1
00:00:00,080 --> 00:00:02,559
Speaker 1: Joining us now the President of the European Central Bank,

2
00:00:03,000 --> 00:00:06,360
Speaker 1: Christine Leguard, who stopped traffic here the bison stopped walking

3
00:00:06,400 --> 00:00:09,920
Speaker 1: around the fields over the importance of this speech. I

4
00:00:09,960 --> 00:00:13,680
Speaker 1: was talking to our wonderful Bosler covering the New York

5
00:00:13,680 --> 00:00:16,599
Speaker 1: Fed and he's here supporting the US team. And the

6
00:00:16,640 --> 00:00:20,919
Speaker 1: first thing he said, Philip Lane, So the speech that

7
00:00:20,960 --> 00:00:22,840
Speaker 1: you put together here that we're going to dive into

8
00:00:22,880 --> 00:00:27,080
Speaker 1: here in the next thirteen minutes, how was it constructed

9
00:00:27,560 --> 00:00:29,640
Speaker 1: off of your team with doctor Lane.

10
00:00:31,120 --> 00:00:34,920
Speaker 2: It's a little bit more complicated than that. Typically my

11
00:00:35,040 --> 00:00:40,680
Speaker 2: speech is works as follows. I picked the theme, which

12
00:00:40,760 --> 00:00:43,319
Speaker 2: in this case was not complicated because Jackson Hall has

13
00:00:43,320 --> 00:00:47,560
Speaker 2: indicated that we have to concentrate on the shifts, and

14
00:00:47,840 --> 00:00:49,040
Speaker 2: they are major shifts.

15
00:00:49,280 --> 00:00:50,160
Speaker 3: So I pick the theme.

16
00:00:51,800 --> 00:00:56,680
Speaker 2: My team produces a first draft that I then look at,

17
00:00:56,760 --> 00:00:59,840
Speaker 2: correct changes, am we reconstruct a bit.

18
00:01:00,360 --> 00:01:01,279
Speaker 3: Then I pass it on.

19
00:01:01,240 --> 00:01:05,520
Speaker 2: To Philip, and Philip looks at it, brings new things

20
00:01:05,560 --> 00:01:09,960
Speaker 2: into the substance, will amend this or that. Then it

21
00:01:10,000 --> 00:01:12,720
Speaker 2: comes back to me again and I will polish it

22
00:01:12,800 --> 00:01:15,680
Speaker 2: one more time. Then I share it with a few

23
00:01:15,720 --> 00:01:18,360
Speaker 2: more economists in the team. I don't take all their comments,

24
00:01:18,400 --> 00:01:20,160
Speaker 2: because if I did, it would not.

25
00:01:20,120 --> 00:01:22,160
Speaker 4: But legendary for that, that's called on the guard.

26
00:01:22,280 --> 00:01:24,160
Speaker 3: No, right, that's true.

27
00:01:24,520 --> 00:01:27,520
Speaker 2: Yeah, because everybody wants to have their little thing in there,

28
00:01:27,959 --> 00:01:31,120
Speaker 2: and before you know it, it has no line, no rational,

29
00:01:31,360 --> 00:01:32,800
Speaker 2: no logic, no conclusion.

30
00:01:33,080 --> 00:01:33,880
Speaker 3: And I don't want that.

31
00:01:33,959 --> 00:01:35,880
Speaker 1: We'll extend this to a one hour interview. There'll be

32
00:01:36,000 --> 00:01:39,480
Speaker 1: some logic to this discussion today. The rules of the road, folks,

33
00:01:39,480 --> 00:01:41,920
Speaker 1: for all of you on radio and television. Is it

34
00:01:42,000 --> 00:01:45,000
Speaker 1: an academic conference. We don't focus so much with any

35
00:01:45,040 --> 00:01:47,120
Speaker 1: central banker about what are you going to do at

36
00:01:47,120 --> 00:01:50,640
Speaker 1: the next meeting. It's about the architecture of the speech.

37
00:01:50,680 --> 00:01:51,440
Speaker 4: And this is an.

38
00:01:51,280 --> 00:01:56,600
Speaker 1: Exceptionally original speech off of the pandemic. Where do we

39
00:01:56,680 --> 00:01:59,000
Speaker 1: go from here? I want to go back four months

40
00:01:59,040 --> 00:02:02,120
Speaker 1: to your speech in New York where in Wyoming, and

41
00:02:02,160 --> 00:02:07,400
Speaker 1: this is Ernest Hemingway's Wyoming. You talked about suddenly sun

42
00:02:07,440 --> 00:02:11,959
Speaker 1: also rises. There is gradually and then it becomes suddenly.

43
00:02:12,639 --> 00:02:14,560
Speaker 1: What is the tension you see now? What is the

44
00:02:14,600 --> 00:02:19,480
Speaker 1: fear you have that the gradual now could be suddenly painful?

45
00:02:21,360 --> 00:02:26,200
Speaker 2: We are facing major shifts. I'll mention three for you.

46
00:02:26,840 --> 00:02:30,400
Speaker 2: One is there's a complete change in the labor market.

47
00:02:30,919 --> 00:02:34,920
Speaker 2: There's a complete change in the energy future that we

48
00:02:34,960 --> 00:02:39,320
Speaker 2: are facing, and there is a complete shift in how

49
00:02:40,040 --> 00:02:45,080
Speaker 2: geopolitical forces organize our economies, not to mention in the

50
00:02:45,080 --> 00:02:49,160
Speaker 2: background the climate change impact on our economies, our life,

51
00:02:49,639 --> 00:02:52,919
Speaker 2: and the imperative that it becomes, as we have seen

52
00:02:53,400 --> 00:02:57,960
Speaker 2: during the whole summer, for instance, in terms of major

53
00:02:58,040 --> 00:03:02,600
Speaker 2: heat waves, major hurricanes, and so on and so forth.

54
00:03:02,639 --> 00:03:05,600
Speaker 2: So you've got these three key shifts and the background

55
00:03:05,720 --> 00:03:09,000
Speaker 2: of climate change, and we need to address each and

56
00:03:09,040 --> 00:03:13,760
Speaker 2: every one of these three, which we inherited from the pandemic,

57
00:03:14,320 --> 00:03:19,160
Speaker 2: which we inherited from the major supply chain disruptions, which

58
00:03:19,200 --> 00:03:23,360
Speaker 2: we inherited from the geopolitical tensions that we see developing

59
00:03:23,480 --> 00:03:29,400
Speaker 2: between the United States, Europe, Japan, and many other countries

60
00:03:29,560 --> 00:03:31,959
Speaker 2: around the world, in particular China.

61
00:03:32,120 --> 00:03:34,920
Speaker 1: I was talking to Alex Weeber out of Frankfurt on

62
00:03:35,080 --> 00:03:37,600
Speaker 1: this speech, and I want to take the sixty thousand

63
00:03:37,600 --> 00:03:40,880
Speaker 1: foot nature of the speech, and I can't imagine Draggy

64
00:03:41,200 --> 00:03:44,840
Speaker 1: doing mactrechet giving the speech. It's original to you. But

65
00:03:44,880 --> 00:03:49,880
Speaker 1: if I look at clarity, flexibility, humility, your backdrop out

66
00:03:50,000 --> 00:03:53,800
Speaker 1: years is exactly the same as your backdrop on September sixteenth,

67
00:03:54,080 --> 00:03:56,720
Speaker 1: which is the original structure you have is to pick

68
00:03:56,760 --> 00:03:59,880
Speaker 1: two nations, the tension between Germany and the tension with

69
00:04:00,080 --> 00:04:01,360
Speaker 1: Portugal as well.

70
00:04:01,560 --> 00:04:03,560
Speaker 4: How do you get to.

71
00:04:03,480 --> 00:04:08,840
Speaker 1: These lofty goals given the fractious original nature of the ECB.

72
00:04:11,120 --> 00:04:12,080
Speaker 3: I would disagree with that.

73
00:04:12,360 --> 00:04:15,960
Speaker 2: I think the ECB and the weight has been constructed,

74
00:04:16,720 --> 00:04:23,000
Speaker 2: is intended for collaboration, for controversies, for debates, but at

75
00:04:23,040 --> 00:04:26,240
Speaker 2: the end of the day, for large consensus. And this

76
00:04:26,279 --> 00:04:29,560
Speaker 2: is how I have been operating at the ECB. The

77
00:04:29,640 --> 00:04:34,159
Speaker 2: fact that monetary policy is really European monetary policy is

78
00:04:34,160 --> 00:04:37,640
Speaker 2: a plus. We are bound by the same currency, the Euro.

79
00:04:38,040 --> 00:04:41,680
Speaker 2: We exchange the same banknotes, maybe digitally one day, but

80
00:04:41,800 --> 00:04:44,400
Speaker 2: this is what brings us together and is part of

81
00:04:44,440 --> 00:04:48,400
Speaker 2: the culture. Now, then you have the fiscal situation, Then

82
00:04:48,440 --> 00:04:52,160
Speaker 2: you have the debt situation. Then you have different markets

83
00:04:52,200 --> 00:04:56,560
Speaker 2: and different constraints locally in you know, in the twenty

84
00:04:56,640 --> 00:05:03,040
Speaker 2: member states. But the European Central Bank brings all those

85
00:05:03,160 --> 00:05:10,160
Speaker 2: national central banks together, not without pain, not without you know, discussions,

86
00:05:10,279 --> 00:05:15,560
Speaker 2: as I said, controversies occasionally and not always by unanimous consensus.

87
00:05:15,839 --> 00:05:20,000
Speaker 2: There is the Senate occasionally there is descent absolutely, and

88
00:05:20,279 --> 00:05:22,360
Speaker 2: you know we have to learn how to live with it,

89
00:05:22,400 --> 00:05:23,080
Speaker 2: and we are.

90
00:05:23,440 --> 00:05:25,600
Speaker 3: My job is to measure how.

91
00:05:25,640 --> 00:05:32,640
Speaker 2: Profound the descent is, and who expresses and shares it

92
00:05:32,680 --> 00:05:34,640
Speaker 2: to a point that he or she will not be

93
00:05:34,680 --> 00:05:37,880
Speaker 2: prepared to compromise and to move to the consensus.

94
00:05:37,880 --> 00:05:44,200
Speaker 1: A single sentence in this original speech breaks in established regularities.

95
00:05:44,640 --> 00:05:47,280
Speaker 1: Do you have an operative theory right now, whether it's

96
00:05:47,320 --> 00:05:50,440
Speaker 1: again to September or it's out six months a year.

97
00:05:50,560 --> 00:05:53,880
Speaker 1: Is there a set of economic theories you're working with

98
00:05:54,480 --> 00:05:56,719
Speaker 1: or is it ad hoc each and every day out

99
00:05:56,720 --> 00:05:58,520
Speaker 1: of this pandemic one.

100
00:05:58,600 --> 00:06:05,600
Speaker 2: It is deliberately decisively data dependent, which forces us to

101
00:06:05,760 --> 00:06:11,680
Speaker 2: react meeting by meeting. We cannot given the fact that

102
00:06:12,760 --> 00:06:18,080
Speaker 2: regularities are no longer regular and we have more irregularities

103
00:06:18,120 --> 00:06:23,200
Speaker 2: than regularities, we cannot exclusively rely on inflation outlook as

104
00:06:23,200 --> 00:06:27,840
Speaker 2: determined by models. We have to bring into our reasoning

105
00:06:27,920 --> 00:06:34,600
Speaker 2: and our considerations other elements, other measurements, including underlying inflation

106
00:06:35,080 --> 00:06:39,360
Speaker 2: as we see it empirically now as we anticipated coming up.

107
00:06:39,920 --> 00:06:43,560
Speaker 2: We also need to measure the impact of har monetary policy,

108
00:06:43,720 --> 00:06:49,720
Speaker 2: how fast does it produces financing tightening, and what consequences

109
00:06:49,760 --> 00:06:52,720
Speaker 2: will it have. So in a way, the break of

110
00:06:52,760 --> 00:06:56,919
Speaker 2: this regularity forces us to have a larger spectrum of

111
00:06:57,120 --> 00:07:00,919
Speaker 2: indicators and to think in a mode much broad away

112
00:07:01,120 --> 00:07:03,920
Speaker 2: about the consequences of what we decide.

113
00:07:04,160 --> 00:07:08,520
Speaker 1: One thing that's fascinating here, Joan Randa in Frankfort really

114
00:07:08,560 --> 00:07:11,600
Speaker 1: emphasizes to me with the deterioration in economic data. I'm

115
00:07:11,600 --> 00:07:15,239
Speaker 1: sure you've been more than brief down it in Europe

116
00:07:15,240 --> 00:07:18,440
Speaker 1: and frankly around the world China as well. There's this

117
00:07:18,560 --> 00:07:23,800
Speaker 1: waiting between conventional monetary dialogue and to use an American phrase, OMG,

118
00:07:24,320 --> 00:07:28,000
Speaker 1: there's a growth slowdown. Is you go into your sequence

119
00:07:28,120 --> 00:07:32,160
Speaker 1: of data dependent meetings, what is the waiting now to

120
00:07:32,880 --> 00:07:38,280
Speaker 1: growth or real economy economic data versus a monetary policy

121
00:07:38,600 --> 00:07:41,680
Speaker 1: which with a process almost that you say is under

122
00:07:41,720 --> 00:07:42,480
Speaker 1: threat right now.

123
00:07:43,440 --> 00:07:45,200
Speaker 2: First of all, I would not put in the same

124
00:07:45,240 --> 00:07:49,120
Speaker 2: bag Europe and China when it comes to clarity and

125
00:07:49,240 --> 00:07:54,800
Speaker 2: comprehensiveness and transparency of data. We are totally transparent. We

126
00:07:55,000 --> 00:08:00,400
Speaker 2: aggregate our national data at the regional level and we

127
00:08:00,520 --> 00:08:04,239
Speaker 2: have very solid institutions that are in charge of those data.

128
00:08:04,360 --> 00:08:08,680
Speaker 2: So I would challenge anybody who argues that our data

129
00:08:09,200 --> 00:08:13,240
Speaker 2: is not correct and not reliable, that is as reliable

130
00:08:13,280 --> 00:08:16,720
Speaker 2: as it can get. Point number one, point number two.

131
00:08:17,480 --> 00:08:21,560
Speaker 2: The best way to have the highest level of confidence

132
00:08:22,240 --> 00:08:27,480
Speaker 2: is to look at a series of information data model produced,

133
00:08:27,520 --> 00:08:34,560
Speaker 2: empirically provided anticipated by financial analysis. That that's the best

134
00:08:34,679 --> 00:08:36,520
Speaker 2: job that we can do at the moment in order

135
00:08:36,559 --> 00:08:40,360
Speaker 2: to deliver on our stability mandate, which is to bring

136
00:08:40,360 --> 00:08:42,720
Speaker 2: infection back to two percent in the medium term, which

137
00:08:42,760 --> 00:08:43,240
Speaker 2: we will do.

138
00:08:43,520 --> 00:08:45,719
Speaker 1: I can mention this with China, but what I can

139
00:08:45,760 --> 00:08:48,600
Speaker 1: mention is you are original and that you have real

140
00:08:48,760 --> 00:08:52,280
Speaker 1: world export import experience. I believe I met you when

141
00:08:52,320 --> 00:08:56,439
Speaker 1: you were French trade minister. That's right, newly appointed at whatever.

142
00:08:56,120 --> 00:08:58,760
Speaker 2: Two thousand and five, two thousand and five.

143
00:08:59,679 --> 00:09:03,439
Speaker 1: A few years ago, folks, Christine Leguard is simple as

144
00:09:03,520 --> 00:09:06,880
Speaker 1: I can say the statistic in your speech today of

145
00:09:07,000 --> 00:09:09,720
Speaker 1: real imports declining thirty percent.

146
00:09:10,240 --> 00:09:12,839
Speaker 4: If we get what Gorgyeva and Leguard.

147
00:09:12,480 --> 00:09:16,760
Speaker 1: Are both talking about, which is a regional blackism, a fragmentation,

148
00:09:17,080 --> 00:09:18,120
Speaker 1: how close are we to that.

149
00:09:20,040 --> 00:09:21,280
Speaker 3: It's a worrying situation.

150
00:09:22,360 --> 00:09:25,920
Speaker 2: If you look at the number of protectionist measures that

151
00:09:26,000 --> 00:09:30,719
Speaker 2: are being engineered implemented around the world, If you look

152
00:09:30,760 --> 00:09:34,679
Speaker 2: at the volume of trade, whether it is pure volume

153
00:09:34,800 --> 00:09:39,160
Speaker 2: or momentum. It is either stable or on the decline.

154
00:09:39,800 --> 00:09:43,520
Speaker 2: And the fragmentation is something that is much talked about

155
00:09:43,760 --> 00:09:47,480
Speaker 2: that we are not beginning to see in terms of investment,

156
00:09:47,960 --> 00:09:54,000
Speaker 2: in terms of market penetration by various companies around the world,

157
00:09:54,040 --> 00:09:58,520
Speaker 2: and the control of FDI for indirect investment in many countries,

158
00:09:58,559 --> 00:10:01,240
Speaker 2: including in Europe, is not being sc rutinized in a

159
00:10:01,320 --> 00:10:06,120
Speaker 2: much much thorough way. So we are seeing not deglobalization,

160
00:10:06,640 --> 00:10:10,720
Speaker 2: let's you know, not kid ourselves, but a much more guarded,

161
00:10:11,000 --> 00:10:18,760
Speaker 2: much more careful target of supply chain development, of setting

162
00:10:18,880 --> 00:10:22,599
Speaker 2: up foreign investment abroad, and the purpose of those investments

163
00:10:22,600 --> 00:10:23,120
Speaker 2: are different.

164
00:10:23,440 --> 00:10:24,040
Speaker 3: There was a.

165
00:10:23,960 --> 00:10:27,679
Speaker 2: Time when you were setting up facility in a place

166
00:10:27,720 --> 00:10:31,520
Speaker 2: where costs was lower. Now you set up an investment.

167
00:10:31,600 --> 00:10:33,920
Speaker 2: You set up a facility because you're going to penetrate

168
00:10:34,040 --> 00:10:37,840
Speaker 2: that market and you're not relying on input output.

169
00:10:37,920 --> 00:10:39,559
Speaker 4: You mentioned tit for tat inflation.

170
00:10:39,960 --> 00:10:42,319
Speaker 1: Is that where you confront at the next meeting, and frankly,

171
00:10:42,360 --> 00:10:44,400
Speaker 1: at the meetings into twenty twenty.

172
00:10:44,080 --> 00:10:49,479
Speaker 2: Four, we will be very very attentive to wage developments

173
00:10:49,800 --> 00:10:55,719
Speaker 2: because obviously one of the strongest portion of the economy

174
00:10:55,760 --> 00:11:00,760
Speaker 2: where prices are going up is services and services is intensive.

175
00:11:01,240 --> 00:11:06,440
Speaker 2: Services is generally less interest rate sensitive than others, where

176
00:11:06,480 --> 00:11:11,480
Speaker 2: capital expenditures, of course are more sensitive. So wages as

177
00:11:11,520 --> 00:11:14,800
Speaker 2: they develop will matter enormously, which is why it's critically

178
00:11:14,880 --> 00:11:20,160
Speaker 2: important that inflation expectations remain anchored at two percent. If

179
00:11:20,200 --> 00:11:24,720
Speaker 2: trade unions and business associations appreciate that in relatively short

180
00:11:24,840 --> 00:11:27,800
Speaker 2: order inflation will be back to two percent, they will

181
00:11:27,800 --> 00:11:32,760
Speaker 2: not want to fuel more inflation by having wage or

182
00:11:32,800 --> 00:11:35,400
Speaker 2: margin increases that would not be consistent with that.

183
00:11:35,600 --> 00:11:39,920
Speaker 1: The language of this is accommodative restrictive. Dominie Constumate Missoula

184
00:11:39,960 --> 00:11:42,840
Speaker 1: would say, there is super restrictive. Talking about the US

185
00:11:43,960 --> 00:11:48,560
Speaker 1: Central Bank, how do you gauge the parlor game of

186
00:11:48,720 --> 00:11:54,040
Speaker 1: interest trate trajectory? Now, giving your new theme here, how

187
00:11:54,080 --> 00:11:57,960
Speaker 1: do you take the minutia of analyzing up and down

188
00:11:58,000 --> 00:12:02,120
Speaker 1: the restrictiveness? Just as one example with these larger thoughts

189
00:12:02,120 --> 00:12:05,440
Speaker 1: of we need to change behavior and economics.

190
00:12:05,559 --> 00:12:07,040
Speaker 3: We take all that very seriously.

191
00:12:07,600 --> 00:12:12,559
Speaker 2: If you pick the example of the financing tightening, we'll

192
00:12:12,600 --> 00:12:16,680
Speaker 2: look up and down the stream of you know, all

193
00:12:17,480 --> 00:12:26,959
Speaker 2: financing channels from you know, credit lending, money markets, sovereign bonds,

194
00:12:27,720 --> 00:12:31,720
Speaker 2: the whole gambit of it to appreciate how much tightening

195
00:12:31,760 --> 00:12:36,360
Speaker 2: is produced by our restrictive monetary policy, and we have

196
00:12:36,520 --> 00:12:42,000
Speaker 2: to factor that into what I have called my three criteria.

197
00:12:42,040 --> 00:12:46,800
Speaker 2: If you will, inflation outlook, underlying inflation transmission, and strength

198
00:12:46,840 --> 00:12:48,600
Speaker 2: of the transmission of monetary policy.

199
00:12:48,920 --> 00:12:51,520
Speaker 1: You ends this speech, and folks, really for those of

200
00:12:51,520 --> 00:12:54,480
Speaker 1: you in economics, this is truly an original speech from

201
00:12:54,480 --> 00:12:58,719
Speaker 1: the ECB today and from Christine lecard Caines. The difficulty

202
00:12:58,800 --> 00:13:02,920
Speaker 1: lies not in the new ideas but escaping the old ones.

203
00:13:02,960 --> 00:13:05,840
Speaker 1: Which one are you trying to escape September sixteenth. I

204
00:13:05,880 --> 00:13:08,720
Speaker 1: mean not to bring a meeting in the focus here,

205
00:13:08,880 --> 00:13:11,720
Speaker 1: but you need a new idea on September sixteenth?

206
00:13:11,800 --> 00:13:12,600
Speaker 4: What's it going to be?

207
00:13:12,840 --> 00:13:16,480
Speaker 2: I think what I meant using this particular quote is

208
00:13:16,520 --> 00:13:19,719
Speaker 2: that we cannot just stay in the same box all

209
00:13:19,720 --> 00:13:22,640
Speaker 2: the time and assume that the models that we have

210
00:13:22,760 --> 00:13:26,720
Speaker 2: been using for number of years are going to produce

211
00:13:26,800 --> 00:13:29,880
Speaker 2: the result that will guide us towards the right decisions.

212
00:13:30,200 --> 00:13:33,720
Speaker 2: And I think by adding, as I said, underlying inflation,

213
00:13:35,640 --> 00:13:41,040
Speaker 2: strength of the military policy transmission, we bring new ideas

214
00:13:41,080 --> 00:13:45,760
Speaker 2: and new principles into our thinking and our collective considerations.

215
00:13:46,040 --> 00:13:48,800
Speaker 1: One final question, if I could, on a beautiful day

216
00:13:48,800 --> 00:13:52,240
Speaker 1: in Wyoming, you have to fly back to Frankfurt and

217
00:13:52,400 --> 00:13:57,080
Speaker 1: sell this speech to a very original set of nations

218
00:13:57,120 --> 00:14:00,440
Speaker 1: in Europe. What will be the response, not only the

219
00:14:00,440 --> 00:14:04,120
Speaker 1: response at your meeting in September sixteenth, but the simplistic

220
00:14:04,200 --> 00:14:07,720
Speaker 1: statement of between the hawks and the doves. How will

221
00:14:07,720 --> 00:14:10,880
Speaker 1: there be a uniform response or will this engender an

222
00:14:10,880 --> 00:14:13,160
Speaker 1: immediate heated debate in Frankfurt.

223
00:14:13,960 --> 00:14:17,240
Speaker 2: I took the precaution to discuss that with some of them,

224
00:14:17,520 --> 00:14:22,560
Speaker 2: and I think that's the general principles of those three shifts,

225
00:14:23,120 --> 00:14:27,160
Speaker 2: the responses that we must provide, and the new key

226
00:14:28,320 --> 00:14:36,760
Speaker 2: principles of clarity, humility and transparency. Sorry, clarity, flexibility and

227
00:14:36,840 --> 00:14:41,360
Speaker 2: humility will stand and I think will be appreciated and

228
00:14:41,440 --> 00:14:44,120
Speaker 2: respected by my colleagues on the Governing Council.

229
00:14:44,120 --> 00:14:46,440
Speaker 1: No. I look forward to September fourteenth, truly in a

230
00:14:46,480 --> 00:14:47,200
Speaker 1: historic day.

231
00:14:48,960 --> 00:14:52,040
Speaker 2: I can't guarantee the same beautiful landscape as well.

232
00:14:52,360 --> 00:14:54,720
Speaker 4: The hills are alive with the sound of music.

233
00:14:54,760 --> 00:14:56,320
Speaker 3: Chrystia, thank you