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Money Talks from The Economist

Money talks: All the presidents men

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 11 June 2019

⏱️ 21 minutes

🧾️ Download transcript

Summary

There are no women in the running to take over as the next President of the European Central Bank. And, lessons from the Woodford Investment group—even star fund-managers can struggle to outperform the market. Also, why do German billionaires avoid the limelight? Simon Long hosts

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Transcript

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0:00.0

May I have your attention please you can now book your train tickets on Uber and get

0:08.0

10% back in credits to spend on your next Uber ride so you don't have to walk home in the brain again.

0:15.0

Trains, now on Uber. T's and C's apply. Check the Uber app. Hello I'm Simon Long, the Economist's International Editor and you're listening to Money Talks on

0:36.2

Economist Radio.

0:41.6

On today's show, the man credited with saving the euro is stepping down.

0:47.0

Who are the runners and riders to replace him at the European Central Bank? Neil Woodford, one of London's most famous fund managers, runs into trouble.

0:56.8

And Germany's business tycoons prefer staying out of the limelight.

1:00.8

We find out why and how they still manage it.

1:06.0

First, the head of the European Central Bank, Mario Draghi, steps down in October.

1:11.0

The race to replace him is already underway.

1:15.0

Choosing a successor means finding someone not just with the requisite economic credentials,

1:20.0

but with political skills as well.

1:22.0

Russian Ashambog is our economics correspondent

1:25.0

and she's been taking a look at who the runners and riders might be.

1:28.0

Hi Rachin.

1:29.0

Hi, Sirman.

1:30.0

Firstly, why does Braghi have to go?

1:33.0

Well, his eight-year term is up and the ECB rules don't allow a president to have a second term.

1:40.0

And as for the significance of the job, say it's political, I suppose, 19 member countries of the Euro, 25 members of the ECB's governing board,

1:50.0

he must spend most of his time, whoever it is, just trying to find a consensus.

1:55.0

Yes, I think you're right that it is mostly a political role.

1:58.6

If you think of the big decisions that Mr Draghi has taken in his eight-year term. One was the whatever it takes statement in 2012 at the

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