,933 --> 00:04:32,834 very strongly correlated but it also many other important 49 00:04:32,834 --> 00:04:36,733 also many other important aspects for example, gender uh. 50 00:04:36,733 --> 00:04:39,167 aspects for example, gender uh. Uh the opportunities for 51 00:04:39,167 --> 00:04:41,267 Uh the opportunities for disabled people um so there are 52 00:04:41,267 --> 00:04:43,733 disabled people um so there are many important issues on income 53 00:04:43,733 --> 00:04:46,534 many important issues on income inequality and we also would 54 00:04:46,534 --> 00:04:50,166 inequality and we also would like to ask our audience uh a 55 00:04:50,166 --> 00:04:53,299 like to ask our audience uh a very first question uh the 56 00:04:53,299 --> 00:04:55,266 very first question uh the trivia uh the results of the 57 00:04:55,266 --> 00:04:57,466 trivia uh the results of the discuss later, namely that how 58 00:04:57,466 --> 00:04:59,633 discuss later, namely that how they see the various forms of 59 00:04:59,633 --> 00:05:02,234 they see the various forms of inequality in the European 60 00:05:02,234 --> 00:05:07,566 inequality in the European Union in 2021, we set the date. 61 00:05:37,266 --> 00:05:38,866 Of economic and social impact 62 00:05:38,866 --> 00:05:41,899 Of economic and social impact of the pandemic so how I see 63 00:05:41,899 --> 00:05:44,234 of the pandemic so how I see various kinds of inequalities 64 00:05:44,234 --> 00:05:47,733 various kinds of inequalities be the income they has be the 65 00:05:47,733 --> 00:05:49,767 be the income they has be the genders be there any any other 66 00:05:49,767 --> 00:05:51,899 genders be there any any other sometimes in the during our 67 00:05:51,899 --> 00:05:52,400 sometimes in the during our discussion, we will come back 68 00:05:52,400 --> 00:05:54,800 discussion, we will come back to the view of the audience, 69 00:05:54,800 --> 00:05:57,400 to the view of the audience, but now let me turn our 70 00:05:57,400 --> 00:05:59,733 but now let me turn our panelist and before discussing 71 00:05:59,733 --> 00:06:01,833 panelist and before discussing the impact of the pandemic, 72 00:06:01,833 --> 00:06:03,699 the impact of the pandemic, let’s have a quick round for 73 00:06:03,699 --> 00:06:05,733 let’s have a quick round for all three of them uh with a 74 00:06:05,733 --> 00:06:07,266 all three of them uh with a very simple question. So how do 75 00:06:07,266 --> 00:06:11,699 very simple question. So how do you see? The importance of 76 00:06:11,699 --> 00:06:13,400 you see? The importance of inequalities in the European 77 00:06:13,400 --> 00:06:15,699 inequalities in the European Union uh before the pandemic 78 00:06:15,699 --> 00:06:17,867 Union uh before the pandemic and again you can you can see 79 00:06:17,867 --> 00:06:20,167 and again you can you can see about many different aspects 80 00:06:20,167 --> 00:06:22,801 about many different aspects income health wells and many 81 00:06:22,801 --> 00:06:24,134 income health wells and many others, and also you can take a 82 00:06:24,134 --> 00:06:27,034 others, and also you can take a more global perspective. uh so 83 00:06:27,034 --> 00:06:28,533 more global perspective. uh so how important this program is 84 00:06:28,533 --> 00:06:31,734 how important this program is should it be uh or had it had 85 00:06:31,734 --> 00:06:34,833 should it be uh or had it had to be on top priority or it or 86 00:06:34,833 --> 00:06:40,133 to be on top priority or it or it can be more or less um re. 87 00:07:35,233 --> 00:07:38,466 And the whether we can see a 88 00:07:38,466 --> 00:07:39,900 And the whether we can see a global view as you also said 89 00:07:39,900 --> 00:07:43,267 global view as you also said that Europeans aren’t nowadays 90 00:07:43,267 --> 00:07:44,734 that Europeans aren’t nowadays better educated healthier live 91 00:07:44,734 --> 00:07:47,167 better educated healthier live longer and has more prosperous 92 00:07:47,167 --> 00:07:51,266 longer and has more prosperous life than uh any time in the 93 00:07:51,266 --> 00:07:53,834 life than uh any time in the past. Um we know that uh these 94 00:07:53,834 --> 00:07:56,867 past. Um we know that uh these achievements and uh do not uh 95 00:07:56,867 --> 00:07:59,467 achievements and uh do not uh oh obscure a large part, 96 00:07:59,467 --> 00:08:00,766 oh obscure a large part, disparities and inequalities, 97 00:08:00,766 --> 00:08:02,599 disparities and inequalities, which exists and when we talk 98 00:08:02,599 --> 00:08:03,966 which exists and when we talk about inequalities as you 99 00:08:03,966 --> 00:08:05,534 about inequalities as you rightly pointed out, uh we do 100 00:08:05,534 --> 00:08:08,000 rightly pointed out, uh we do not only have to. Some income 101 00:08:08,000 --> 00:08:10,200 not only have to. Some income or wealth inequality, but on 102 00:08:10,200 --> 00:08:12,266 or wealth inequality, but on inequality of opportunity 103 00:08:12,266 --> 00:08:14,767 inequality of opportunity because it’s about um breaking 104 00:08:14,767 --> 00:08:18,200 because it’s about um breaking the cycles of generational uh 105 00:08:18,200 --> 00:08:19,633 the cycles of generational uh public inequalities and being 106 00:08:19,633 --> 00:08:22,134 public inequalities and being able to ensure social progress, 107 00:08:22,134 --> 00:08:24,467 able to ensure social progress, which is one of the main goals 108 00:08:24,467 --> 00:08:27,934 which is one of the main goals that the unit for you uh. uh 109 00:08:27,934 --> 00:08:30,466 that the unit for you uh. uh looking at Europe uh also 110 00:08:30,466 --> 00:08:31,900 looking at Europe uh also having in mind that it is a 111 00:08:31,900 --> 00:08:35,433 having in mind that it is a very clearly um the mother of 112 00:08:35,433 --> 00:08:37,499 very clearly um the mother of the development. That’s uh and 113 00:08:37,499 --> 00:08:38,767 the development. That’s uh and the well stated that the 114 00:08:38,767 --> 00:08:41,766 the well stated that the European Union is a champion of 115 00:08:41,766 --> 00:08:44,334 European Union is a champion of can only can only uh you can 116 00:08:44,334 --> 00:08:45,967 can only can only uh you can continue continue if we cannot 117 00:08:45,967 --> 00:08:48,000 continue continue if we cannot if we can insure uh social 118 00:08:48,000 --> 00:08:49,634 if we can insure uh social progress and if we look at the 119 00:08:49,634 --> 00:08:51,867 progress and if we look at the situation before uh the crisis, 120 00:08:51,867 --> 00:08:53,167 situation before uh the crisis, we have some interesting data 121 00:08:53,167 --> 00:08:56,533 we have some interesting data produced by GRC just before uh 122 00:08:56,533 --> 00:08:58,900 produced by GRC just before uh and looking at the the uh uh 123 00:08:58,900 --> 00:09:00,000 and looking at the the uh uh the the semester we can at 124 00:09:00,000 --> 00:09:01,334 the the semester we can at least say looking at the 125 00:09:01,334 --> 00:09:02,733 least say looking at the income. that’s already the 126 00:09:02,733 --> 00:09:03,967 income. that’s already the richest 20% of households in 127 00:09:03,967 --> 00:09:08,167 richest 20% of households in Europe, Europe is on. 128 00:09:36,267 --> 00:09:38,799 Uh reinforced the existing 129 00:09:38,799 --> 00:09:41,034 Uh reinforced the existing social economic devices uh the 130 00:09:41,034 --> 00:09:43,100 social economic devices uh the groups those with a low level 131 00:09:43,100 --> 00:09:46,767 groups those with a low level of education um with low skill 132 00:09:46,767 --> 00:09:49,967 of education um with low skill workers or with migrant uh 133 00:09:49,967 --> 00:09:52,734 workers or with migrant uh backgrounds have largely been 134 00:09:52,734 --> 00:09:54,933 backgrounds have largely been hit by the uh the consequences 135 00:09:54,933 --> 00:09:56,567 hit by the uh the consequences of the downturn and you’ll see 136 00:09:56,567 --> 00:09:59,266 of the downturn and you’ll see the programs. That’s why uh the 137 00:09:59,266 --> 00:10:00,500 the programs. That’s why uh the inequalities have been going 138 00:10:00,500 --> 00:10:05,967 inequalities have been going this um in in in a in um. A 139 00:10:05,967 --> 00:10:10,500 this um in in in a in um. A strong um in in in in southern 140 00:10:10,500 --> 00:10:13,967 strong um in in in in southern Europe as we you you are saying 141 00:10:13,967 --> 00:10:15,467 Europe as we you you are saying it would really have to be able 142 00:10:15,467 --> 00:10:17,800 it would really have to be able to look at the issues of equal 143 00:10:17,800 --> 00:10:20,799 to look at the issues of equal opportunity and we it’s clearly 144 00:10:20,799 --> 00:10:22,233 opportunity and we it’s clearly important as I said to to be 145 00:10:22,233 --> 00:10:24,734 important as I said to to be able to intervene and and break 146 00:10:24,734 --> 00:10:27,400 able to intervene and and break the into generational cycle of 147 00:10:27,400 --> 00:10:29,300 the into generational cycle of inequality. If we look at data, 148 00:10:29,300 --> 00:10:31,500 inequality. If we look at data, we can see that uh inequalities 149 00:10:31,500 --> 00:10:33,267 we can see that uh inequalities are passed on across 150 00:10:33,267 --> 00:10:36,799 are passed on across generations if. Uh at the child 151 00:10:36,799 --> 00:10:39,567 generations if. Uh at the child who was born from a parent with 152 00:10:39,567 --> 00:10:40,767 who was born from a parent with socially degree, he has an 153 00:10:40,767 --> 00:10:43,734 socially degree, he has an average forty-three. 43% 154 00:10:43,734 --> 00:10:47,234 average forty-three. 43% likelihood is 23% times 155 00:10:47,234 --> 00:10:49,966 likelihood is 23% times likelier to have a degree than 156 00:10:49,966 --> 00:10:51,867 likelier to have a degree than a child born on um from a 157 00:10:51,867 --> 00:10:54,333 a child born on um from a household without uh social 158 00:10:54,333 --> 00:10:56,866 household without uh social education and to feel large uh 159 00:10:56,866 --> 00:10:58,000 education and to feel large uh the the the group of the 160 00:10:58,000 --> 00:10:59,267 the the the group of the analogies and go to 161 00:10:59,267 --> 00:11:00,000 analogies and go to grandparents. We see that this 162 00:11:00,000 --> 00:11:03,800 grandparents. We see that this goes beyond 50%. so as I said 163 00:11:03,800 --> 00:11:05,800 goes beyond 50%. so as I said here uh as you were mentioned 164 00:11:05,800 --> 00:11:07,234 here uh as you were mentioned in health, inequalities and I 165 00:11:07,234 --> 00:11:10,533 in health, inequalities and I think the indication. And an 166 00:11:10,533 --> 00:11:12,800 think the indication. And an equal access to inequality is 167 00:11:12,800 --> 00:11:15,400 equal access to inequality is key and I was mentioning uh the 168 00:11:15,400 --> 00:11:18,400 key and I was mentioning uh the the possibilities of access to 169 00:11:18,400 --> 00:11:20,167 the possibilities of access to education to children because 170 00:11:20,167 --> 00:11:21,966 education to children because they’re in my view, it’s uh 171 00:11:21,966 --> 00:11:23,499 they’re in my view, it’s uh it’s really the beginning of 172 00:11:23,499 --> 00:11:26,299 it’s really the beginning of the cycle of of inequality and 173 00:11:26,299 --> 00:11:29,000 the cycle of of inequality and poverty where we should be able 174 00:11:29,000 --> 00:11:30,133 poverty where we should be able to European level and national 175 00:11:30,133 --> 00:11:35,234 to European level and national level to take actions uh and so 176 00:11:35,234 --> 00:11:36,400 level to take actions uh and so uh we have seen and we said 177 00:11:36,400 --> 00:11:41,666 uh we have seen and we said that uh. Um even the fact that 178 00:11:41,666 --> 00:11:43,834 that uh. Um even the fact that we all remember thieves and the 179 00:11:43,834 --> 00:11:46,233 we all remember thieves and the use of giving a role of 180 00:11:46,233 --> 00:11:47,900 use of giving a role of coordination uh have developed 181 00:11:47,900 --> 00:11:51,767 coordination uh have developed in an even manner um the policy 182 00:11:51,767 --> 00:11:52,966 in an even manner um the policy and they have deployed the 183 00:11:52,966 --> 00:11:55,267 and they have deployed the social protection system in 184 00:11:55,267 --> 00:11:56,000 social protection system in reactions to the previous 185 00:11:56,000 --> 00:12:00,767 reactions to the previous crisis we um are stressing the 186 00:12:00,767 --> 00:12:03,866 crisis we um are stressing the importance of um of equal 187 00:12:03,866 --> 00:12:05,100 importance of um of equal opportunities, for instance, 188 00:12:05,100 --> 00:12:06,500 opportunities, for instance, for us, especially for us now, 189 00:12:06,500 --> 00:12:09,233 for us, especially for us now, I’m talking about. My 190 00:12:09,233 --> 00:12:11,199 I’m talking about. My commissioner uh also the 191 00:12:11,199 --> 00:12:13,233 commissioner uh also the adoption of the European 192 00:12:13,233 --> 00:12:15,167 adoption of the European socialite and implementation is 193 00:12:15,167 --> 00:12:18,266 socialite and implementation is the key. it’s the key uh if 194 00:12:18,266 --> 00:12:19,533 the key. it’s the key uh if it’s a compact is the key 195 00:12:19,533 --> 00:12:22,233 it’s a compact is the key compass to tackle the 196 00:12:22,233 --> 00:12:24,734 compass to tackle the inequality, but we have uh we 197 00:12:24,734 --> 00:12:27,900 inequality, but we have uh we cannot forget that uh we um if 198 00:12:27,900 --> 00:12:29,367 cannot forget that uh we um if we look at welfare and if we 199 00:12:29,367 --> 00:12:31,267 we look at welfare and if we look at the sustainability 200 00:12:31,267 --> 00:12:33,200 look at the sustainability welfare, we cannot ignore a tax 201 00:12:33,200 --> 00:12:35,034 welfare, we cannot ignore a tax policies because that policies 202 00:12:35,034 --> 00:12:39,667 policies because that policies are key in tackling those. 203 00:13:07,767 --> 00:13:10,267 Let’s say that this was uh the 204 00:13:10,267 --> 00:13:12,200 Let’s say that this was uh the finale that we have found that 205 00:13:12,200 --> 00:13:15,766 finale that we have found that we had before the crisis and 206 00:13:15,766 --> 00:13:18,334 we had before the crisis and the inequality is a it’s a 207 00:13:18,334 --> 00:13:20,334 the inequality is a it’s a problem not only because it’s 208 00:13:20,334 --> 00:13:22,767 problem not only because it’s unfair. It’s it’s it’s uh it’s 209 00:13:22,767 --> 00:13:25,500 unfair. It’s it’s it’s uh it’s a problem because it’s uh it’s 210 00:13:25,500 --> 00:13:28,366 a problem because it’s uh it’s a break on the on the on the 211 00:13:28,366 --> 00:13:30,367 a break on the on the on the resilience and the 212 00:13:30,367 --> 00:13:32,300 resilience and the inclusiveness of uh our um 213 00:13:32,300 --> 00:13:33,899 inclusiveness of uh our um social economic models, but 214 00:13:33,899 --> 00:13:38,600 social economic models, but it’s also um fueling. Uh the 215 00:13:38,600 --> 00:13:41,133 it’s also um fueling. Uh the strong and growing mistrust of 216 00:13:41,133 --> 00:13:42,699 strong and growing mistrust of our citizens towards the 217 00:13:42,699 --> 00:13:44,600 our citizens towards the institutions towards politics 218 00:13:44,600 --> 00:13:46,633 institutions towards politics in general, admission and 219 00:13:46,633 --> 00:13:48,167 in general, admission and European level, and it’s also 220 00:13:48,167 --> 00:13:50,801 European level, and it’s also uh in the long term a possible 221 00:13:50,801 --> 00:13:53,133 uh in the long term a possible threat to the sustainability of 222 00:13:53,133 --> 00:13:56,367 threat to the sustainability of Democratic political systems it 223 00:13:56,367 --> 00:13:57,800 Democratic political systems it it cannot be underestimated and 224 00:13:57,800 --> 00:14:00,533 it cannot be underestimated and it’s really a key issue. uh now 225 00:14:00,533 --> 00:14:02,934 it’s really a key issue. uh now that we talk about the 226 00:14:02,934 --> 00:14:04,533 that we talk about the developing um national plans 227 00:14:04,533 --> 00:14:08,133 developing um national plans and European approach. 228 00:14:48,266 --> 00:14:51,266 Qualitys including the 229 00:14:51,266 --> 00:14:53,199 Qualitys including the intergenerational Nature the 230 00:14:53,199 --> 00:14:56,234 intergenerational Nature the Impact on eh order crusherol of 231 00:14:56,234 --> 00:14:58,667 Impact on eh order crusherol of Education and inclusive health 232 00:14:58,667 --> 00:15:01,100 Education and inclusive health police eh I think text, is us 233 00:15:01,100 --> 00:15:02,700 police eh I think text, is us at you razar a vergary 234 00:15:02,700 --> 00:15:04,334 at you razar a vergary prominent and will shouly come 235 00:15:04,334 --> 00:15:05,967 prominent and will shouly come back äh to the see show that in 236 00:15:05,967 --> 00:15:08,399 back äh to the see show that in will this gust videos 237 00:15:08,399 --> 00:15:09,299 will this gust videos policymashials. But now let’s 238 00:15:09,299 --> 00:15:10,099 policymashials. But now let’s here from Mister Lumberts, äh 239 00:15:10,099 --> 00:15:12,767 here from Mister Lumberts, äh what’s you view on The state of 240 00:15:12,767 --> 00:15:14,467 what’s you view on The state of inequality in the EU before 241 00:15:14,467 --> 00:15:16,967 inequality in the EU before qvidian well uh I’ve been 242 00:15:16,967 --> 00:15:19,299 qvidian well uh I’ve been looking at the dynamics uh and 243 00:15:19,299 --> 00:15:20,867 looking at the dynamics uh and and basically the uh the 244 00:15:20,867 --> 00:15:22,266 and basically the uh the evolution that we that we’ve 245 00:15:22,266 --> 00:15:23,767 evolution that we that we’ve seen as correspondent to my 246 00:15:23,767 --> 00:15:25,266 seen as correspondent to my professional life, I entered 247 00:15:25,266 --> 00:15:27,433 professional life, I entered the labor market uh in the late 248 00:15:27,433 --> 00:15:30,734 the labor market uh in the late 80s and uh I seen the impact of 249 00:15:30,734 --> 00:15:34,233 80s and uh I seen the impact of the Germany of a certain school 250 00:15:34,233 --> 00:15:35,534 the Germany of a certain school of economics basically to 251 00:15:35,534 --> 00:15:37,234 of economics basically to Chicago School that has led us 252 00:15:37,234 --> 00:15:39,533 Chicago School that has led us to where we are. I mean you 253 00:15:39,533 --> 00:15:41,533 to where we are. I mean you know inequality does not come 254 00:15:41,533 --> 00:15:45,800 know inequality does not come out. It’s the result of choices 255 00:15:45,800 --> 00:15:46,467 out. It’s the result of choices and of course, the Liberals 256 00:15:46,467 --> 00:15:49,100 and of course, the Liberals would say individual choices as 257 00:15:49,100 --> 00:15:52,767 would say individual choices as if system choices uh do not 258 00:15:52,767 --> 00:15:54,500 if system choices uh do not matter, but indeed when you 259 00:15:54,500 --> 00:15:55,733 matter, but indeed when you practice supply side economics 260 00:15:55,733 --> 00:15:59,201 practice supply side economics that you invest uh public 261 00:15:59,201 --> 00:16:01,133 that you invest uh public services that basically your 262 00:16:01,133 --> 00:16:04,801 services that basically your obsession is to put uh taxation 263 00:16:04,801 --> 00:16:05,766 obsession is to put uh taxation social protection systems in 264 00:16:05,766 --> 00:16:07,900 social protection systems in competition with one another a 265 00:16:07,900 --> 00:16:09,733 competition with one another a competition which is arbitrary 266 00:16:09,733 --> 00:16:11,567 competition which is arbitrary by the so-called investors that 267 00:16:11,567 --> 00:16:12,667 by the so-called investors that is to rent seekers. you 268 00:16:12,667 --> 00:16:16,234 is to rent seekers. you shouldn’t be. That indeed uh 269 00:16:16,234 --> 00:16:18,667 shouldn’t be. That indeed uh you push for tax reforms that 270 00:16:18,667 --> 00:16:21,201 you push for tax reforms that favor the rich, but this is I 271 00:16:21,201 --> 00:16:25,767 favor the rich, but this is I would say uh uh exposed uh uh 272 00:16:25,767 --> 00:16:27,234 would say uh uh exposed uh uh distribution policies but the 273 00:16:27,234 --> 00:16:29,699 distribution policies but the sane policies are affecting 274 00:16:29,699 --> 00:16:31,566 sane policies are affecting inequality as well because if 275 00:16:31,566 --> 00:16:33,566 inequality as well because if you structured the labor market 276 00:16:33,566 --> 00:16:35,234 you structured the labor market in a way that you put under 277 00:16:35,234 --> 00:16:37,966 in a way that you put under pressure uh the the lowest uh 278 00:16:37,966 --> 00:16:39,400 pressure uh the the lowest uh salaries, then, of course you 279 00:16:39,400 --> 00:16:41,933 salaries, then, of course you will drive revenues while 280 00:16:41,933 --> 00:16:44,300 will drive revenues while income at the bottom end of the 281 00:16:44,300 --> 00:16:45,700 income at the bottom end of the spectrum down what you are 282 00:16:45,700 --> 00:16:46,799 spectrum down what you are pushing incomes at the other 283 00:16:46,799 --> 00:16:48,267 pushing incomes at the other end of the spectrum because of 284 00:16:48,267 --> 00:16:50,933 end of the spectrum because of your choices, I mean. The kind 285 00:16:50,933 --> 00:16:53,167 your choices, I mean. The kind of globalization that we have 286 00:16:53,167 --> 00:16:54,767 of globalization that we have chosen is producing that kind 287 00:16:54,767 --> 00:16:57,299 chosen is producing that kind of impact deregulation and the 288 00:16:57,299 --> 00:16:58,666 of impact deregulation and the withdrawal from the state from 289 00:16:58,666 --> 00:17:01,834 withdrawal from the state from very important areas, Be them 290 00:17:01,834 --> 00:17:03,533 very important areas, Be them education uh be them uh uh 291 00:17:03,533 --> 00:17:05,767 education uh be them uh uh health care housing well 292 00:17:05,767 --> 00:17:08,233 health care housing well basically drives up inequality 293 00:17:08,233 --> 00:17:09,967 basically drives up inequality and so we have had that kind of 294 00:17:09,967 --> 00:17:11,666 and so we have had that kind of policies and of course, it’s 295 00:17:11,666 --> 00:17:13,334 policies and of course, it’s started the different times in 296 00:17:13,334 --> 00:17:14,867 started the different times in different areas of Europe and 297 00:17:14,867 --> 00:17:17,633 different areas of Europe and the world uh uh but basically 298 00:17:17,633 --> 00:17:18,867 the world uh uh but basically the term was made at the 299 00:17:18,867 --> 00:17:20,133 the term was made at the beginning of the 80s and then 300 00:17:20,133 --> 00:17:21,634 beginning of the 80s and then uh this agenda was adopted, 301 00:17:21,634 --> 00:17:22,467 uh this agenda was adopted, told me dating with the 302 00:17:22,467 --> 00:17:24,700 told me dating with the adoption. At the agenda, of 303 00:17:24,700 --> 00:17:27,166 adoption. At the agenda, of course, here in Brussels and 304 00:17:27,166 --> 00:17:28,267 course, here in Brussels and especially uh in the European 305 00:17:28,267 --> 00:17:29,833 especially uh in the European Commission, But of course, it 306 00:17:29,833 --> 00:17:31,067 Commission, But of course, it was always a majority in the 307 00:17:31,067 --> 00:17:31,800 was always a majority in the council and Parliament to 308 00:17:31,800 --> 00:17:33,700 council and Parliament to support that so that is the 309 00:17:33,700 --> 00:17:36,134 support that so that is the context at the beginning of the 310 00:17:36,134 --> 00:17:39,267 context at the beginning of the notice and I would say uh uh uh 311 00:17:39,267 --> 00:17:40,767 notice and I would say uh uh uh that could be well uh I would 312 00:17:40,767 --> 00:17:43,533 that could be well uh I would say no after 2010 after the 313 00:17:43,533 --> 00:17:44,701 say no after 2010 after the global financial crisis, 314 00:17:44,701 --> 00:17:46,800 global financial crisis, inequality became a discussion 315 00:17:46,800 --> 00:17:49,000 inequality became a discussion item before forget about this 316 00:17:49,000 --> 00:17:50,700 item before forget about this was not even mentioned, and of 317 00:17:50,700 --> 00:17:51,667 was not even mentioned, and of course, PT played a role in 318 00:17:51,667 --> 00:17:54,267 course, PT played a role in that but. Very much on 319 00:17:54,267 --> 00:17:55,433 that but. Very much on inequality and wealth 320 00:17:55,433 --> 00:17:57,767 inequality and wealth inequality where as you very 321 00:17:57,767 --> 00:17:59,667 inequality where as you very rightly pointed out, there’s 322 00:17:59,667 --> 00:18:02,167 rightly pointed out, there’s many other forms of inequality 323 00:18:02,167 --> 00:18:04,733 many other forms of inequality So let’s say that, at least to 324 00:18:04,733 --> 00:18:06,400 So let’s say that, at least to public conversation started on 325 00:18:06,400 --> 00:18:09,699 public conversation started on the issue of inequality or I 326 00:18:09,699 --> 00:18:11,433 the issue of inequality or I would rather say exclusion 327 00:18:11,433 --> 00:18:13,100 would rather say exclusion because actually you have 328 00:18:13,100 --> 00:18:14,366 because actually you have increasing the division in our 329 00:18:14,366 --> 00:18:17,100 increasing the division in our society of polarization, which 330 00:18:17,100 --> 00:18:20,201 society of polarization, which in a way uh explains how the 331 00:18:20,201 --> 00:18:21,634 in a way uh explains how the polarization uh uh in the 332 00:18:21,634 --> 00:18:23,267 polarization uh uh in the political landscape between the 333 00:18:23,267 --> 00:18:25,967 political landscape between the haves and the. Also, the people 334 00:18:25,967 --> 00:18:27,933 haves and the. Also, the people who feel part of the system and 335 00:18:27,933 --> 00:18:30,767 who feel part of the system and those who don’t and to me the 336 00:18:30,767 --> 00:18:31,967 those who don’t and to me the or the Black Lives matters 337 00:18:31,967 --> 00:18:33,767 or the Black Lives matters movement uh uh are just 338 00:18:33,767 --> 00:18:36,234 movement uh uh are just examples of that uh of people 339 00:18:36,234 --> 00:18:37,733 examples of that uh of people saying well, actually, it’s 340 00:18:37,733 --> 00:18:39,034 saying well, actually, it’s like I don’t belong to this 341 00:18:39,034 --> 00:18:40,700 like I don’t belong to this society any longer, so it’s not 342 00:18:40,700 --> 00:18:42,099 society any longer, so it’s not just a matter of income because 343 00:18:42,099 --> 00:18:44,267 just a matter of income because many of the, for instance how 344 00:18:44,267 --> 00:18:45,899 many of the, for instance how people at work they have a job, 345 00:18:45,899 --> 00:18:47,733 people at work they have a job, but their job does not allow 346 00:18:47,733 --> 00:18:49,634 but their job does not allow them to make ends meet. They 347 00:18:49,634 --> 00:18:50,867 them to make ends meet. They can’t live close to their job 348 00:18:50,867 --> 00:18:53,067 can’t live close to their job because simply uh uh uh uh many 349 00:18:53,067 --> 00:18:55,299 because simply uh uh uh uh many places. Come to an unaffordable 350 00:18:55,299 --> 00:18:57,400 places. Come to an unaffordable for people to read and so they 351 00:18:57,400 --> 00:18:58,999 for people to read and so they have to live in places that are 352 00:18:58,999 --> 00:19:01,866 have to live in places that are either removed or uh polluted, 353 00:19:01,866 --> 00:19:03,000 either removed or uh polluted, for instance, which has a 354 00:19:03,000 --> 00:19:04,466 for instance, which has a health impact. I remember the 355 00:19:04,466 --> 00:19:05,733 health impact. I remember the discussion with from the 356 00:19:05,733 --> 00:19:08,467 discussion with from the industry suburbs of marks uh to 357 00:19:08,467 --> 00:19:11,333 industry suburbs of marks uh to that extent and what I mean is 358 00:19:11,333 --> 00:19:13,400 that extent and what I mean is that uh we are those policies 359 00:19:13,400 --> 00:19:14,933 that uh we are those policies without questioning the 360 00:19:14,933 --> 00:19:16,333 without questioning the distribution of impact and then 361 00:19:16,333 --> 00:19:17,934 distribution of impact and then we started having a discussion 362 00:19:17,934 --> 00:19:22,666 we started having a discussion and then bam it hit so uh 363 00:19:22,666 --> 00:19:25,633 and then bam it hit so uh immediately quite of uh hits in 364 00:19:25,633 --> 00:19:27,067 immediately quite of uh hits in a context where well, at least 365 00:19:27,067 --> 00:19:29,367 a context where well, at least this conscious. In political 366 00:19:29,367 --> 00:19:31,667 this conscious. In political circles that well, maybe 367 00:19:31,667 --> 00:19:32,199 circles that well, maybe something should be done but 368 00:19:32,199 --> 00:19:33,967 something should be done but again, it’s just consciousness 369 00:19:33,967 --> 00:19:35,233 again, it’s just consciousness because if you look at the 370 00:19:35,233 --> 00:19:37,367 because if you look at the actual holiday season and my 371 00:19:37,367 --> 00:19:39,867 actual holiday season and my coins is a good example, uh uh 372 00:19:39,867 --> 00:19:41,867 coins is a good example, uh uh to have been supply side 373 00:19:41,867 --> 00:19:44,434 to have been supply side reforms favoring basically the 374 00:19:44,434 --> 00:19:46,733 reforms favoring basically the so-called investors and 375 00:19:46,733 --> 00:19:49,367 so-called investors and actually uh the the the the 376 00:19:49,367 --> 00:19:50,867 actually uh the the the the assumption there is to trickle 377 00:19:50,867 --> 00:19:52,267 assumption there is to trickle down economics. That’s never 378 00:19:52,267 --> 00:19:54,766 down economics. That’s never existed. I mean make the 379 00:19:54,766 --> 00:19:56,300 existed. I mean make the retreat does not make society 380 00:19:56,300 --> 00:19:59,334 retreat does not make society better uh and does not. The 381 00:19:59,334 --> 00:20:01,000 better uh and does not. The faith of everyone so uh 382 00:20:01,000 --> 00:20:02,267 faith of everyone so uh actually we have trickle up 383 00:20:02,267 --> 00:20:05,000 actually we have trickle up economics and III may finish 384 00:20:05,000 --> 00:20:05,767 economics and III may finish with that because we will 385 00:20:05,767 --> 00:20:07,867 with that because we will discuss the impact afterwards 386 00:20:07,867 --> 00:20:11,234 discuss the impact afterwards but actually uh how should I 387 00:20:11,234 --> 00:20:15,234 but actually uh how should I say if you believe that uh that 388 00:20:15,234 --> 00:20:18,600 say if you believe that uh that indeed favoring the investor uh 389 00:20:18,600 --> 00:20:19,799 indeed favoring the investor uh is the right thing to do after 390 00:20:19,799 --> 00:20:23,366 is the right thing to do after you end up in a place where you 391 00:20:23,366 --> 00:20:25,533 you end up in a place where you substitute uh or should I say a 392 00:20:25,533 --> 00:20:27,067 substitute uh or should I say a competitive market economy was 393 00:20:27,067 --> 00:20:30,233 competitive market economy was actually. Rent extraction 394 00:20:30,233 --> 00:20:31,867 actually. Rent extraction system and that’s what we have 395 00:20:31,867 --> 00:20:33,234 system and that’s what we have right now and when you are in a 396 00:20:33,234 --> 00:20:34,733 right now and when you are in a rent extraction system, we’re 397 00:20:34,733 --> 00:20:38,233 rent extraction system, we’re basically those were in too big 398 00:20:38,233 --> 00:20:41,000 basically those were in too big to fail. uh uh uh not just 399 00:20:41,000 --> 00:20:43,433 to fail. uh uh uh not just company but position uh are 400 00:20:43,433 --> 00:20:44,867 company but position uh are basically allowed to extract to 401 00:20:44,867 --> 00:20:46,333 basically allowed to extract to rent and uh I’ll finish with 402 00:20:46,333 --> 00:20:47,734 rent and uh I’ll finish with this. uh I once said the 403 00:20:47,734 --> 00:20:49,267 this. uh I once said the discussion that was back in 404 00:20:49,267 --> 00:20:50,201 discussion that was back in time when we were discussing 405 00:20:50,201 --> 00:20:51,801 time when we were discussing bank’s bonuses, I will never 406 00:20:51,801 --> 00:20:54,334 bank’s bonuses, I will never forget that in London and of 407 00:20:54,334 --> 00:20:55,833 forget that in London and of course, I was just facing a 408 00:20:55,833 --> 00:20:58,301 course, I was just facing a bunch of traders who was just 409 00:20:58,301 --> 00:21:01,233 bunch of traders who was just uh uh uh uh uh mad at me and I 410 00:21:01,233 --> 00:21:04,701 uh uh uh uh uh mad at me and I asked them. Mansion that’s 411 00:21:04,701 --> 00:21:06,633 asked them. Mansion that’s someday you have cancer and you 412 00:21:06,633 --> 00:21:09,234 someday you have cancer and you end up in a hospital. What will 413 00:21:09,234 --> 00:21:12,833 end up in a hospital. What will be the value to you of the work 414 00:21:12,833 --> 00:21:15,567 be the value to you of the work of the nurse that will care for 415 00:21:15,567 --> 00:21:17,833 of the nurse that will care for your well-being or at least 416 00:21:17,833 --> 00:21:18,866 your well-being or at least limiting damage and making sure 417 00:21:18,866 --> 00:21:20,967 limiting damage and making sure that you can go through this 418 00:21:20,967 --> 00:21:23,201 that you can go through this period in the least uh 419 00:21:23,201 --> 00:21:25,767 period in the least uh uncomfortable way. and now 420 00:21:25,767 --> 00:21:27,433 uncomfortable way. and now question yourself what is the 421 00:21:27,433 --> 00:21:30,733 question yourself what is the value of your work to? And look 422 00:21:30,733 --> 00:21:32,866 value of your work to? And look at the income differential 423 00:21:32,866 --> 00:21:34,633 at the income differential between the two that tells me 424 00:21:34,633 --> 00:21:38,301 between the two that tells me something is that will actually 425 00:21:38,301 --> 00:21:39,934 something is that will actually uh we have increasing the 426 00:21:39,934 --> 00:21:42,400 uh we have increasing the people who are in a rent 427 00:21:42,400 --> 00:21:43,666 people who are in a rent extraction situation. they are 428 00:21:43,666 --> 00:21:46,234 extraction situation. they are basically given a license to 429 00:21:46,234 --> 00:21:48,633 basically given a license to take value away from society 430 00:21:48,633 --> 00:21:50,800 take value away from society instead of being forced to get 431 00:21:50,800 --> 00:21:53,533 instead of being forced to get an income by providing value to 432 00:21:53,533 --> 00:21:56,099 an income by providing value to society and that’s the big 433 00:21:56,099 --> 00:21:57,199 society and that’s the big divide that we have now, we’ll 434 00:21:57,199 --> 00:21:59,300 divide that we have now, we’ll cover it help uh uh uh 435 00:21:59,300 --> 00:22:01,033 cover it help uh uh uh overcoming this. that’s uh the 436 00:22:01,033 --> 00:22:04,133 overcoming this. that’s uh the the. The several billion-dollar 437 00:22:04,133 --> 00:22:05,733 the. The several billion-dollar question not discuss that 438 00:22:05,733 --> 00:22:07,766 question not discuss that later, but let me a very quick. 439 00:22:07,766 --> 00:22:10,799 later, but let me a very quick. follow up uh comparing euro, 440 00:22:10,799 --> 00:22:12,200 follow up uh comparing euro, let’s say to US or other parts 441 00:22:12,200 --> 00:22:13,967 let’s say to US or other parts of the world because you you 442 00:22:13,967 --> 00:22:16,266 of the world because you you rightly say that rent 443 00:22:16,266 --> 00:22:17,967 rightly say that rent extraction and this investment 444 00:22:17,967 --> 00:22:20,200 extraction and this investment in public services is a major 445 00:22:20,200 --> 00:22:21,900 in public services is a major threat to develop the It’s a 446 00:22:21,900 --> 00:22:25,266 threat to develop the It’s a reality. It’s a reality yes, 447 00:22:25,266 --> 00:22:27,234 reality. It’s a reality yes, but in Europe we all had the 448 00:22:27,234 --> 00:22:28,967 but in Europe we all had the focus on, but you also call a 449 00:22:28,967 --> 00:22:29,967 focus on, but you also call a social market economy if you 450 00:22:29,967 --> 00:22:33,700 social market economy if you look at the share. Spending and 451 00:22:33,700 --> 00:22:35,167 look at the share. Spending and social protection spending, 452 00:22:35,167 --> 00:22:36,566 social protection spending, It’s so much higher than 453 00:22:36,566 --> 00:22:38,699 It’s so much higher than answering you also have you 454 00:22:38,699 --> 00:22:40,433 answering you also have you know the European pillar of 455 00:22:40,433 --> 00:22:41,701 know the European pillar of social rights and before we had 456 00:22:41,701 --> 00:22:43,367 social rights and before we had other instruments. So so do you 457 00:22:43,367 --> 00:22:46,966 other instruments. So so do you think that the the the the 458 00:22:46,966 --> 00:22:49,100 think that the the the the extraction problem uh equally 459 00:22:49,100 --> 00:22:50,367 extraction problem uh equally applies to Europe and let’s the 460 00:22:50,367 --> 00:22:52,867 applies to Europe and let’s the other countries or does Europe 461 00:22:52,867 --> 00:22:55,500 other countries or does Europe better in some sense? Yeah, Of 462 00:22:55,500 --> 00:22:58,000 better in some sense? Yeah, Of course, uh uh if you you may 463 00:22:58,000 --> 00:22:59,500 course, uh uh if you you may always find the worst place and 464 00:22:59,500 --> 00:23:00,966 always find the worst place and there’s worst places. I’m glad 465 00:23:00,966 --> 00:23:02,900 there’s worst places. I’m glad to be a European. No no doubt 466 00:23:02,900 --> 00:23:05,234 to be a European. No no doubt about that. Absolutely no doubt 467 00:23:05,234 --> 00:23:08,633 about that. Absolutely no doubt uh and I prefer to be uh uh a 468 00:23:08,633 --> 00:23:11,366 uh and I prefer to be uh uh a citizen of Belgium and Belgian 469 00:23:11,366 --> 00:23:13,234 citizen of Belgium and Belgian social security, then under 470 00:23:13,234 --> 00:23:14,400 social security, then under Hungarian police social 471 00:23:14,400 --> 00:23:15,866 Hungarian police social security, of course, of course, 472 00:23:15,866 --> 00:23:19,899 security, of course, of course, but you know does that well 473 00:23:19,899 --> 00:23:21,400 but you know does that well will that help when you have or 474 00:23:21,400 --> 00:23:23,600 will that help when you have or in front of you to say, well, 475 00:23:23,600 --> 00:23:24,799 in front of you to say, well, you know into the US. It is 476 00:23:24,799 --> 00:23:27,266 you know into the US. It is much worse. They don’t care 477 00:23:27,266 --> 00:23:29,600 much worse. They don’t care they feel excluded of well in 478 00:23:29,600 --> 00:23:31,499 they feel excluded of well in the place where they live. They 479 00:23:31,499 --> 00:23:33,034 the place where they live. They don’t care that the situation 480 00:23:33,034 --> 00:23:34,266 don’t care that the situation is worse, elsewhere and of 481 00:23:34,266 --> 00:23:35,733 is worse, elsewhere and of course, that argument has been 482 00:23:35,733 --> 00:23:36,733 course, that argument has been you saying. Well, you know it 483 00:23:36,733 --> 00:23:37,967 you saying. Well, you know it could be worse so keep quiet, 484 00:23:37,967 --> 00:23:40,800 could be worse so keep quiet, but it is not. And of course, 485 00:23:40,800 --> 00:23:42,000 but it is not. And of course, European pillar of social 486 00:23:42,000 --> 00:23:43,534 European pillar of social rights, This is all I said 487 00:23:43,534 --> 00:23:46,700 rights, This is all I said well, again, this is not how 488 00:23:46,700 --> 00:23:48,700 well, again, this is not how low well deregulation of the 489 00:23:48,700 --> 00:23:51,234 low well deregulation of the financial markets is hard low 490 00:23:51,234 --> 00:23:53,667 financial markets is hard low right tax competition is hard 491 00:23:53,667 --> 00:23:55,267 right tax competition is hard low free trade agreements are 492 00:23:55,267 --> 00:23:59,067 low free trade agreements are hard low European pillar social 493 00:23:59,067 --> 00:24:00,833 hard low European pillar social right is declarations whether 494 00:24:00,833 --> 00:24:02,934 right is declarations whether there’s a few bits and pieces, 495 00:24:02,934 --> 00:24:04,633 there’s a few bits and pieces, but the thing is that well, 496 00:24:04,633 --> 00:24:06,433 but the thing is that well, it’s like fighting climate 497 00:24:06,433 --> 00:24:07,833 it’s like fighting climate change. You may say, okay now 498 00:24:07,833 --> 00:24:10,334 change. You may say, okay now let’s spend. Twenty-five or 30% 499 00:24:10,334 --> 00:24:12,666 let’s spend. Twenty-five or 30% of the budget to fighting 500 00:24:12,666 --> 00:24:13,733 of the budget to fighting climate change. First, I don’t 501 00:24:13,733 --> 00:24:14,600 climate change. First, I don’t know how you measure that, but 502 00:24:14,600 --> 00:24:16,800 know how you measure that, but okay, let’s assume we have 503 00:24:16,800 --> 00:24:17,967 okay, let’s assume we have serious, but if you keep with 504 00:24:17,967 --> 00:24:21,733 serious, but if you keep with the other 75 or 70% of your 505 00:24:21,733 --> 00:24:23,100 the other 75 or 70% of your budget worsening climate 506 00:24:23,100 --> 00:24:24,867 budget worsening climate change, what’s the point? 507 00:24:24,867 --> 00:24:26,434 change, what’s the point? what’s the point for once step 508 00:24:26,434 --> 00:24:28,234 what’s the point for once step forward, you will make three 509 00:24:28,234 --> 00:24:29,799 forward, you will make three steps backwards and that’s the 510 00:24:29,799 --> 00:24:31,233 steps backwards and that’s the thing I mean if we say, okay 511 00:24:31,233 --> 00:24:33,434 thing I mean if we say, okay now we won’t discuss it and my 512 00:24:33,434 --> 00:24:34,434 now we won’t discuss it and my home again is a very good 513 00:24:34,434 --> 00:24:36,166 home again is a very good example because he is the one 514 00:24:36,166 --> 00:24:37,467 example because he is the one who will not question his 515 00:24:37,467 --> 00:24:40,000 who will not question his supplies. And then says what no 516 00:24:40,000 --> 00:24:43,467 supplies. And then says what no no I have to give something 517 00:24:43,467 --> 00:24:44,799 no I have to give something just to keep peace in my 518 00:24:44,799 --> 00:24:46,234 just to keep peace in my country, but I will not 519 00:24:46,234 --> 00:24:47,767 country, but I will not question the causes the root 520 00:24:47,767 --> 00:24:50,234 question the causes the root causes that lead us there. so I 521 00:24:50,234 --> 00:24:52,699 causes that lead us there. so I will not question my uh 522 00:24:52,699 --> 00:24:54,533 will not question my uh economic policies that drive in 523 00:24:54,533 --> 00:24:56,267 economic policies that drive in equality, but then every now 524 00:24:56,267 --> 00:24:57,799 equality, but then every now and then I will be forced to 525 00:24:57,799 --> 00:24:59,866 and then I will be forced to give a few billion just to uh 526 00:24:59,866 --> 00:25:01,867 give a few billion just to uh uh to remove people from the 527 00:25:01,867 --> 00:25:03,467 uh to remove people from the streets but well, I’d rather 528 00:25:03,467 --> 00:25:07,399 streets but well, I’d rather have a system that both and 529 00:25:07,399 --> 00:25:13,267 have a system that both and exposed. uh produce. By design 530 00:25:13,267 --> 00:25:14,600 exposed. uh produce. By design inclusion, thanks very much in 531 00:25:14,600 --> 00:25:16,833 inclusion, thanks very much in the second part of our 532 00:25:16,833 --> 00:25:18,299 the second part of our discussion, we discuss what 533 00:25:18,299 --> 00:25:19,967 discussion, we discuss what policy measures would be 534 00:25:19,967 --> 00:25:20,967 policy measures would be needed, most of the national 535 00:25:20,967 --> 00:25:22,766 needed, most of the national and European levels and II 536 00:25:22,766 --> 00:25:23,766 and European levels and II would very much look forward to 537 00:25:23,766 --> 00:25:25,734 would very much look forward to also hearing you and those that 538 00:25:25,734 --> 00:25:27,734 also hearing you and those that you on on on that should be the 539 00:25:27,734 --> 00:25:30,267 you on on on that should be the right course of action, but now 540 00:25:30,267 --> 00:25:33,299 right course of action, but now let’s turn to to to Martin. so 541 00:25:33,299 --> 00:25:35,733 let’s turn to to to Martin. so Martin, how do you as the 542 00:25:35,733 --> 00:25:37,467 Martin, how do you as the European situation in terms of 543 00:25:37,467 --> 00:25:39,400 European situation in terms of various inequalities good 544 00:25:39,400 --> 00:25:41,434 various inequalities good morning? uh? Having me a lot, a 545 00:25:41,434 --> 00:25:42,133 morning? uh? Having me a lot, a lot of very good points have 546 00:25:42,133 --> 00:25:44,201 lot of very good points have been made so I’ll be very 547 00:25:44,201 --> 00:25:45,967 been made so I’ll be very concise. um I make three points 548 00:25:45,967 --> 00:25:47,666 concise. um I make three points first in this addresses. some 549 00:25:47,666 --> 00:25:48,367 first in this addresses. some of what you were, you were 550 00:25:48,367 --> 00:25:50,866 of what you were, you were discussing right before. let’s 551 00:25:50,866 --> 00:25:53,267 discussing right before. let’s be clear that Europe has done 552 00:25:53,267 --> 00:25:54,766 be clear that Europe has done better than the US in terms of 553 00:25:54,766 --> 00:25:57,167 better than the US in terms of inequality and in particular EU 554 00:25:57,167 --> 00:25:57,966 inequality and in particular EU countries on the whole have 555 00:25:57,966 --> 00:25:59,900 countries on the whole have done better than the kind of 556 00:25:59,900 --> 00:26:02,800 done better than the kind of Anglo American economic system, 557 00:26:02,800 --> 00:26:04,234 Anglo American economic system, including the UK. So that’s 558 00:26:04,234 --> 00:26:06,834 including the UK. So that’s point number one point number 559 00:26:06,834 --> 00:26:08,400 point number one point number two. nevertheless uh there are 560 00:26:08,400 --> 00:26:10,667 two. nevertheless uh there are some very serious problems in 561 00:26:10,667 --> 00:26:12,600 some very serious problems in all European countries uh to do 562 00:26:12,600 --> 00:26:13,600 all European countries uh to do with inequality and they’re 563 00:26:13,600 --> 00:26:15,133 with inequality and they’re driven by largely the same 564 00:26:15,133 --> 00:26:17,867 driven by largely the same dynamics as. We see in the US 565 00:26:17,867 --> 00:26:19,966 dynamics as. We see in the US and in the UK and those 566 00:26:19,966 --> 00:26:21,933 and in the UK and those dynamics are at the root uh 567 00:26:21,933 --> 00:26:23,700 dynamics are at the root uh they have to do with 568 00:26:23,700 --> 00:26:26,667 they have to do with technological change uh a 569 00:26:26,667 --> 00:26:27,967 technological change uh a technological change has over 570 00:26:27,967 --> 00:26:29,333 technological change has over the last four decades have 571 00:26:29,333 --> 00:26:31,400 the last four decades have changed our economies in such a 572 00:26:31,400 --> 00:26:32,167 changed our economies in such a way that they’ve become 573 00:26:32,167 --> 00:26:34,667 way that they’ve become polarized a word that already 574 00:26:34,667 --> 00:26:37,333 polarized a word that already came up uh there are in the 575 00:26:37,333 --> 00:26:38,867 came up uh there are in the most modern sectors. There are 576 00:26:38,867 --> 00:26:40,334 most modern sectors. There are good jobs for wealth for people 577 00:26:40,334 --> 00:26:41,667 good jobs for wealth for people like us people who are well 578 00:26:41,667 --> 00:26:44,201 like us people who are well educated people who could do 579 00:26:44,201 --> 00:26:45,300 educated people who could do cognitive work people who could 580 00:26:45,300 --> 00:26:47,100 cognitive work people who could work in front of screens um 581 00:26:47,100 --> 00:26:49,266 work in front of screens um but. Group of the population 582 00:26:49,266 --> 00:26:51,633 but. Group of the population have been and it’s a cliche, 583 00:26:51,633 --> 00:26:53,067 have been and it’s a cliche, but it’s it’s the right word. I 584 00:26:53,067 --> 00:26:55,600 but it’s it’s the right word. I have been left behind the good 585 00:26:55,600 --> 00:26:57,400 have been left behind the good jobs for a large group of the 586 00:26:57,400 --> 00:26:59,234 jobs for a large group of the population have largely 587 00:26:59,234 --> 00:27:00,133 population have largely disappeared. Uh we know that 588 00:27:00,133 --> 00:27:01,333 disappeared. Uh we know that the factory jobs disappeared 589 00:27:01,333 --> 00:27:02,766 the factory jobs disappeared not because of globalization, 590 00:27:02,766 --> 00:27:03,967 not because of globalization, but because factories are more 591 00:27:03,967 --> 00:27:05,333 but because factories are more automated, you just don’t need 592 00:27:05,333 --> 00:27:07,833 automated, you just don’t need as many hands to produce 593 00:27:07,833 --> 00:27:08,967 as many hands to produce manufacturing goods anymore. 594 00:27:08,967 --> 00:27:11,867 manufacturing goods anymore. That’s one example computers 595 00:27:11,867 --> 00:27:13,633 That’s one example computers have done for a lot of clerical 596 00:27:13,633 --> 00:27:15,767 have done for a lot of clerical jobs that are no longer needed 597 00:27:15,767 --> 00:27:17,200 jobs that are no longer needed The internet will do the same 598 00:27:17,200 --> 00:27:18,267 The internet will do the same to tell who knows what 599 00:27:18,267 --> 00:27:19,867 to tell who knows what artificial intelligence will do 600 00:27:19,867 --> 00:27:25,334 artificial intelligence will do these are. Long unavoidable 601 00:27:25,334 --> 00:27:27,000 these are. Long unavoidable really physical technological 602 00:27:27,000 --> 00:27:28,766 really physical technological economic processes that’s the 603 00:27:28,766 --> 00:27:30,201 economic processes that’s the challenge. We’re all up against 604 00:27:30,201 --> 00:27:31,733 challenge. We’re all up against Europe has handled it so much 605 00:27:31,733 --> 00:27:34,200 Europe has handled it so much better than the US and the UK 606 00:27:34,200 --> 00:27:35,666 better than the US and the UK but there are big problems in 607 00:27:35,666 --> 00:27:37,033 but there are big problems in Europe, too, and you see that 608 00:27:37,033 --> 00:27:37,767 Europe, too, and you see that because there are groups of 609 00:27:37,767 --> 00:27:39,767 because there are groups of people who are left behind who 610 00:27:39,767 --> 00:27:41,267 people who are left behind who don’t have good jobs, 611 00:27:41,267 --> 00:27:43,767 don’t have good jobs, paradoxically even in very 612 00:27:43,767 --> 00:27:45,466 paradoxically even in very rigidly regulated labor market 613 00:27:45,466 --> 00:27:46,934 rigidly regulated labor market systems you end up with the 614 00:27:46,934 --> 00:27:49,234 systems you end up with the same outcome as in the 615 00:27:49,234 --> 00:27:51,767 same outcome as in the unregulated flexible UK US 616 00:27:51,767 --> 00:27:53,300 unregulated flexible UK US systems. We’re a lot of people 617 00:27:53,300 --> 00:27:54,733 systems. We’re a lot of people have very precarious jobs 618 00:27:54,733 --> 00:27:56,300 have very precarious jobs short-term contracts 619 00:27:56,300 --> 00:27:58,467 short-term contracts unpredictable hours. Very low 620 00:27:58,467 --> 00:28:02,267 unpredictable hours. Very low salaries and job security um 621 00:28:02,267 --> 00:28:03,799 salaries and job security um and another aspect of this is 622 00:28:03,799 --> 00:28:05,234 and another aspect of this is the equality, which I think 623 00:28:05,234 --> 00:28:07,000 the equality, which I think really have to talk about uh 624 00:28:07,000 --> 00:28:09,067 really have to talk about uh capital cities have tended to 625 00:28:09,067 --> 00:28:10,200 capital cities have tended to do well because that’s where 626 00:28:10,200 --> 00:28:12,633 do well because that’s where the new industries and new 627 00:28:12,633 --> 00:28:14,800 the new industries and new sectors thrive uh and the hit 628 00:28:14,800 --> 00:28:16,834 sectors thrive uh and the hit to lands it pretty much every 629 00:28:16,834 --> 00:28:18,267 to lands it pretty much every country have lagged behind and 630 00:28:18,267 --> 00:28:19,800 country have lagged behind and followed behind often places 631 00:28:19,800 --> 00:28:22,201 followed behind often places that were suitable maybe for 632 00:28:22,201 --> 00:28:23,967 that were suitable maybe for factories are not necessarily 633 00:28:23,967 --> 00:28:26,367 factories are not necessarily that suitable for very 634 00:28:26,367 --> 00:28:28,334 that suitable for very knowledge Intensive service 635 00:28:28,334 --> 00:28:29,967 knowledge Intensive service industries. uh so the Here is 636 00:28:29,967 --> 00:28:32,267 industries. uh so the Here is we have the same dynamic that’s 637 00:28:32,267 --> 00:28:35,333 we have the same dynamic that’s been driving changes in our 638 00:28:35,333 --> 00:28:37,967 been driving changes in our economies everywhere uh since 639 00:28:37,967 --> 00:28:41,400 economies everywhere uh since about 1980, uh it’s largely to 640 00:28:41,400 --> 00:28:43,266 about 1980, uh it’s largely to do with how the structure of 641 00:28:43,266 --> 00:28:45,133 do with how the structure of our economy changes not as much 642 00:28:45,133 --> 00:28:46,767 our economy changes not as much about globalization. I don’t 643 00:28:46,767 --> 00:28:48,333 about globalization. I don’t think. but of course it is 644 00:28:48,333 --> 00:28:50,066 think. but of course it is about what policy responses we 645 00:28:50,066 --> 00:28:51,333 about what policy responses we have come up with or failed to 646 00:28:51,333 --> 00:28:53,801 have come up with or failed to come up with to make those 647 00:28:53,801 --> 00:28:56,201 come up with to make those changes work for everyone Uh 648 00:28:56,201 --> 00:28:57,000 changes work for everyone Uh Philip said that there are a 649 00:28:57,000 --> 00:28:57,967 Philip said that there are a lot of people who feel they 650 00:28:57,967 --> 00:28:59,500 lot of people who feel they don’t belong. That’s a phrase I 651 00:28:59,500 --> 00:29:00,633 don’t belong. That’s a phrase I like very much. That’s where 652 00:29:00,633 --> 00:29:01,634 like very much. That’s where just written a book called 653 00:29:01,634 --> 00:29:04,766 just written a book called they. 654 00:29:33,767 --> 00:29:37,266 Offered low page manual 655 00:29:37,266 --> 00:29:37,900 Offered low page manual services because that’s where 656 00:29:37,900 --> 00:29:39,433 services because that’s where you’re most exposed to uh to 657 00:29:39,433 --> 00:29:41,267 you’re most exposed to uh to disease and contagion, and it’s 658 00:29:41,267 --> 00:29:42,767 disease and contagion, and it’s also the jobs that are most 659 00:29:42,767 --> 00:29:45,299 also the jobs that are most hits by lock downs. Uh so 660 00:29:45,299 --> 00:29:47,133 hits by lock downs. Uh so again, it’s the people who 661 00:29:47,133 --> 00:29:49,234 again, it’s the people who already had draw the shortest 662 00:29:49,234 --> 00:29:53,166 already had draw the shortest straw who are most at risk both 663 00:29:53,166 --> 00:29:55,434 straw who are most at risk both uh health wise and in terms of 664 00:29:55,434 --> 00:29:59,034 uh health wise and in terms of the economic disruption. 665 00:29:59,167 --> 00:30:03,600 Many uh for 43 very good points 666 00:30:03,600 --> 00:30:05,767 Many uh for 43 very good points and you what it started to 667 00:30:05,767 --> 00:30:08,767 and you what it started to discuss the impact of Cot on uh 668 00:30:08,767 --> 00:30:10,299 discuss the impact of Cot on uh on inequalities. So let’s let’s 669 00:30:10,299 --> 00:30:12,733 on inequalities. So let’s let’s continue with that question. 670 00:30:12,733 --> 00:30:15,733 continue with that question. now if you have a view that uh 671 00:30:15,733 --> 00:30:17,099 now if you have a view that uh the situation in Europe, I 672 00:30:17,099 --> 00:30:18,533 the situation in Europe, I think it’s AUM among the three 673 00:30:18,533 --> 00:30:20,800 think it’s AUM among the three of you certainly better than as 674 00:30:20,800 --> 00:30:22,334 of you certainly better than as in the world, but it’s very far 675 00:30:22,334 --> 00:30:23,734 in the world, but it’s very far from being satisfactory even 676 00:30:23,734 --> 00:30:28,666 from being satisfactory even before Kobe now, let’s see. 677 00:30:28,666 --> 00:30:31,299 before Kobe now, let’s see. Discuss what do we know about 678 00:30:31,299 --> 00:30:34,266 Discuss what do we know about the impact of it on on 679 00:30:34,266 --> 00:30:35,800 the impact of it on on inequalities? I’m afraid it’s 680 00:30:35,800 --> 00:30:37,400 inequalities? I’m afraid it’s we still have to wait quite 681 00:30:37,400 --> 00:30:39,733 we still have to wait quite some time until hard data will 682 00:30:39,733 --> 00:30:43,266 some time until hard data will comes out with the couple of 683 00:30:43,266 --> 00:30:45,400 comes out with the couple of research looking at earlier 684 00:30:45,400 --> 00:30:47,200 research looking at earlier pandemics, which uh which I 685 00:30:47,200 --> 00:30:49,234 pandemics, which uh which I think they conclude that the 686 00:30:49,234 --> 00:30:51,234 think they conclude that the epidemic in a country or a more 687 00:30:51,234 --> 00:30:53,400 epidemic in a country or a more pandemic affecting many 688 00:30:53,400 --> 00:30:54,999 pandemic affecting many countries lead to rises in 689 00:30:54,999 --> 00:30:58,666 countries lead to rises in inequality um. That’s what we 690 00:30:58,666 --> 00:31:00,134 inequality um. That’s what we what we can expect, but what do 691 00:31:00,134 --> 00:31:02,833 what we can expect, but what do we know any more recent 692 00:31:02,833 --> 00:31:04,999 we know any more recent information hard data uh and 693 00:31:04,999 --> 00:31:06,800 information hard data uh and that’s your expectation. How uh 694 00:31:06,800 --> 00:31:09,167 that’s your expectation. How uh how could it will impact in 695 00:31:09,167 --> 00:31:11,667 how could it will impact in equities in particular in in 696 00:31:11,667 --> 00:31:16,767 equities in particular in in Europe. so uh why don’t you 697 00:31:16,767 --> 00:31:18,866 Europe. so uh why don’t you start this time? I’ll I’ll just 698 00:31:18,866 --> 00:31:21,000 start this time? I’ll I’ll just follow up uh very briefly as 699 00:31:21,000 --> 00:31:23,667 follow up uh very briefly as you say the sort of proper deep 700 00:31:23,667 --> 00:31:25,166 you say the sort of proper deep research uh it takes time, but 701 00:31:25,166 --> 00:31:27,700 research uh it takes time, but let me just make one. What we 702 00:31:27,700 --> 00:31:30,467 let me just make one. What we know very well uh which sectors 703 00:31:30,467 --> 00:31:32,533 know very well uh which sectors are hit the most by and we know 704 00:31:32,533 --> 00:31:34,667 are hit the most by and we know that it’s the sectors that 705 00:31:34,667 --> 00:31:36,267 that it’s the sectors that involve physical presence and 706 00:31:36,267 --> 00:31:38,466 involve physical presence and physical interaction, Retail 707 00:31:38,466 --> 00:31:41,301 physical interaction, Retail hospitality tourism. We know 708 00:31:41,301 --> 00:31:42,533 hospitality tourism. We know that those sectors are hit the 709 00:31:42,533 --> 00:31:44,000 that those sectors are hit the most and we know that people 710 00:31:44,000 --> 00:31:45,400 most and we know that people who work in them are there for 711 00:31:45,400 --> 00:31:48,400 who work in them are there for most at risk uh if they hadn’t 712 00:31:48,400 --> 00:31:51,634 most at risk uh if they hadn’t been for the various Flo short 713 00:31:51,634 --> 00:31:53,201 been for the various Flo short time work support schemes that 714 00:31:53,201 --> 00:31:54,467 time work support schemes that a little countries have put in 715 00:31:54,467 --> 00:31:56,434 a little countries have put in place. Uh we know that. People 716 00:31:56,434 --> 00:31:59,633 place. Uh we know that. People who would have been hit in a 717 00:31:59,633 --> 00:32:01,266 who would have been hit in a devastating way would have been 718 00:32:01,266 --> 00:32:02,633 devastating way would have been people who work in the sectors 719 00:32:02,633 --> 00:32:04,167 people who work in the sectors that are you know more 720 00:32:04,167 --> 00:32:05,233 that are you know more unpredictable work more 721 00:32:05,233 --> 00:32:08,266 unpredictable work more seasonal work, sometimes more 722 00:32:08,266 --> 00:32:10,867 seasonal work, sometimes more informal less well regulated or 723 00:32:10,867 --> 00:32:12,433 informal less well regulated or less well controlled work often 724 00:32:12,433 --> 00:32:15,800 less well controlled work often young people, you know Waiters 725 00:32:15,800 --> 00:32:18,966 young people, you know Waiters shopkeepers and so on uh so you 726 00:32:18,966 --> 00:32:20,234 shopkeepers and so on uh so you know we don’t need to know 727 00:32:20,234 --> 00:32:22,000 know we don’t need to know more. We know enough uh to see 728 00:32:22,000 --> 00:32:25,234 more. We know enough uh to see where the biggest economic hit 729 00:32:25,234 --> 00:32:26,667 where the biggest economic hit is now what we need to find out 730 00:32:26,667 --> 00:32:28,133 is now what we need to find out is how much have the support 731 00:32:28,133 --> 00:32:29,600 is how much have the support schemes helped, but importantly 732 00:32:29,600 --> 00:32:33,000 schemes helped, but importantly also. When we come out of lock 733 00:32:33,000 --> 00:32:34,533 also. When we come out of lock down when those schemes start 734 00:32:34,533 --> 00:32:37,000 down when those schemes start to be withdrawn and very 735 00:32:37,000 --> 00:32:38,434 to be withdrawn and very importantly, what we don’t know 736 00:32:38,434 --> 00:32:39,834 importantly, what we don’t know is to what extent can those 737 00:32:39,834 --> 00:32:42,133 is to what extent can those sectors come back to where they 738 00:32:42,133 --> 00:32:43,967 sectors come back to where they were and to what extent do we 739 00:32:43,967 --> 00:32:46,200 were and to what extent do we have to find some way of 740 00:32:46,200 --> 00:32:47,633 have to find some way of shifting people out of those 741 00:32:47,633 --> 00:32:48,700 shifting people out of those sectors because they won’t 742 00:32:48,700 --> 00:32:50,433 sectors because they won’t drive as much as they did 743 00:32:50,433 --> 00:32:52,867 drive as much as they did before because it’s very 744 00:32:52,867 --> 00:32:55,267 before because it’s very possible that various 745 00:32:55,267 --> 00:32:56,000 possible that various restrictions physical social 746 00:32:56,000 --> 00:32:57,634 restrictions physical social distancing, and so one will be 747 00:32:57,634 --> 00:33:01,400 distancing, and so one will be with us indefinitely. You know 748 00:33:01,400 --> 00:33:03,267 with us indefinitely. You know that’s my point about what we 749 00:33:03,267 --> 00:33:04,834 that’s my point about what we what we know, but that also 750 00:33:04,834 --> 00:33:06,533 what we know, but that also raises immediately the question 751 00:33:06,533 --> 00:33:08,933 raises immediately the question of how we probably need to have 752 00:33:08,933 --> 00:33:11,866 of how we probably need to have quite big reallocation in our 753 00:33:11,866 --> 00:33:13,333 quite big reallocation in our economies. uh they won’t be as 754 00:33:13,333 --> 00:33:15,934 economies. uh they won’t be as many jobs and certainly not the 755 00:33:15,934 --> 00:33:19,666 many jobs and certainly not the same jobs in those sectors as 756 00:33:19,666 --> 00:33:21,734 same jobs in those sectors as before uh so we really have no 757 00:33:21,734 --> 00:33:23,467 before uh so we really have no time to waste in thinking about 758 00:33:23,467 --> 00:33:26,267 time to waste in thinking about how as painlessly as possible, 759 00:33:26,267 --> 00:33:27,833 how as painlessly as possible, we can help people find jobs 760 00:33:27,833 --> 00:33:31,766 we can help people find jobs elsewhere and hopefully. Better 761 00:33:31,766 --> 00:33:34,766 elsewhere and hopefully. Better jobs than what they had before 762 00:33:34,766 --> 00:33:36,599 jobs than what they had before very much very clear point that 763 00:33:36,599 --> 00:33:38,699 very much very clear point that that indeed, we know which 764 00:33:38,699 --> 00:33:40,200 that indeed, we know which sectors were hit and we know 765 00:33:40,200 --> 00:33:42,234 sectors were hit and we know the characteristics of workers 766 00:33:42,234 --> 00:33:43,967 the characteristics of workers there now mister Lambert. How 767 00:33:43,967 --> 00:33:47,000 there now mister Lambert. How do you see inequalities during 768 00:33:47,000 --> 00:33:48,467 do you see inequalities during and after well? First, the 769 00:33:48,467 --> 00:33:50,767 and after well? First, the quality hit uh well made 770 00:33:50,767 --> 00:33:52,200 quality hit uh well made probably uh or should I say 771 00:33:52,200 --> 00:33:54,200 probably uh or should I say Kofi made so many qualities 772 00:33:54,200 --> 00:33:55,767 Kofi made so many qualities more visible in the way that 773 00:33:55,767 --> 00:33:58,267 more visible in the way that well if you are confined uh 774 00:33:58,267 --> 00:34:01,834 well if you are confined uh like me in a big house ins. In 775 00:34:01,834 --> 00:34:04,300 like me in a big house ins. In a luxurious neighborhood, but a 776 00:34:04,300 --> 00:34:04,767 a luxurious neighborhood, but a big one with a small garden, 777 00:34:04,767 --> 00:34:06,367 big one with a small garden, it’s not the same, but with 778 00:34:06,367 --> 00:34:08,467 it’s not the same, but with five people, it’s not the same 779 00:34:08,467 --> 00:34:10,234 five people, it’s not the same thing if you have a big family 780 00:34:10,234 --> 00:34:12,200 thing if you have a big family in a small apartment with no 781 00:34:12,200 --> 00:34:14,233 in a small apartment with no access to fresh air uh and 782 00:34:14,233 --> 00:34:15,500 access to fresh air uh and well, I’m afraid there’s many 783 00:34:15,500 --> 00:34:17,800 well, I’m afraid there’s many people uh in such conditions in 784 00:34:17,800 --> 00:34:19,300 people uh in such conditions in in Brussels and guess who they 785 00:34:19,300 --> 00:34:20,533 in Brussels and guess who they are so uh they’re also the 786 00:34:20,533 --> 00:34:21,834 are so uh they’re also the people who are doing this 787 00:34:21,834 --> 00:34:24,667 people who are doing this manual uh work of cleaning of 788 00:34:24,667 --> 00:34:26,533 manual uh work of cleaning of uh of uh of uh uh in retail 789 00:34:26,533 --> 00:34:28,099 uh of uh of uh uh in retail etcetera when they have a job 790 00:34:28,099 --> 00:34:31,267 etcetera when they have a job when they have a job. so. This 791 00:34:31,267 --> 00:34:33,133 when they have a job. so. This has been access and especially 792 00:34:33,133 --> 00:34:36,634 has been access and especially even if you you you you have uh 793 00:34:36,634 --> 00:34:38,533 even if you you you you have uh uh uh temporary and employment 794 00:34:38,533 --> 00:34:39,899 uh uh temporary and employment to benefit from temporary 795 00:34:39,899 --> 00:34:41,000 to benefit from temporary employment schemes. Usually 796 00:34:41,000 --> 00:34:43,867 employment schemes. Usually this is not uh a 100% salary 797 00:34:43,867 --> 00:34:45,801 this is not uh a 100% salary replacement so if you’re 798 00:34:45,801 --> 00:34:47,801 replacement so if you’re already just barely surviving 799 00:34:47,801 --> 00:34:50,133 already just barely surviving even having that support is no 800 00:34:50,133 --> 00:34:51,533 even having that support is no longer to prevent you from 801 00:34:51,533 --> 00:34:52,734 longer to prevent you from falling into poverty and then, 802 00:34:52,734 --> 00:34:54,267 falling into poverty and then, of course, crammed a 803 00:34:54,267 --> 00:34:56,066 of course, crammed a accommodation makes also for uh 804 00:34:56,066 --> 00:34:58,300 accommodation makes also for uh more domestic violence uh more 805 00:34:58,300 --> 00:34:59,867 more domestic violence uh more difficult working uh living 806 00:34:59,867 --> 00:35:01,599 difficult working uh living conditions simply so all these 807 00:35:01,599 --> 00:35:05,801 conditions simply so all these aspect. Uh uh do count uh not 808 00:35:05,801 --> 00:35:06,366 aspect. Uh uh do count uh not withstanding the fact that 809 00:35:06,366 --> 00:35:08,900 withstanding the fact that those who still have work that 810 00:35:08,900 --> 00:35:10,300 those who still have work that has to be performed during the 811 00:35:10,300 --> 00:35:11,766 has to be performed during the the confinement uh also more 812 00:35:11,766 --> 00:35:14,300 the confinement uh also more exposed to hazard uh health 813 00:35:14,300 --> 00:35:15,934 exposed to hazard uh health hazards so that drives the 814 00:35:15,934 --> 00:35:18,000 hazards so that drives the inequality as well. now pretty 815 00:35:18,000 --> 00:35:19,867 inequality as well. now pretty much will depend on what we do 816 00:35:19,867 --> 00:35:21,634 much will depend on what we do in terms of policy choices 817 00:35:21,634 --> 00:35:23,733 in terms of policy choices because Martin agrees with you 818 00:35:23,733 --> 00:35:26,400 because Martin agrees with you that indeed we we need to see 819 00:35:26,400 --> 00:35:27,267 that indeed we we need to see relocation. I thought the other 820 00:35:27,267 --> 00:35:29,967 relocation. I thought the other day when 1500 baggage handlers 821 00:35:29,967 --> 00:35:31,434 day when 1500 baggage handlers lose their job at the Brussels 822 00:35:31,434 --> 00:35:34,400 lose their job at the Brussels airport while more. It’s quite 823 00:35:34,400 --> 00:35:35,967 airport while more. It’s quite likely that these drops will 824 00:35:35,967 --> 00:35:37,833 likely that these drops will not come back because air 825 00:35:37,833 --> 00:35:40,700 not come back because air traffic will be impacted in a 826 00:35:40,700 --> 00:35:42,434 traffic will be impacted in a sustained way and not just 827 00:35:42,434 --> 00:35:43,700 sustained way and not just because of but also because of 828 00:35:43,700 --> 00:35:46,301 because of but also because of climate change and we need to 829 00:35:46,301 --> 00:35:49,267 climate change and we need to reduce uh the the the the size 830 00:35:49,267 --> 00:35:51,967 reduce uh the the the the size of airline industry now the 831 00:35:51,967 --> 00:35:53,333 of airline industry now the question is uh because I’d like 832 00:35:53,333 --> 00:35:54,767 question is uh because I’d like to continue on what part said 833 00:35:54,767 --> 00:35:56,734 to continue on what part said about technological change 834 00:35:56,734 --> 00:35:58,300 about technological change because indeed, this is a major 835 00:35:58,300 --> 00:36:01,034 because indeed, this is a major driver of exclusion and 836 00:36:01,034 --> 00:36:02,933 driver of exclusion and artificial intelligence may 837 00:36:02,933 --> 00:36:05,234 artificial intelligence may expand into uh uh say more 838 00:36:05,234 --> 00:36:09,266 expand into uh uh say more qualified jobs. I mean uh. EI 839 00:36:09,266 --> 00:36:11,733 qualified jobs. I mean uh. EI may indeed displays uh uh jobs 840 00:36:11,733 --> 00:36:13,266 may indeed displays uh uh jobs that are performed now with uh 841 00:36:13,266 --> 00:36:16,834 that are performed now with uh by university graduates and uh 842 00:36:16,834 --> 00:36:19,600 by university graduates and uh and there the real question is 843 00:36:19,600 --> 00:36:21,200 and there the real question is what kind of structure we want 844 00:36:21,200 --> 00:36:22,400 what kind of structure we want to see. I do not believe it 845 00:36:22,400 --> 00:36:23,933 to see. I do not believe it belongs to the state to decide 846 00:36:23,933 --> 00:36:27,867 belongs to the state to decide uh uh which activity uh well 847 00:36:27,867 --> 00:36:29,534 uh uh which activity uh well what what shift should be uh 848 00:36:29,534 --> 00:36:31,233 what what shift should be uh should be done. I think that we 849 00:36:31,233 --> 00:36:33,033 should be done. I think that we have to set a framework for 850 00:36:33,033 --> 00:36:34,667 have to set a framework for instance, if we make a travel 851 00:36:34,667 --> 00:36:35,933 instance, if we make a travel more expensive because of 852 00:36:35,933 --> 00:36:37,966 more expensive because of climate impact will probably a 853 00:36:37,966 --> 00:36:40,367 climate impact will probably a transport will. And we invest 854 00:36:40,367 --> 00:36:42,300 transport will. And we invest conversely in surface transport 855 00:36:42,300 --> 00:36:43,866 conversely in surface transport this will expand now and then 856 00:36:43,866 --> 00:36:46,400 this will expand now and then the shift will happen uh not 857 00:36:46,400 --> 00:36:47,799 the shift will happen uh not just in the public sector, but 858 00:36:47,799 --> 00:36:49,267 just in the public sector, but in the private sector as well, 859 00:36:49,267 --> 00:36:50,666 in the private sector as well, but the question that we have 860 00:36:50,666 --> 00:36:53,333 but the question that we have to ask ourselves is are the 861 00:36:53,333 --> 00:36:54,733 to ask ourselves is are the current structures I would say 862 00:36:54,733 --> 00:36:56,433 current structures I would say of the triangle made up of 863 00:36:56,433 --> 00:36:59,166 of the triangle made up of labor market organization, 864 00:36:59,166 --> 00:37:00,000 labor market organization, social security systems and 865 00:37:00,000 --> 00:37:02,766 social security systems and taxation systems is this the 866 00:37:02,766 --> 00:37:04,234 taxation systems is this the right setting to reduce 867 00:37:04,234 --> 00:37:06,367 right setting to reduce inequality and I would hope 868 00:37:06,367 --> 00:37:08,633 inequality and I would hope that uh will help us debate on 869 00:37:08,633 --> 00:37:09,967 that uh will help us debate on that because the the first 870 00:37:09,967 --> 00:37:13,300 that because the the first question. OW uh when when I 871 00:37:13,300 --> 00:37:15,767 question. OW uh when when I look at the employment rate 872 00:37:15,767 --> 00:37:17,267 look at the employment rate that we have well this is 873 00:37:17,267 --> 00:37:19,933 that we have well this is before of it, but uh when you 874 00:37:19,933 --> 00:37:22,700 before of it, but uh when you see that the actual not 875 00:37:22,700 --> 00:37:23,699 see that the actual not unemployment rate but 876 00:37:23,699 --> 00:37:26,334 unemployment rate but employment rate expressed in 877 00:37:26,334 --> 00:37:27,866 employment rate expressed in full-time equivalent in a 878 00:37:27,866 --> 00:37:30,234 full-time equivalent in a country like Germany uh is 879 00:37:30,234 --> 00:37:34,767 country like Germany uh is around uh uh sixty uh uh 8% or 880 00:37:34,767 --> 00:37:36,534 around uh uh sixty uh uh 8% or something uh then you’ll find 881 00:37:36,534 --> 00:37:38,534 something uh then you’ll find it even in a developed country 882 00:37:38,534 --> 00:37:41,133 it even in a developed country like Germany, 32% of the 883 00:37:41,133 --> 00:37:43,534 like Germany, 32% of the workable harvest are not worked 884 00:37:43,534 --> 00:37:47,799 workable harvest are not worked yet. German GDP has been going 885 00:37:47,799 --> 00:37:49,500 yet. German GDP has been going up significantly well at at a 886 00:37:49,500 --> 00:37:50,833 up significantly well at at a slow pace, but it’s been going 887 00:37:50,833 --> 00:37:52,533 slow pace, but it’s been going up uh since the beginning of 888 00:37:52,533 --> 00:37:55,834 up uh since the beginning of the century Now that tells you 889 00:37:55,834 --> 00:37:57,900 the century Now that tells you something that actually if we 890 00:37:57,900 --> 00:37:59,733 something that actually if we define full-time employment 891 00:37:59,733 --> 00:38:01,767 define full-time employment like we do actually a lot of 892 00:38:01,767 --> 00:38:03,801 like we do actually a lot of those theoretically workable 893 00:38:03,801 --> 00:38:05,734 those theoretically workable how are not needed and I would 894 00:38:05,734 --> 00:38:07,933 how are not needed and I would bet that actually uh well one 895 00:38:07,933 --> 00:38:09,333 bet that actually uh well one of the books I read over the 896 00:38:09,333 --> 00:38:10,933 of the books I read over the summer was ??? jobs by David 897 00:38:10,933 --> 00:38:13,900 summer was ??? jobs by David Graber uh and of course this 898 00:38:13,900 --> 00:38:15,066 Graber uh and of course this dates back a bit but it it 899 00:38:15,066 --> 00:38:16,234 dates back a bit but it it tells something about the 900 00:38:16,234 --> 00:38:17,700 tells something about the reality of work today. There’s 901 00:38:17,700 --> 00:38:22,133 reality of work today. There’s a lot of useless. That that can 902 00:38:22,133 --> 00:38:24,966 a lot of useless. That that can be eliminated so easy right to 903 00:38:24,966 --> 00:38:26,700 be eliminated so easy right to continue claiming that the 904 00:38:26,700 --> 00:38:29,766 continue claiming that the normal working uh week is 38 or 905 00:38:29,766 --> 00:38:32,733 normal working uh week is 38 or 35 or 40 hours because it has 906 00:38:32,733 --> 00:38:34,967 35 or 40 hours because it has an important because if you 907 00:38:34,967 --> 00:38:36,334 an important because if you define the norm like that, 908 00:38:36,334 --> 00:38:37,700 define the norm like that, then, of course, what you 909 00:38:37,700 --> 00:38:40,400 then, of course, what you create by definition is 910 00:38:40,400 --> 00:38:41,699 create by definition is structural and employment and 911 00:38:41,699 --> 00:38:43,233 structural and employment and if you are structural an 912 00:38:43,233 --> 00:38:44,400 if you are structural an employment, it is very good for 913 00:38:44,400 --> 00:38:46,734 employment, it is very good for those who own capital, but this 914 00:38:46,734 --> 00:38:48,400 those who own capital, but this is very bad for those who don’t 915 00:38:48,400 --> 00:38:52,367 is very bad for those who don’t so. so. An important because 916 00:38:52,367 --> 00:38:53,933 so. so. An important because indeed uh and and back to what 917 00:38:53,933 --> 00:38:56,201 indeed uh and and back to what he said back in time uh about 918 00:38:56,201 --> 00:38:57,866 he said back in time uh about the number of hours we should 919 00:38:57,866 --> 00:38:58,767 the number of hours we should work to create the goods and 920 00:38:58,767 --> 00:39:01,233 work to create the goods and services we actually need and 921 00:39:01,233 --> 00:39:02,866 services we actually need and want and can afford to live 922 00:39:02,866 --> 00:39:05,333 want and can afford to live decently on this planet. Well, 923 00:39:05,333 --> 00:39:05,967 decently on this planet. Well, maybe actually we have to 924 00:39:05,967 --> 00:39:07,867 maybe actually we have to rethink the organization of the 925 00:39:07,867 --> 00:39:09,267 rethink the organization of the labor market, but if you do 926 00:39:09,267 --> 00:39:11,167 labor market, but if you do that, then you have to rethink 927 00:39:11,167 --> 00:39:12,367 that, then you have to rethink social security and then you 928 00:39:12,367 --> 00:39:13,834 social security and then you have to rethink taxation as 929 00:39:13,834 --> 00:39:16,801 have to rethink taxation as well and then indeed well 930 00:39:16,801 --> 00:39:17,667 well and then indeed well taxation becomes something that 931 00:39:17,667 --> 00:39:20,333 taxation becomes something that you are too seriously. Because 932 00:39:20,333 --> 00:39:24,634 you are too seriously. Because if we say I and automation of 933 00:39:24,634 --> 00:39:27,034 if we say I and automation of the share of capital in the 934 00:39:27,034 --> 00:39:28,867 the share of capital in the production of goods increases, 935 00:39:28,867 --> 00:39:31,067 production of goods increases, and that means that the owners 936 00:39:31,067 --> 00:39:33,801 and that means that the owners of capital and and even better 937 00:39:33,801 --> 00:39:36,234 of capital and and even better ride than those who don’t so 938 00:39:36,234 --> 00:39:38,733 ride than those who don’t so again yours to to look at 939 00:39:38,733 --> 00:39:40,699 again yours to to look at system change and II see no 940 00:39:40,699 --> 00:39:43,266 system change and II see no appetite at the moment at that 941 00:39:43,266 --> 00:39:44,700 appetite at the moment at that now in the European Commission, 942 00:39:44,700 --> 00:39:46,734 now in the European Commission, they are interested in in 943 00:39:46,734 --> 00:39:47,667 they are interested in in corporate taxation and making 944 00:39:47,667 --> 00:39:51,634 corporate taxation and making at least of taxation. 945 00:39:51,634 --> 00:39:51,667 at least of taxation. Uh 946 00:39:51,667 --> 00:39:53,400 Uh uh fair enough uh there’s a 947 00:39:53,400 --> 00:39:56,867 Uh uh fair enough uh there’s a real interest there, but uh the 948 00:39:56,867 --> 00:39:58,467 real interest there, but uh the the the common wisdom is that 949 00:39:58,467 --> 00:39:59,767 the the common wisdom is that we should touch the labor 950 00:39:59,767 --> 00:40:01,299 we should touch the labor market organization and if we 951 00:40:01,299 --> 00:40:03,200 market organization and if we should touch social security is 952 00:40:03,200 --> 00:40:05,333 should touch social security is to reduce to reduce it and 953 00:40:05,333 --> 00:40:07,000 to reduce to reduce it and there if I look at the macro 954 00:40:07,000 --> 00:40:08,834 there if I look at the macro economically, I think well hang 955 00:40:08,834 --> 00:40:11,733 economically, I think well hang on one second we generalize 956 00:40:11,733 --> 00:40:13,266 on one second we generalize social security uh in the 60s 957 00:40:13,266 --> 00:40:14,933 social security uh in the 60s in Belgium right and when I 958 00:40:14,933 --> 00:40:17,167 in Belgium right and when I look at the the per capita 959 00:40:17,167 --> 00:40:19,267 look at the the per capita wealth of Belgium at that time 960 00:40:19,267 --> 00:40:22,467 wealth of Belgium at that time and the wealth. The per capita 961 00:40:22,467 --> 00:40:24,234 and the wealth. The per capita wealth in Belgium today if we 962 00:40:24,234 --> 00:40:27,233 wealth in Belgium today if we could afford widening social 963 00:40:27,233 --> 00:40:28,600 could afford widening social security back, then tell me why 964 00:40:28,600 --> 00:40:31,266 security back, then tell me why we come today. I have this 965 00:40:31,266 --> 00:40:32,800 we come today. I have this global competition. Yeah, but 966 00:40:32,800 --> 00:40:35,267 global competition. Yeah, but that’s a choice. I mean to 967 00:40:35,267 --> 00:40:37,067 that’s a choice. I mean to basically say that capital can 968 00:40:37,067 --> 00:40:39,299 basically say that capital can flow freely that goods can flow 969 00:40:39,299 --> 00:40:41,866 flow freely that goods can flow freely that you can have kids 970 00:40:41,866 --> 00:40:42,733 freely that you can have kids producing goods elsewhere in 971 00:40:42,733 --> 00:40:44,667 producing goods elsewhere in the world and having those 972 00:40:44,667 --> 00:40:48,300 the world and having those goods uh uh and the uh European 973 00:40:48,300 --> 00:40:51,733 goods uh uh and the uh European market is deciding uh uh. Your 974 00:40:51,733 --> 00:40:54,833 market is deciding uh uh. Your own unimportant you decide to 975 00:40:54,833 --> 00:40:57,334 own unimportant you decide to have basically your social 976 00:40:57,334 --> 00:40:58,866 have basically your social security, your social contract 977 00:40:58,866 --> 00:41:03,734 security, your social contract dictates by not by Vietnam, but 978 00:41:03,734 --> 00:41:06,933 dictates by not by Vietnam, but by the arbitration of global 979 00:41:06,933 --> 00:41:08,200 by the arbitration of global capital that is the reality and 980 00:41:08,200 --> 00:41:10,301 capital that is the reality and so we also have to look at this 981 00:41:10,301 --> 00:41:12,267 so we also have to look at this kind of dog that you cannot 982 00:41:12,267 --> 00:41:14,233 kind of dog that you cannot control the flows of capital. 983 00:41:14,233 --> 00:41:14,800 control the flows of capital. I’m not saying that capital 984 00:41:14,800 --> 00:41:17,400 I’m not saying that capital Cannot trust borders, I’m just 985 00:41:17,400 --> 00:41:18,967 Cannot trust borders, I’m just saying that we have to decide 986 00:41:18,967 --> 00:41:21,767 saying that we have to decide on the which conditions. It can 987 00:41:21,767 --> 00:41:24,467 on the which conditions. It can cross borders and there, this 988 00:41:24,467 --> 00:41:26,201 cross borders and there, this is a taboo if you look even at 989 00:41:26,201 --> 00:41:28,767 is a taboo if you look even at European treaties, it is AX 990 00:41:28,767 --> 00:41:30,400 European treaties, it is AX treaty, but this is totally 991 00:41:30,400 --> 00:41:32,699 treaty, but this is totally ideological. Why is it that the 992 00:41:32,699 --> 00:41:35,733 ideological. Why is it that the migrant can cross a border but 993 00:41:35,733 --> 00:41:37,666 migrant can cross a border but under very strict conditions, 994 00:41:37,666 --> 00:41:40,266 under very strict conditions, but a euro can cross borders 995 00:41:40,266 --> 00:41:41,933 but a euro can cross borders with no conditions? Tell me 996 00:41:41,933 --> 00:41:44,201 with no conditions? Tell me tell me and once you decide 997 00:41:44,201 --> 00:41:46,233 tell me and once you decide that will you decide that your 998 00:41:46,233 --> 00:41:48,234 that will you decide that your policies will be dictated by 999 00:41:48,234 --> 00:41:49,967 policies will be dictated by the owners of capital and this 1000 00:41:49,967 --> 00:41:51,933 the owners of capital and this story. I’m a Democrat. I don’t 1001 00:41:51,933 --> 00:41:56,000 story. I’m a Democrat. I don’t want I don’t want. 1002 00:41:56,767 --> 00:41:58,700 Um, but it’s really fascinating 1003 00:41:58,700 --> 00:42:01,966 Um, but it’s really fascinating that you bring such general 1004 00:42:01,966 --> 00:42:04,267 that you bring such general system change into the into the 1005 00:42:04,267 --> 00:42:05,967 system change into the into the discussion uh so I would like 1006 00:42:05,967 --> 00:42:08,200 discussion uh so I would like to elaborate more on on this 1007 00:42:08,200 --> 00:42:11,233 to elaborate more on on this point. so let me now turn to 1008 00:42:11,233 --> 00:42:15,534 point. so let me now turn to something to see um so maybe we 1009 00:42:15,534 --> 00:42:18,700 something to see um so maybe we can we can continue on that. 1010 00:42:18,700 --> 00:42:20,767 can we can continue on that. Philip Plumber has has uh has 1011 00:42:20,767 --> 00:42:23,067 Philip Plumber has has uh has has just said, and I would like 1012 00:42:23,067 --> 00:42:27,467 has just said, and I would like to ask your view. 1013 00:42:55,767 --> 00:42:58,267 In the European Union because 1014 00:42:58,267 --> 00:43:00,201 In the European Union because uh this outside producers might 1015 00:43:00,201 --> 00:43:02,633 uh this outside producers might have an unfair advantage. so 1016 00:43:02,633 --> 00:43:04,234 have an unfair advantage. so how do you see the role of this 1017 00:43:04,234 --> 00:43:06,934 how do you see the role of this much more bigger issues uh in 1018 00:43:06,934 --> 00:43:08,866 much more bigger issues uh in ensuring fairness within the 1019 00:43:08,866 --> 00:43:12,967 ensuring fairness within the European Union? Thank you uh I 1020 00:43:12,967 --> 00:43:14,766 European Union? Thank you uh I would like to thank you for the 1021 00:43:14,766 --> 00:43:17,000 would like to thank you for the question I would like to um go 1022 00:43:17,000 --> 00:43:19,034 question I would like to um go back a possible before entering 1023 00:43:19,034 --> 00:43:20,799 back a possible before entering to a specific issues that um he 1024 00:43:20,799 --> 00:43:24,734 to a specific issues that um he was raising and uh because it 1025 00:43:24,734 --> 00:43:27,434 was raising and uh because it is clear uh that technological 1026 00:43:27,434 --> 00:43:29,799 is clear uh that technological change and policy decision 1027 00:43:29,799 --> 00:43:32,567 change and policy decision policy decision answering to 1028 00:43:32,567 --> 00:43:35,099 policy decision answering to those who have uh determined uh 1029 00:43:35,099 --> 00:43:36,867 those who have uh determined uh have been the drivers of uh of 1030 00:43:36,867 --> 00:43:39,333 have been the drivers of uh of inequality and I agree very 1031 00:43:39,333 --> 00:43:41,834 inequality and I agree very much that even that’s the label 1032 00:43:41,834 --> 00:43:43,099 much that even that’s the label share income is constantly 1033 00:43:43,099 --> 00:43:44,666 share income is constantly decreasing. Uh we have 1034 00:43:44,666 --> 00:43:48,800 decreasing. Uh we have challenge. In deciding where um 1035 00:43:48,800 --> 00:43:50,867 challenge. In deciding where um how we distribute and where we 1036 00:43:50,867 --> 00:43:52,866 how we distribute and where we take resources to distribute 1037 00:43:52,866 --> 00:43:54,734 take resources to distribute and I agree very much that the 1038 00:43:54,734 --> 00:43:57,200 and I agree very much that the older reflections on taxation 1039 00:43:57,200 --> 00:43:58,799 older reflections on taxation need to be put at the forefront 1040 00:43:58,799 --> 00:44:01,500 need to be put at the forefront of our discussion. uh not for a 1041 00:44:01,500 --> 00:44:03,834 of our discussion. uh not for a month of a furnace and tucking 1042 00:44:03,834 --> 00:44:05,134 month of a furnace and tucking inequalities in the for a 1043 00:44:05,134 --> 00:44:06,700 inequalities in the for a matter of uh sustainability and 1044 00:44:06,700 --> 00:44:07,867 matter of uh sustainability and efficiency of the working of 1045 00:44:07,867 --> 00:44:09,534 efficiency of the working of our system and our internet 1046 00:44:09,534 --> 00:44:13,200 our system and our internet market. Also this uh 1047 00:44:13,200 --> 00:44:15,834 market. Also this uh competition from uh. Uh 1048 00:44:15,834 --> 00:44:18,234 competition from uh. Uh external actress and uh key 1049 00:44:18,234 --> 00:44:20,167 external actress and uh key trading partners as the show of 1050 00:44:20,167 --> 00:44:22,700 trading partners as the show of reciprocity is key in the in in 1051 00:44:22,700 --> 00:44:24,434 reciprocity is key in the in in in preserving our system. it’s 1052 00:44:24,434 --> 00:44:27,834 in preserving our system. it’s not about uh putting a break to 1053 00:44:27,834 --> 00:44:29,400 not about uh putting a break to a globalization of mutual 1054 00:44:29,400 --> 00:44:31,634 a globalization of mutual trade, but it’s about ensuring 1055 00:44:31,634 --> 00:44:34,299 trade, but it’s about ensuring a fair condition of this but 1056 00:44:34,299 --> 00:44:36,000 a fair condition of this but going and going back also to 1057 00:44:36,000 --> 00:44:39,700 going and going back also to the issue of uh the fact that 1058 00:44:39,700 --> 00:44:41,934 the issue of uh the fact that the the role of work not only 1059 00:44:41,934 --> 00:44:45,200 the the role of work not only the fact that work has changed. 1060 00:44:45,200 --> 00:44:45,767 the fact that work has changed. Nature It’s changing, it’s 1061 00:44:45,767 --> 00:44:48,300 Nature It’s changing, it’s nature and the remuneration of 1062 00:44:48,300 --> 00:44:50,801 nature and the remuneration of work. It’s an issue as we uh uh 1063 00:44:50,801 --> 00:44:53,267 work. It’s an issue as we uh uh uh I think that one of the main 1064 00:44:53,267 --> 00:44:57,967 uh I think that one of the main uh felt uh in um injustices is 1065 00:44:57,967 --> 00:44:59,800 uh felt uh in um injustices is is really in work poverty. It’s 1066 00:44:59,800 --> 00:45:02,833 is really in work poverty. It’s one out of ten workers uh it’s 1067 00:45:02,833 --> 00:45:03,767 one out of ten workers uh it’s working you get up in the 1068 00:45:03,767 --> 00:45:05,699 working you get up in the morning go back home after the 1069 00:45:05,699 --> 00:45:07,699 morning go back home after the working day and you cannot make 1070 00:45:07,699 --> 00:45:09,900 working day and you cannot make end meet and uh and uh we are 1071 00:45:09,900 --> 00:45:12,600 end meet and uh and uh we are uh experiences experiences in 1072 00:45:12,600 --> 00:45:14,866 uh experiences experiences in this on a wide scale. We 1073 00:45:14,866 --> 00:45:15,967 this on a wide scale. We understand that the 1074 00:45:15,967 --> 00:45:19,267 understand that the satisfaction. Growing and that 1075 00:45:19,267 --> 00:45:21,966 satisfaction. Growing and that um we have to be able to tackle 1076 00:45:21,966 --> 00:45:25,800 um we have to be able to tackle this in our responses now 1077 00:45:25,800 --> 00:45:28,733 this in our responses now clearly this uh the effect on 1078 00:45:28,733 --> 00:45:31,534 clearly this uh the effect on an employment and um which in 1079 00:45:31,534 --> 00:45:34,334 an employment and um which in any case is not only about uh 1080 00:45:34,334 --> 00:45:36,300 any case is not only about uh to certain sectors, but having 1081 00:45:36,300 --> 00:45:37,799 to certain sectors, but having an impact of certain group of 1082 00:45:37,799 --> 00:45:41,767 an impact of certain group of populations and mainly uh young 1083 00:45:41,767 --> 00:45:44,234 populations and mainly uh young women and children so now going 1084 00:45:44,234 --> 00:45:46,233 women and children so now going to question children, yes 1085 00:45:46,233 --> 00:45:48,467 to question children, yes because children uh it’s 1086 00:45:48,467 --> 00:45:52,801 because children uh it’s really. We the week elements of 1087 00:45:52,801 --> 00:45:54,733 really. We the week elements of uh the long chain of inequality 1088 00:45:54,733 --> 00:45:56,934 uh the long chain of inequality and poverty, you were 1089 00:45:56,934 --> 00:45:59,934 and poverty, you were mentioning uh the the current 1090 00:45:59,934 --> 00:46:03,800 mentioning uh the the current uh situations whereby uh given 1091 00:46:03,800 --> 00:46:06,800 uh situations whereby uh given the the the the the the terms 1092 00:46:06,800 --> 00:46:10,266 the the the the the the terms of trade relations in Europe 1093 00:46:10,266 --> 00:46:12,734 of trade relations in Europe has with uh the actress and 1094 00:46:12,734 --> 00:46:14,334 has with uh the actress and being uh uh treat is based on 1095 00:46:14,334 --> 00:46:17,066 being uh uh treat is based on the uh on the right now we are 1096 00:46:17,066 --> 00:46:20,167 the uh on the right now we are open market we uh. We allow 1097 00:46:20,167 --> 00:46:22,900 open market we uh. We allow circulation of goods where um 1098 00:46:22,900 --> 00:46:26,201 circulation of goods where um deliver components of such 1099 00:46:26,201 --> 00:46:27,967 deliver components of such foods might come from children 1100 00:46:27,967 --> 00:46:30,733 foods might come from children might come from exploit women 1101 00:46:30,733 --> 00:46:35,667 might come from exploit women work and uh we’re also um we 1102 00:46:35,667 --> 00:46:39,034 work and uh we’re also um we also the the carbon uh the 1103 00:46:39,034 --> 00:46:40,400 also the the carbon uh the blueprint is uh is, of course, 1104 00:46:40,400 --> 00:46:42,767 blueprint is uh is, of course, not in line with all the 1105 00:46:42,767 --> 00:46:44,299 not in line with all the regulations we already have in 1106 00:46:44,299 --> 00:46:46,000 regulations we already have in place and we are aiming putting 1107 00:46:46,000 --> 00:46:47,367 place and we are aiming putting in place so this of course in 1108 00:46:47,367 --> 00:46:49,699 in place so this of course in terms of. Competitions at 1109 00:46:49,699 --> 00:46:52,500 terms of. Competitions at international level uh to be uh 1110 00:46:52,500 --> 00:46:54,833 international level uh to be uh to be a tackled and uh to be 1111 00:46:54,833 --> 00:46:56,233 to be a tackled and uh to be discussed and I think that 1112 00:46:56,233 --> 00:46:59,766 discussed and I think that there is a growing uh of this 1113 00:46:59,766 --> 00:47:02,733 there is a growing uh of this and uh the mechanism that we 1114 00:47:02,733 --> 00:47:06,833 and uh the mechanism that we are uh we are um discussing uh 1115 00:47:06,833 --> 00:47:09,766 are uh we are um discussing uh on the uh port in uh for trade 1116 00:47:09,766 --> 00:47:12,000 on the uh port in uh for trade and for uh protections and 1117 00:47:12,000 --> 00:47:14,966 and for uh protections and reactions in uh in the in in 1118 00:47:14,966 --> 00:47:17,100 reactions in uh in the in in regard to a fair rate, IP and I 1119 00:47:17,100 --> 00:47:21,699 regard to a fair rate, IP and I think. Feel my uh also uh 1120 00:47:21,699 --> 00:47:23,467 think. Feel my uh also uh tackling the issues of public 1121 00:47:23,467 --> 00:47:25,800 tackling the issues of public procurement is is is very 1122 00:47:25,800 --> 00:47:27,667 procurement is is is very important and international 1123 00:47:27,667 --> 00:47:30,867 important and international level uh having said this um if 1124 00:47:30,867 --> 00:47:34,634 level uh having said this um if that it’s uh this um does not 1125 00:47:34,634 --> 00:47:36,933 that it’s uh this um does not have to distract us from the 1126 00:47:36,933 --> 00:47:38,000 have to distract us from the fact that there are a series of 1127 00:47:38,000 --> 00:47:39,333 fact that there are a series of measures that we have to take 1128 00:47:39,333 --> 00:47:41,367 measures that we have to take immediately in order to to 1129 00:47:41,367 --> 00:47:44,567 immediately in order to to respond to uh to the crisis 1130 00:47:44,567 --> 00:47:45,533 respond to uh to the crisis because we are seeing the 1131 00:47:45,533 --> 00:47:46,600 because we are seeing the efforts of unemployment and if 1132 00:47:46,600 --> 00:47:48,900 efforts of unemployment and if we look. Figures from 41 to put 1133 00:47:48,900 --> 00:47:51,933 we look. Figures from 41 to put it to of 2020, not withstanding 1134 00:47:51,933 --> 00:47:53,766 it to of 2020, not withstanding the the the massive use of a 1135 00:47:53,766 --> 00:47:56,200 the the the massive use of a short time schemes, which have 1136 00:47:56,200 --> 00:47:57,801 short time schemes, which have been key in the in mitigating 1137 00:47:57,801 --> 00:47:59,433 been key in the in mitigating the crisis we have experienced 1138 00:47:59,433 --> 00:48:00,767 the crisis we have experienced the sharpest increasing 1139 00:48:00,767 --> 00:48:03,467 the sharpest increasing unemployment of uh of the 90s 1140 00:48:03,467 --> 00:48:06,734 unemployment of uh of the 90s of the of our uh of our 1141 00:48:06,734 --> 00:48:10,700 of the of our uh of our statistics and uh, according to 1142 00:48:10,700 --> 00:48:12,566 statistics and uh, according to some estimates from uh GFC, we 1143 00:48:12,566 --> 00:48:14,600 some estimates from uh GFC, we see that even with the 1144 00:48:14,600 --> 00:48:15,733 see that even with the mitigating measures taken by 1145 00:48:15,733 --> 00:48:18,366 mitigating measures taken by the different. Even here in an 1146 00:48:18,366 --> 00:48:20,266 the different. Even here in an even methods because I agree 1147 00:48:20,266 --> 00:48:20,966 even methods because I agree with Martin that we have to 1148 00:48:20,966 --> 00:48:23,167 with Martin that we have to look at the regional and 1149 00:48:23,167 --> 00:48:25,967 look at the regional and digital uh disparities we see 1150 00:48:25,967 --> 00:48:28,333 digital uh disparities we see the impact on uh disposable 1151 00:48:28,333 --> 00:48:30,533 the impact on uh disposable house um on this house uh 1152 00:48:30,533 --> 00:48:33,867 house um on this house uh household income will be at 1153 00:48:33,867 --> 00:48:38,267 household income will be at around 4% uh considering all um 1154 00:48:38,267 --> 00:48:39,400 around 4% uh considering all um considering all the transfer 1155 00:48:39,400 --> 00:48:42,500 considering all the transfer and considering also uh the the 1156 00:48:42,500 --> 00:48:44,633 and considering also uh the the role played by uh automatic 1157 00:48:44,633 --> 00:48:45,567 role played by uh automatic stabilizers and then you know 1158 00:48:45,567 --> 00:48:48,667 stabilizers and then you know the. 1159 00:49:10,099 --> 00:49:13,366 oui oui oui 1160 00:49:13,500 --> 00:49:17,233 du tout Would have any anyway 1161 00:49:17,233 --> 00:49:19,567 du tout Would have any anyway uh occur on the market and how 1162 00:49:19,567 --> 00:49:21,133 uh occur on the market and how do we respond to that? Uh I 1163 00:49:21,133 --> 00:49:22,333 do we respond to that? Uh I think that we need to respond 1164 00:49:22,333 --> 00:49:24,867 think that we need to respond to that by creating the 1165 00:49:24,867 --> 00:49:27,266 to that by creating the opportunity uh and using uh the 1166 00:49:27,266 --> 00:49:29,267 opportunity uh and using uh the challenges uh and also all the 1167 00:49:29,267 --> 00:49:30,533 challenges uh and also all the finance that we are putting 1168 00:49:30,533 --> 00:49:31,667 finance that we are putting forward towards uh with with 1169 00:49:31,667 --> 00:49:32,800 forward towards uh with with the recovery and the facility 1170 00:49:32,800 --> 00:49:36,867 the recovery and the facility to tackle um transition 1171 00:49:36,867 --> 00:49:38,334 to tackle um transition transitions towards digital eh, 1172 00:49:38,334 --> 00:49:41,467 transitions towards digital eh, eh, eh and what society and we 1173 00:49:41,467 --> 00:49:43,533 eh, eh and what society and we have also to focus a lot on 1174 00:49:43,533 --> 00:49:47,767 have also to focus a lot on skills and education because. 1175 00:50:14,799 --> 00:50:18,367 Drivers qualities because uh a 1176 00:50:18,367 --> 00:50:20,233 Drivers qualities because uh a lot of the demographic uh 1177 00:50:20,233 --> 00:50:22,600 lot of the demographic uh challenges and the demographic 1178 00:50:22,600 --> 00:50:23,734 challenges and the demographic shift in our societies, we know 1179 00:50:23,734 --> 00:50:26,700 shift in our societies, we know that inequality hit hearts in a 1180 00:50:26,700 --> 00:50:29,233 that inequality hit hearts in a single uh in single parent 1181 00:50:29,233 --> 00:50:31,834 single uh in single parent families and in this regard uh 1182 00:50:31,834 --> 00:50:34,233 families and in this regard uh we have to be ready to really 1183 00:50:34,233 --> 00:50:36,167 we have to be ready to really focus and put all the necessary 1184 00:50:36,167 --> 00:50:38,367 focus and put all the necessary resources on giving and giving 1185 00:50:38,367 --> 00:50:39,933 resources on giving and giving and on education and here we 1186 00:50:39,933 --> 00:50:41,200 and on education and here we have to break the cycle of 1187 00:50:41,200 --> 00:50:42,867 have to break the cycle of inequality of opportunities 1188 00:50:42,867 --> 00:50:45,234 inequality of opportunities who’s gonna pay for. Heating of 1189 00:50:45,234 --> 00:50:47,733 who’s gonna pay for. Heating of the workers who are uh to to 1190 00:50:47,733 --> 00:50:49,533 the workers who are uh to to move from a sector to another 1191 00:50:49,533 --> 00:50:53,367 move from a sector to another or who are to uh if not moving 1192 00:50:53,367 --> 00:50:55,733 or who are to uh if not moving sector to sector to any way 1193 00:50:55,733 --> 00:50:57,199 sector to sector to any way change uh the the the the way 1194 00:50:57,199 --> 00:50:59,667 change uh the the the the way the work is to be organized and 1195 00:50:59,667 --> 00:51:01,400 the work is to be organized and this is the this is a question 1196 00:51:01,400 --> 00:51:03,866 this is the this is a question if this uh uh uh uh uh uh cost 1197 00:51:03,866 --> 00:51:05,234 if this uh uh uh uh uh uh cost uh which is actually an 1198 00:51:05,234 --> 00:51:06,800 uh which is actually an investment because it’s a 1199 00:51:06,800 --> 00:51:09,367 investment because it’s a social investment that all has 1200 00:51:09,367 --> 00:51:11,534 social investment that all has to be bored or uh entirely by 1201 00:51:11,534 --> 00:51:15,167 to be bored or uh entirely by by by public institutions. by. 1202 00:51:15,167 --> 00:51:17,333 by by public institutions. by. By our welfare system, or does 1203 00:51:17,333 --> 00:51:18,767 By our welfare system, or does this need to be shared 1204 00:51:18,767 --> 00:51:20,267 this need to be shared differently that also the 1205 00:51:20,267 --> 00:51:22,966 differently that also the uneven distribution of benefits 1206 00:51:22,966 --> 00:51:26,667 uneven distribution of benefits as if uh was uh uh highlighting 1207 00:51:26,667 --> 00:51:28,500 as if uh was uh uh highlighting before and then uh if we look 1208 00:51:28,500 --> 00:51:31,633 before and then uh if we look at the impact on income is 1209 00:51:31,633 --> 00:51:33,833 at the impact on income is clear that we have to say that 1210 00:51:33,833 --> 00:51:35,400 clear that we have to say that social investment investment in 1211 00:51:35,400 --> 00:51:38,734 social investment investment in time of crisis is key so uh the 1212 00:51:38,734 --> 00:51:41,267 time of crisis is key so uh the message uh from uh a European 1213 00:51:41,267 --> 00:51:43,034 message uh from uh a European eleven uh it should be it has 1214 00:51:43,034 --> 00:51:45,400 eleven uh it should be it has to be in this juncture when we 1215 00:51:45,400 --> 00:51:47,233 to be in this juncture when we are supposed to assist members 1216 00:51:47,233 --> 00:51:50,967 are supposed to assist members developing nations to tackle. 1217 00:51:50,967 --> 00:51:53,867 developing nations to tackle. With the views we have to 1218 00:51:53,867 --> 00:51:56,467 With the views we have to clearly say and give uh support 1219 00:51:56,467 --> 00:51:58,900 clearly say and give uh support in a way that the plan that we 1220 00:51:58,900 --> 00:52:00,534 in a way that the plan that we considered to be those uh 1221 00:52:00,534 --> 00:52:01,800 considered to be those uh looking forward in terms of 1222 00:52:01,800 --> 00:52:04,267 looking forward in terms of resilience is those who look at 1223 00:52:04,267 --> 00:52:07,234 resilience is those who look at creating jobs quality jobs and 1224 00:52:07,234 --> 00:52:09,267 creating jobs quality jobs and creating uh all the necessary 1225 00:52:09,267 --> 00:52:11,434 creating uh all the necessary conditions to uh give the 1226 00:52:11,434 --> 00:52:13,167 conditions to uh give the necessary financing investment 1227 00:52:13,167 --> 00:52:14,933 necessary financing investment in social services because 1228 00:52:14,933 --> 00:52:16,800 in social services because social services access to 1229 00:52:16,800 --> 00:52:18,334 social services access to education access to health 1230 00:52:18,334 --> 00:52:21,567 education access to health access to uh. 1231 00:53:05,933 --> 00:53:13,533 minimum euh, minimum euh, 1232 00:53:16,033 --> 00:53:19,466 c’est celui il se dit 1233 00:53:45,467 --> 00:53:49,466 oui Believe that they are 1234 00:53:49,466 --> 00:53:51,933 oui Believe that they are discriminated on the uh uh fair 1235 00:53:51,933 --> 00:53:56,967 discriminated on the uh uh fair access to society access to 1236 00:53:56,967 --> 00:53:59,367 access to society access to decent life uh super 1237 00:53:59,367 --> 00:53:59,967 decent life uh super participation in society. 1238 00:53:59,967 --> 00:54:02,200 participation in society. That’s exactly it’s about 1239 00:54:02,200 --> 00:54:03,199 That’s exactly it’s about participating economy and 1240 00:54:03,199 --> 00:54:05,300 participating economy and participating society. so say 1241 00:54:05,300 --> 00:54:07,767 participating society. so say yes, there is a global the 1242 00:54:07,767 --> 00:54:09,700 yes, there is a global the global dynamics that we need to 1243 00:54:09,700 --> 00:54:11,500 global dynamics that we need to tackle, but this shouldn’t 1244 00:54:11,500 --> 00:54:12,234 tackle, but this shouldn’t destruct us from doing what we 1245 00:54:12,234 --> 00:54:14,400 destruct us from doing what we have to do right now. and if we 1246 00:54:14,400 --> 00:54:15,199 have to do right now. and if we look for instance of the 1247 00:54:15,199 --> 00:54:16,199 look for instance of the success of certain schemes like 1248 00:54:16,199 --> 00:54:18,800 success of certain schemes like short term. Schemes and the 1249 00:54:18,800 --> 00:54:20,767 short term. Schemes and the fact that these are investments 1250 00:54:20,767 --> 00:54:22,566 fact that these are investments because the cost of the short 1251 00:54:22,566 --> 00:54:24,800 because the cost of the short time skills if lower than the 1252 00:54:24,800 --> 00:54:26,633 time skills if lower than the cost of unemployment and this 1253 00:54:26,633 --> 00:54:29,366 cost of unemployment and this is proved each part is a person 1254 00:54:29,366 --> 00:54:34,399 is proved each part is a person of um of of of uh uh of public 1255 00:54:34,399 --> 00:54:37,267 of um of of of uh uh of public finances put to to cover uh 1256 00:54:37,267 --> 00:54:39,866 finances put to to cover uh short-term schemes or similar 1257 00:54:39,866 --> 00:54:41,100 short-term schemes or similar skills is is less costly than 1258 00:54:41,100 --> 00:54:43,700 skills is is less costly than the one foot uh in terms of uh 1259 00:54:43,700 --> 00:54:45,034 the one foot uh in terms of uh less revenue and cost you to 1260 00:54:45,034 --> 00:54:46,867 less revenue and cost you to show an employment. but. We 1261 00:54:46,867 --> 00:54:49,634 show an employment. but. We have to think how the system we 1262 00:54:49,634 --> 00:54:51,967 have to think how the system we have in place are apps to cover 1263 00:54:51,967 --> 00:54:55,634 have in place are apps to cover a typical workers 1264 00:54:55,634 --> 00:54:55,667 a typical workers uh 1265 00:54:55,667 --> 00:54:58,701 uh workers who are uh uh uh 1266 00:54:58,701 --> 00:55:02,167 uh workers who are uh uh uh outside uh found a contract and 1267 00:55:02,167 --> 00:55:03,833 outside uh found a contract and here is the challenge to 1268 00:55:03,833 --> 00:55:04,333 here is the challenge to represent those who are not 1269 00:55:04,333 --> 00:55:06,733 represent those who are not represented if we look at your 1270 00:55:06,733 --> 00:55:07,967 represented if we look at your funds, we see that member 1271 00:55:07,967 --> 00:55:09,233 funds, we see that member states have taken hundreds of 1272 00:55:09,233 --> 00:55:12,301 states have taken hundreds of new measures and only around 1273 00:55:12,301 --> 00:55:14,534 new measures and only around 50% of those new measures and 1274 00:55:14,534 --> 00:55:16,234 50% of those new measures and policies taken has been adopt. 1275 00:55:16,234 --> 00:55:18,866 policies taken has been adopt. On social media, so it’s also 1276 00:55:18,866 --> 00:55:20,466 On social media, so it’s also an issue of how we represent 1277 00:55:20,466 --> 00:55:23,634 an issue of how we represent workers in a hard workers, a 1278 00:55:23,634 --> 00:55:24,400 workers in a hard workers, a representing how the voice and 1279 00:55:24,400 --> 00:55:27,733 representing how the voice and and and the uh uh and work is 1280 00:55:27,733 --> 00:55:29,167 and and the uh uh and work is rights are represented in this 1281 00:55:29,167 --> 00:55:32,267 rights are represented in this shifts towards uh a new pattern 1282 00:55:32,267 --> 00:55:34,699 shifts towards uh a new pattern of work and uh with the 1283 00:55:34,699 --> 00:55:37,233 of work and uh with the beautiful to see if the reef a 1284 00:55:37,233 --> 00:55:39,200 beautiful to see if the reef a matching between our social 1285 00:55:39,200 --> 00:55:40,366 matching between our social protection systems and the real 1286 00:55:40,366 --> 00:55:42,199 protection systems and the real needs uh highlighted by the 1287 00:55:42,199 --> 00:55:43,566 needs uh highlighted by the crisis and by previous 1288 00:55:43,566 --> 00:55:45,733 crisis and by previous underlying uh transitions. 1289 00:55:45,733 --> 00:55:49,367 underlying uh transitions. Thanks very much uh I see a 1290 00:55:49,367 --> 00:55:51,333 Thanks very much uh I see a disagreement between the UN and 1291 00:55:51,333 --> 00:55:53,167 disagreement between the UN and mister Lambert. Now we have 1292 00:55:53,167 --> 00:55:55,534 mister Lambert. Now we have only 7 minutes left who like to 1293 00:55:55,534 --> 00:55:57,600 only 7 minutes left who like to respond back to you just uh 1294 00:55:57,600 --> 00:55:58,867 respond back to you just uh what you said about the pieces 1295 00:55:58,867 --> 00:56:00,434 what you said about the pieces please uh Peter of social 1296 00:56:00,434 --> 00:56:01,600 please uh Peter of social right, so the things that you 1297 00:56:01,600 --> 00:56:03,400 right, so the things that you mentioned are not yet there so 1298 00:56:03,400 --> 00:56:05,167 mentioned are not yet there so I will believe it when I see it 1299 00:56:05,167 --> 00:56:07,334 I will believe it when I see it but not before second on the on 1300 00:56:07,334 --> 00:56:09,766 but not before second on the on the free trade deals, Sorry to 1301 00:56:09,766 --> 00:56:11,566 the free trade deals, Sorry to say that Hogan now is left but 1302 00:56:11,566 --> 00:56:13,900 say that Hogan now is left but uh once against the idea of 1303 00:56:13,900 --> 00:56:17,400 uh once against the idea of making a social and Norm’s 1304 00:56:17,400 --> 00:56:19,300 making a social and Norm’s binding and enforceable trade 1305 00:56:19,300 --> 00:56:22,301 binding and enforceable trade trade deals We just ratified 1306 00:56:22,301 --> 00:56:23,967 trade deals We just ratified Vietnam no uh enforceable, 1307 00:56:23,967 --> 00:56:26,400 Vietnam no uh enforceable, social and environmental. so no 1308 00:56:26,400 --> 00:56:29,033 social and environmental. so no the the the the the DNA of the 1309 00:56:29,033 --> 00:56:30,367 the the the the the DNA of the uh trade policy remains 1310 00:56:30,367 --> 00:56:32,700 uh trade policy remains unchanged and your approach to 1311 00:56:32,700 --> 00:56:35,201 unchanged and your approach to uh labor market is still the 1312 00:56:35,201 --> 00:56:36,000 uh labor market is still the same. so basically, if people 1313 00:56:36,000 --> 00:56:37,467 same. so basically, if people don’t have a job before because 1314 00:56:37,467 --> 00:56:38,500 don’t have a job before because they don’t have the right 1315 00:56:38,500 --> 00:56:39,600 they don’t have the right skills. I’m not saying that 1316 00:56:39,600 --> 00:56:41,134 skills. I’m not saying that there’s no effort to be spent 1317 00:56:41,134 --> 00:56:43,433 there’s no effort to be spent on obs stealing people, but you 1318 00:56:43,433 --> 00:56:44,734 on obs stealing people, but you will not tackle mass and 1319 00:56:44,734 --> 00:56:45,967 will not tackle mass and employment with that because 1320 00:56:45,967 --> 00:56:49,600 employment with that because that would mean. 1321 00:57:16,900 --> 00:57:19,266 Could continue this debate but 1322 00:57:19,266 --> 00:57:20,533 Could continue this debate but I would also like to ask some 1323 00:57:20,533 --> 00:57:21,799 I would also like to ask some of the questions which are 1324 00:57:21,799 --> 00:57:24,234 of the questions which are supported by our audience. but 1325 00:57:24,234 --> 00:57:24,733 supported by our audience. but before that, let’s just quickly 1326 00:57:24,733 --> 00:57:28,434 before that, let’s just quickly look at the results of our 1327 00:57:28,434 --> 00:57:29,967 look at the results of our poll. so the question was that 1328 00:57:29,967 --> 00:57:33,200 poll. so the question was that how serious inequality will be 1329 00:57:33,200 --> 00:57:37,067 how serious inequality will be in the European Union in in in 1330 00:57:37,067 --> 00:57:40,934 in the European Union in in in 2021 and uh as you can see more 1331 00:57:40,934 --> 00:57:42,800 2021 and uh as you can see more than half of participants 1332 00:57:42,800 --> 00:57:44,500 than half of participants believe that it will be very 1333 00:57:44,500 --> 00:57:48,667 believe that it will be very serious so serious. 1334 00:58:46,333 --> 00:58:47,933 We need to shift the burden of 1335 00:58:47,933 --> 00:58:50,434 We need to shift the burden of taxation from labor to capital 1336 00:58:50,434 --> 00:58:51,834 taxation from labor to capital uh so labor income in 1337 00:58:51,834 --> 00:58:52,600 uh so labor income in particular and it’s not just 1338 00:58:52,600 --> 00:58:54,500 particular and it’s not just the income tax. It’s uh you 1339 00:58:54,500 --> 00:58:55,933 the income tax. It’s uh you know the the payroll taxes the 1340 00:58:55,933 --> 00:58:58,266 know the the payroll taxes the social charges and so on the 1341 00:58:58,266 --> 00:58:59,967 social charges and so on the labor tax wedge the difference 1342 00:58:59,967 --> 00:59:01,800 labor tax wedge the difference between what the employer pays 1343 00:59:01,800 --> 00:59:03,233 between what the employer pays and what the employee takes 1344 00:59:03,233 --> 00:59:05,733 and what the employee takes home that should go down not 1345 00:59:05,733 --> 00:59:07,467 home that should go down not just in order to lighten the 1346 00:59:07,467 --> 00:59:08,799 just in order to lighten the tax burden, but to make it 1347 00:59:08,799 --> 00:59:10,300 tax burden, but to make it easier to make it smoother to 1348 00:59:10,300 --> 00:59:11,467 easier to make it smoother to change jobs to make employees 1349 00:59:11,467 --> 00:59:13,667 change jobs to make employees more willing to hire to get 1350 00:59:13,667 --> 00:59:16,666 more willing to hire to get this move from worst jobs. Uh 1351 00:59:16,666 --> 00:59:18,334 this move from worst jobs. Uh to better jobs, uh it’s not 1352 00:59:18,334 --> 00:59:19,733 to better jobs, uh it’s not very well known but the two 1353 00:59:19,733 --> 00:59:21,167 very well known but the two countries in the EU that have 1354 00:59:21,167 --> 00:59:23,366 countries in the EU that have the highest rate of job churn 1355 00:59:23,366 --> 00:59:25,234 the highest rate of job churn of job moves are sweetened and 1356 00:59:25,234 --> 00:59:27,467 of job moves are sweetened and Denmark, and that’s how they 1357 00:59:27,467 --> 00:59:29,201 Denmark, and that’s how they get highly productive jobs to 1358 00:59:29,201 --> 00:59:31,333 get highly productive jobs to make up for those that sort of 1359 00:59:31,333 --> 00:59:32,799 make up for those that sort of tax cuts. You should tax 1360 00:59:32,799 --> 00:59:33,399 tax cuts. You should tax capital instead and 1361 00:59:33,399 --> 00:59:35,234 capital instead and specifically you should tax it 1362 00:59:35,234 --> 00:59:37,533 specifically you should tax it on wealth and capital income. I 1363 00:59:37,533 --> 00:59:39,267 on wealth and capital income. I think so I’m very much in favor 1364 00:59:39,267 --> 00:59:41,466 think so I’m very much in favor of a net wealth tax on the 1365 00:59:41,466 --> 00:59:43,466 of a net wealth tax on the model that Switzerland has and 1366 00:59:43,466 --> 00:59:44,100 model that Switzerland has and we’re out of time. So I’ll just 1367 00:59:44,100 --> 00:59:47,201 we’re out of time. So I’ll just say that adopt a network. In 1368 00:59:47,201 --> 00:59:51,400 say that adopt a network. In every European country. As I 1369 00:59:51,400 --> 00:59:53,967 every European country. As I see mister Lambert agree now, 1370 00:59:53,967 --> 00:59:56,801 see mister Lambert agree now, you know the most I mean basic 1371 00:59:56,801 --> 00:59:58,400 you know the most I mean basic criticism about well tax is 1372 00:59:58,400 --> 01:00:01,067 criticism about well tax is that that may lead to basically 1373 01:00:01,067 --> 01:00:03,300 that that may lead to basically mobility that that people would 1374 01:00:03,300 --> 01:00:06,400 mobility that that people would move there well uh out of 1375 01:00:06,400 --> 01:00:07,600 move there well uh out of jurisdictions, which are which 1376 01:00:07,600 --> 01:00:09,799 jurisdictions, which are which are which are you know you 1377 01:00:09,799 --> 01:00:10,400 are which are you know you should text on the basis of 1378 01:00:10,400 --> 01:00:12,133 should text on the basis of whether the wealth owners are 1379 01:00:12,133 --> 01:00:13,967 whether the wealth owners are and what citizenship they have. 1380 01:00:13,967 --> 01:00:17,133 and what citizenship they have. Yeah exactly exactly. I mean 1381 01:00:17,133 --> 01:00:19,699 Yeah exactly exactly. I mean it’s again it’s it’s basically 1382 01:00:19,699 --> 01:00:22,367 it’s again it’s it’s basically yourself putting yourself in a 1383 01:00:22,367 --> 01:00:24,633 yourself putting yourself in a prison saying well, there’s an 1384 01:00:24,633 --> 01:00:26,433 prison saying well, there’s an unwritten rule. It’s like 1385 01:00:26,433 --> 01:00:28,701 unwritten rule. It’s like physics and gravity and Tomo 1386 01:00:28,701 --> 01:00:30,600 physics and gravity and Tomo dynamics capital must be able 1387 01:00:30,600 --> 01:00:34,567 dynamics capital must be able to flow freely. No sorry if you 1388 01:00:34,567 --> 01:00:38,567 to flow freely. No sorry if you want to live in a rule of law 1389 01:00:38,567 --> 01:00:41,100 want to live in a rule of law uh regime then capital should 1390 01:00:41,100 --> 01:00:43,233 uh regime then capital should not be exempt from obeying the 1391 01:00:43,233 --> 01:00:45,400 not be exempt from obeying the law and and you know uh. Very 1392 01:00:45,400 --> 01:00:48,934 law and and you know uh. Very glad that nowadays money is not 1393 01:00:48,934 --> 01:00:50,966 glad that nowadays money is not escaping places in in in in 1394 01:00:50,966 --> 01:00:52,899 escaping places in in in in suit cases, and we should by 1395 01:00:52,899 --> 01:00:55,867 suit cases, and we should by the way forbid uh uh 20500 1396 01:00:55,867 --> 01:00:58,201 the way forbid uh uh 20500 20500 uh uh bank notes uh 1397 01:00:58,201 --> 01:00:59,900 20500 uh uh bank notes uh because that’s still makes that 1398 01:00:59,900 --> 01:01:02,400 because that’s still makes that possibility it it flows through 1399 01:01:02,400 --> 01:01:04,834 possibility it it flows through electronic circuits and DNA 1400 01:01:04,834 --> 01:01:06,767 electronic circuits and DNA knows very well and and all the 1401 01:01:06,767 --> 01:01:08,667 knows very well and and all the secret services know very well 1402 01:01:08,667 --> 01:01:10,800 secret services know very well that will you can follow 1403 01:01:10,800 --> 01:01:12,833 that will you can follow electronic transmission so 1404 01:01:12,833 --> 01:01:14,734 electronic transmission so sorry and ultimately this guys 1405 01:01:14,734 --> 01:01:16,000 sorry and ultimately this guys wants to use their money and if 1406 01:01:16,000 --> 01:01:17,267 wants to use their money and if you want to use it at some 1407 01:01:17,267 --> 01:01:19,300 you want to use it at some point in time, it comes to the 1408 01:01:19,300 --> 01:01:22,533 point in time, it comes to the surface. so. I would never 1409 01:01:22,533 --> 01:01:24,733 surface. so. I would never accept the argument that well 1410 01:01:24,733 --> 01:01:26,367 accept the argument that well people will relocate uh what I 1411 01:01:26,367 --> 01:01:29,100 people will relocate uh what I note is that Russians wants to 1412 01:01:29,100 --> 01:01:31,934 note is that Russians wants to live in Europe right and even 1413 01:01:31,934 --> 01:01:33,467 live in Europe right and even or oligarchs want to live in 1414 01:01:33,467 --> 01:01:34,834 or oligarchs want to live in Europe well if they want to 1415 01:01:34,834 --> 01:01:35,767 Europe well if they want to live here, they have to obey 1416 01:01:35,767 --> 01:01:38,234 live here, they have to obey the law. and that means being 1417 01:01:38,234 --> 01:01:38,933 the law. and that means being that the taxes and if they 1418 01:01:38,933 --> 01:01:42,733 that the taxes and if they don’t they go to jail 1419 01:01:42,801 --> 01:01:45,334 period and let me ask a last 1420 01:01:45,334 --> 01:01:47,699 period and let me ask a last question also related to 1421 01:01:47,699 --> 01:01:50,833 question also related to taxation Um someone asked uh 1422 01:01:50,833 --> 01:01:52,933 taxation Um someone asked uh how important the fight against 1423 01:01:52,933 --> 01:01:56,133 how important the fight against tax evasion in a foster. 1424 01:01:56,133 --> 01:01:59,200 tax evasion in a foster. Lowering aqui um so what’s 1425 01:01:59,200 --> 01:02:00,300 Lowering aqui um so what’s what’s are you on that? I mean 1426 01:02:00,300 --> 01:02:01,699 what’s are you on that? I mean there are many reports that the 1427 01:02:01,699 --> 01:02:04,267 there are many reports that the European levels of global level 1428 01:02:04,267 --> 01:02:06,767 European levels of global level uh to file tax evasion um 1429 01:02:06,767 --> 01:02:08,567 uh to file tax evasion um what’s your what’s your view on 1430 01:02:08,567 --> 01:02:11,634 what’s your what’s your view on that? 1431 01:02:41,866 --> 01:02:43,733 But this is a perfect solvable 1432 01:02:43,733 --> 01:02:45,967 But this is a perfect solvable problem and as we see from the 1433 01:02:45,967 --> 01:02:48,299 problem and as we see from the uh the current efforts to 1434 01:02:48,299 --> 01:02:50,300 uh the current efforts to reform corporate taxation, what 1435 01:02:50,300 --> 01:02:52,401 reform corporate taxation, what it took was for a couple of 1436 01:02:52,401 --> 01:02:53,133 it took was for a couple of countries in particular, France 1437 01:02:53,133 --> 01:02:54,666 countries in particular, France to say, actually, we’re just 1438 01:02:54,666 --> 01:02:55,466 to say, actually, we’re just going to tax these companies 1439 01:02:55,466 --> 01:02:57,967 going to tax these companies through a turnover tax unless 1440 01:02:57,967 --> 01:03:00,266 through a turnover tax unless everybody else agrees to reform 1441 01:03:00,266 --> 01:03:01,067 everybody else agrees to reform the system. that’s how you do 1442 01:03:01,067 --> 01:03:04,334 the system. that’s how you do it You just need the political 1443 01:03:04,334 --> 01:03:07,267 it You just need the political will thank you. Thank you uh 1444 01:03:07,267 --> 01:03:09,966 will thank you. Thank you uh now our time is up but let me 1445 01:03:09,966 --> 01:03:12,467 now our time is up but let me also give uh um mister lumber 1446 01:03:12,467 --> 01:03:14,167 also give uh um mister lumber and Miss Betsy for some some 1447 01:03:14,167 --> 01:03:15,400 and Miss Betsy for some some final remarks. If you wish 1448 01:03:15,400 --> 01:03:18,000 final remarks. If you wish well, I think I. And I told you 1449 01:03:18,000 --> 01:03:20,967 well, I think I. And I told you agree to a more just said Okay, 1450 01:03:20,967 --> 01:03:23,234 agree to a more just said Okay, then a very last question to to 1451 01:03:23,234 --> 01:03:27,299 then a very last question to to to to sign up um uh mark was my 1452 01:03:27,299 --> 01:03:29,967 to to sign up um uh mark was my colleague uh as a particular 1453 01:03:29,967 --> 01:03:32,433 colleague uh as a particular question, and we saying that 1454 01:03:32,433 --> 01:03:34,266 question, and we saying that there was a political agreement 1455 01:03:34,266 --> 01:03:36,600 there was a political agreement in last year at the county 1456 01:03:36,600 --> 01:03:39,567 in last year at the county level to protect non-standard 1457 01:03:39,567 --> 01:03:42,267 level to protect non-standard forms of employment and uh and 1458 01:03:42,267 --> 01:03:44,533 forms of employment and uh and the parent, there is not much 1459 01:03:44,533 --> 01:03:47,533 the parent, there is not much action there uh so can. Just 1460 01:03:47,533 --> 01:03:48,666 action there uh so can. Just very briefly in a few 1461 01:03:48,666 --> 01:03:51,733 very briefly in a few sentences, elaborate, What are 1462 01:03:51,733 --> 01:03:54,167 sentences, elaborate, What are the current efforts to protect 1463 01:03:54,167 --> 01:03:59,000 the current efforts to protect non-standard employment? 1464 01:04:37,234 --> 01:04:39,934 Recommendations about social 1465 01:04:39,934 --> 01:04:40,533 Recommendations about social protection uh which has been 1466 01:04:40,533 --> 01:04:44,266 protection uh which has been adopted in 2019 and then the 1467 01:04:44,266 --> 01:04:45,767 adopted in 2019 and then the reason is the directive on 1468 01:04:45,767 --> 01:04:47,933 reason is the directive on transparent and predictable 1469 01:04:47,933 --> 01:04:49,799 transparent and predictable working conditions um which has 1470 01:04:49,799 --> 01:04:54,933 working conditions um which has to enter into force uh but um 1471 01:04:54,933 --> 01:04:57,433 to enter into force uh but um if we have seen already right 1472 01:04:57,433 --> 01:05:00,400 if we have seen already right now with the introduction of 1473 01:05:00,400 --> 01:05:02,900 now with the introduction of short time works schemes or 1474 01:05:02,900 --> 01:05:05,899 short time works schemes or similar as teams, it’s a it’s a 1475 01:05:05,899 --> 01:05:07,733 similar as teams, it’s a it’s a challenge um for the member 1476 01:05:07,733 --> 01:05:09,333 challenge um for the member states to adopt because as we 1477 01:05:09,333 --> 01:05:13,566 states to adopt because as we said, uh the social. 1478 01:05:38,434 --> 01:05:41,633 ils acceptent 1479 01:05:41,834 --> 01:05:43,499 Of uh of the commission uh with 1480 01:05:43,499 --> 01:05:45,700 Of uh of the commission uh with with the the Prepackage and 1481 01:05:45,700 --> 01:05:48,299 with the the Prepackage and then now also sure have put 1482 01:05:48,299 --> 01:05:51,233 then now also sure have put into place and teams to cover a 1483 01:05:51,233 --> 01:05:52,767 into place and teams to cover a typical workers and also the 1484 01:05:52,767 --> 01:05:55,200 typical workers and also the bride because we we know that 1485 01:05:55,200 --> 01:05:57,733 bride because we we know that the the the large part of the 1486 01:05:57,733 --> 01:06:00,234 the the the large part of the school self-employed are bogus 1487 01:06:00,234 --> 01:06:02,234 school self-employed are bogus self-employed and here we have 1488 01:06:02,234 --> 01:06:05,767 self-employed and here we have the allocation to really uh use 1489 01:06:05,767 --> 01:06:09,000 the allocation to really uh use this opportunity uh to see how 1490 01:06:09,000 --> 01:06:12,734 this opportunity uh to see how uh social. System um uh can 1491 01:06:12,734 --> 01:06:14,400 uh social. System um uh can adapt and need to be to be 1492 01:06:14,400 --> 01:06:17,834 adapt and need to be to be adopted to uh uh a typical work 1493 01:06:17,834 --> 01:06:20,833 adopted to uh uh a typical work now. What is the res of of of 1494 01:06:20,833 --> 01:06:22,800 now. What is the res of of of uh I do not speak on behalf of 1495 01:06:22,800 --> 01:06:23,967 uh I do not speak on behalf of the commission, but what is the 1496 01:06:23,967 --> 01:06:25,667 the commission, but what is the remit of the commission here? 1497 01:06:25,667 --> 01:06:27,267 remit of the commission here? and what is what do we need to 1498 01:06:27,267 --> 01:06:28,800 and what is what do we need to do to push United States? Well, 1499 01:06:28,800 --> 01:06:30,333 do to push United States? Well, we have adopted as a several 1500 01:06:30,333 --> 01:06:32,800 we have adopted as a several recommendations for the um the 1501 01:06:32,800 --> 01:06:34,267 recommendations for the um the modernization of a social 1502 01:06:34,267 --> 01:06:37,667 modernization of a social protection system and this has 1503 01:06:37,667 --> 01:06:42,333 protection system and this has to be implemented. 1504 01:08:09,667 --> 01:08:11,267 Very present in several regions 1505 01:08:11,267 --> 01:08:14,267 Very present in several regions of the European Union uh and, 1506 01:08:14,267 --> 01:08:16,234 of the European Union uh and, for instance there, the reason 1507 01:08:16,234 --> 01:08:18,367 for instance there, the reason we are we are monitoring uh we 1508 01:08:18,367 --> 01:08:20,233 we are we are monitoring uh we are monitoring also dedicated 1509 01:08:20,233 --> 01:08:21,899 are monitoring also dedicated platform the developments in a 1510 01:08:21,899 --> 01:08:23,299 platform the developments in a certain state, but you know 1511 01:08:23,299 --> 01:08:25,833 certain state, but you know very well. it is about the open 1512 01:08:25,833 --> 01:08:27,199 very well. it is about the open method of coordination and we 1513 01:08:27,199 --> 01:08:28,900 method of coordination and we have the recommendations now 1514 01:08:28,900 --> 01:08:31,566 have the recommendations now what is interesting is that how 1515 01:08:31,566 --> 01:08:32,833 what is interesting is that how um is the challenge of 1516 01:08:32,833 --> 01:08:34,400 um is the challenge of integrating uh the 1517 01:08:34,400 --> 01:08:37,000 integrating uh the recommendations? What is uh 1518 01:08:37,000 --> 01:08:38,467 recommendations? What is uh that we used to have uh with 1519 01:08:38,467 --> 01:08:41,867 that we used to have uh with the semester into the. A new 1520 01:08:41,867 --> 01:08:43,666 the semester into the. A new facility for cover resilience 1521 01:08:43,666 --> 01:08:44,567 facility for cover resilience and here is the challenge 1522 01:08:44,567 --> 01:08:45,867 and here is the challenge because now we have a 1523 01:08:45,867 --> 01:08:47,166 because now we have a recommendations and we have the 1524 01:08:47,166 --> 01:08:48,734 recommendations and we have the money and the approach that we 1525 01:08:48,734 --> 01:08:51,266 money and the approach that we need to take here is not is not 1526 01:08:51,266 --> 01:08:53,800 need to take here is not is not has not to be business as usual 1527 01:08:53,800 --> 01:08:55,234 has not to be business as usual we need to use the 1528 01:08:55,234 --> 01:08:56,199 we need to use the recommendations that are 1529 01:08:56,199 --> 01:08:57,900 recommendations that are relevant to create resilience 1530 01:08:57,900 --> 01:08:59,267 relevant to create resilience and inclusive growth because 1531 01:08:59,267 --> 01:09:00,767 and inclusive growth because there is an issue of even when 1532 01:09:00,767 --> 01:09:03,266 there is an issue of even when we have growth and recently the 1533 01:09:03,266 --> 01:09:05,633 we have growth and recently the the the the the the the the The 1534 01:09:05,633 --> 01:09:08,033 the the the the the the the The the marginal growth we have 1535 01:09:08,033 --> 01:09:09,267 the marginal growth we have experienced after the financial 1536 01:09:09,267 --> 01:09:11,266 experienced after the financial crisis has. It was not 1537 01:09:11,266 --> 01:09:13,900 crisis has. It was not inclusive, so that’s that’s 1538 01:09:13,900 --> 01:09:14,600 inclusive, so that’s that’s that’s why the sense of 1539 01:09:14,600 --> 01:09:18,266 that’s why the sense of fairness is there And that’s 1540 01:09:18,266 --> 01:09:20,866 fairness is there And that’s why now when we put in place 1541 01:09:20,866 --> 01:09:22,201 why now when we put in place the government structure and 1542 01:09:22,201 --> 01:09:23,967 the government structure and when we put in place national 1543 01:09:23,967 --> 01:09:25,767 when we put in place national plants in order to use these 1544 01:09:25,767 --> 01:09:27,533 plants in order to use these funds and offer personalize 1545 01:09:27,533 --> 01:09:30,466 funds and offer personalize them, we need to use those 1546 01:09:30,466 --> 01:09:31,866 them, we need to use those recommendation where we at the 1547 01:09:31,866 --> 01:09:33,934 recommendation where we at the maximum uh the maximum 1548 01:09:33,934 --> 01:09:35,667 maximum uh the maximum potential, but this is a common 1549 01:09:35,667 --> 01:09:37,866 potential, but this is a common effort uh the commission uh 1550 01:09:37,866 --> 01:09:39,967 effort uh the commission uh even uh it’s uh uh for uh 1551 01:09:39,967 --> 01:09:42,334 even uh it’s uh uh for uh Kendall School uh far if the 1552 01:09:42,334 --> 01:09:43,967 Kendall School uh far if the member states do not play the 1553 01:09:43,967 --> 01:09:45,199 member states do not play the same game and I think that the 1554 01:09:45,199 --> 01:09:47,433 same game and I think that the reason now the. And it was not 1555 01:09:47,433 --> 01:09:48,666 reason now the. And it was not there before for the reasons 1556 01:09:48,666 --> 01:09:50,267 there before for the reasons which are said reasons, but the 1557 01:09:50,267 --> 01:09:51,866 which are said reasons, but the momentum is there and we cannot 1558 01:09:51,866 --> 01:09:53,733 momentum is there and we cannot miss this moment. We really 1559 01:09:53,733 --> 01:09:54,633 miss this moment. We really cannot miss this moment because 1560 01:09:54,633 --> 01:09:56,799 cannot miss this moment because if we miss it uh we will not 1561 01:09:56,799 --> 01:09:59,201 if we miss it uh we will not have a second one because as I 1562 01:09:59,201 --> 01:10:01,734 have a second one because as I said the all these um the the 1563 01:10:01,734 --> 01:10:03,734 said the all these um the the the the the the social 1564 01:10:03,734 --> 01:10:06,133 the the the the social injustice is really fueling uh 1565 01:10:06,133 --> 01:10:09,800 injustice is really fueling uh total mistrust and uh it’s 1566 01:10:09,800 --> 01:10:10,367 total mistrust and uh it’s national level of European 1567 01:10:10,367 --> 01:10:12,734 national level of European Eleven. So so this is not the 1568 01:10:12,734 --> 01:10:13,800 Eleven. So so this is not the one that we have and we can 1569 01:10:13,800 --> 01:10:15,867 one that we have and we can then uh try the second one. If 1570 01:10:15,867 --> 01:10:18,234 then uh try the second one. If we fail now, we really put into 1571 01:10:18,234 --> 01:10:20,867 we fail now, we really put into danger the the the the the the 1572 01:10:20,867 --> 01:10:22,366 danger the the the the the the European project itself, and we 1573 01:10:22,366 --> 01:10:23,933 European project itself, and we have an opportunity, which is 1574 01:10:23,933 --> 01:10:25,667 have an opportunity, which is very valuable that uh I think 1575 01:10:25,667 --> 01:10:29,033 very valuable that uh I think it’s unique in in our history. 1576 01:10:29,033 --> 01:10:31,300 it’s unique in in our history. Thank you. Thank you so much 1577 01:10:31,300 --> 01:10:32,734 Thank you. Thank you so much now let us close this 1578 01:10:32,734 --> 01:10:35,500 now let us close this discussion with this positive 1579 01:10:35,500 --> 01:10:36,666 discussion with this positive note that there is a moment to 1580 01:10:36,666 --> 01:10:38,800 note that there is a moment to now a lot of discussion. I mean 1581 01:10:38,800 --> 01:10:40,967 now a lot of discussion. I mean the commission make is making 1582 01:10:40,967 --> 01:10:43,467 the commission make is making many new proposals uh the 1583 01:10:43,467 --> 01:10:45,000 many new proposals uh the parliament is discussing and 1584 01:10:45,000 --> 01:10:46,600 parliament is discussing and acting and thought leaders 1585 01:10:46,600 --> 01:10:48,667 acting and thought leaders like. Martina I think a lot 1586 01:10:48,667 --> 01:10:49,867 like. Martina I think a lot about it and and stimulating 1587 01:10:49,867 --> 01:10:52,600 about it and and stimulating the debate um I think we can 1588 01:10:52,600 --> 01:10:55,234 the debate um I think we can agree that inequality is a is a 1589 01:10:55,234 --> 01:10:56,800 agree that inequality is a is a crucial issue in the Europe and 1590 01:10:56,800 --> 01:10:58,967 crucial issue in the Europe and the lot needs to be done So 1591 01:10:58,967 --> 01:11:01,767 the lot needs to be done So with this, let me close this 1592 01:11:01,767 --> 01:11:03,533 with this, let me close this discussion and thank all of you 1593 01:11:03,533 --> 01:11:05,733 discussion and thank all of you for this very excellent uh 1594 01:11:05,733 --> 01:11:07,067 for this very excellent uh discussion. I think we could 1595 01:11:07,067 --> 01:11:08,400 discussion. I think we could have continued for hours and 1596 01:11:08,400 --> 01:11:10,666 have continued for hours and hours but unfortunately, my 1597 01:11:10,666 --> 01:11:12,767 hours but unfortunately, my time is up and let me also 1598 01:11:12,767 --> 01:11:15,167 time is up and let me also thank our audience for 1599 01:11:15,167 --> 01:11:16,299 thank our audience for participating in the poll 1600 01:11:16,299 --> 01:11:17,400 participating in the poll asking questions and and 1601 01:11:17,400 --> 01:11:19,033 asking questions and and following us and there is 1602 01:11:19,033 --> 01:11:21,167 following us and there is still. Other interesting 1603 01:11:21,167 --> 01:11:23,299 still. Other interesting sessions are coming up uh later 1604 01:11:23,299 --> 01:11:26,733 sessions are coming up uh later in on meetings so please stay 1605 01:11:26,733 --> 01:11:27,800 in on meetings so please stay with us for the rest of the 1606 01:11:27,800 --> 01:11:29,966 with us for the rest of the day. Thank you very much. Thank 1607 01:11:29,966 --> 01:11:33,033 day. Thank you very much. Thank you.