Welcome to the Euro Intelligence Podcast. I'm Wolfgang Munchau, and with me, I Zanamon-Chank and Jack Smith.

Today we want to talk about the Ma Al-Lago Accord. Now, this is not a real accord.

The Laza Accord was a real accord. There were real humans that met and then had an accord.

Here we have a paper that already tells us what the accord will be.

That's very much reflective of the entire coercive nature of this arrangement.

So we would like to sort of disentangle what this sort of new international macro world that Trump and his team are kind of drawing up at the moment, what it means and to which

extent it is a Korean scheme, to which extent it has actually

some proper foundations. What in general to think about it, one important aspect will be the mix

of macroeconomic policies with defense guarantees. That's one of probably have to say the kind

of novel aspect of this proposal. So that's sort of the range of our discussion today.

And the future of also the future of the dollar as a global financial currency,

all goes into this, the level of the dollar, the value of the dollar against the euro.

Even crypto currencies come into this whole debate.

It's a very complex wide field.

We're not going to go into all the aspects

today, but it's clearly at the heart of what we write about on a daily basis and what moves us.

So we would like to start, it's probably not the last time we'll talk about this, but let's

just talk about the big picture stuff. Probably all read the paper. Jack, what were your

impressions when you read Stephen

Aaron's paper, right? The first thing to say about Moran's paper, to place it chronologically

is that the paper came out last November. Miran now, the chairman of the Council of Economic

Advisers, so he wrote this paper following Trump's, you know, electoral victory, but before the administration

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