WEBVTT - Surveillance Special: Lagarde at Jackson Hole

0:00:00.080 --> 0:00:02.559
<v Speaker 1>Joining us now the President of the European Central Bank,

0:00:03.000 --> 0:00:06.360
<v Speaker 1>Christine Leguard, who stopped traffic here the bison stopped walking

0:00:06.400 --> 0:00:09.920
<v Speaker 1>around the fields over the importance of this speech. I

0:00:09.960 --> 0:00:13.680
<v Speaker 1>was talking to our wonderful Bosler covering the New York

0:00:13.680 --> 0:00:16.599
<v Speaker 1>Fed and he's here supporting the US team. And the

0:00:16.640 --> 0:00:20.919
<v Speaker 1>first thing he said, Philip Lane, So the speech that

0:00:20.960 --> 0:00:22.840
<v Speaker 1>you put together here that we're going to dive into

0:00:22.880 --> 0:00:27.080
<v Speaker 1>here in the next thirteen minutes, how was it constructed

0:00:27.560 --> 0:00:29.640
<v Speaker 1>off of your team with doctor Lane.

0:00:31.120 --> 0:00:34.920
<v Speaker 2>It's a little bit more complicated than that. Typically my

0:00:35.040 --> 0:00:40.680
<v Speaker 2>speech is works as follows. I picked the theme, which

0:00:40.760 --> 0:00:43.319
<v Speaker 2>in this case was not complicated because Jackson Hall has

0:00:43.320 --> 0:00:47.560
<v Speaker 2>indicated that we have to concentrate on the shifts, and

0:00:47.840 --> 0:00:49.040
<v Speaker 2>they are major shifts.

0:00:49.280 --> 0:00:50.160
<v Speaker 3>So I pick the theme.

0:00:51.800 --> 0:00:56.680
<v Speaker 2>My team produces a first draft that I then look at,

0:00:56.760 --> 0:00:59.840
<v Speaker 2>correct changes, am we reconstruct a bit.

0:01:00.360 --> 0:01:01.279
<v Speaker 3>Then I pass it on.

0:01:01.240 --> 0:01:05.520
<v Speaker 2>To Philip, and Philip looks at it, brings new things

0:01:05.560 --> 0:01:09.960
<v Speaker 2>into the substance, will amend this or that. Then it

0:01:10.000 --> 0:01:12.720
<v Speaker 2>comes back to me again and I will polish it

0:01:12.800 --> 0:01:15.680
<v Speaker 2>one more time. Then I share it with a few

0:01:15.720 --> 0:01:18.360
<v Speaker 2>more economists in the team. I don't take all their comments,

0:01:18.400 --> 0:01:20.160
<v Speaker 2>because if I did, it would not.

0:01:20.120 --> 0:01:22.160
<v Speaker 4>But legendary for that, that's called on the guard.

0:01:22.280 --> 0:01:24.160
<v Speaker 3>No, right, that's true.

0:01:24.520 --> 0:01:27.520
<v Speaker 2>Yeah, because everybody wants to have their little thing in there,

0:01:27.959 --> 0:01:31.120
<v Speaker 2>and before you know it, it has no line, no rational,

0:01:31.360 --> 0:01:32.800
<v Speaker 2>no logic, no conclusion.

0:01:33.080 --> 0:01:33.880
<v Speaker 3>And I don't want that.

0:01:33.959 --> 0:01:35.880
<v Speaker 1>We'll extend this to a one hour interview. There'll be

0:01:36.000 --> 0:01:39.480
<v Speaker 1>some logic to this discussion today. The rules of the road, folks,

0:01:39.480 --> 0:01:41.920
<v Speaker 1>for all of you on radio and television. Is it

0:01:42.000 --> 0:01:45.000
<v Speaker 1>an academic conference. We don't focus so much with any

0:01:45.040 --> 0:01:47.120
<v Speaker 1>central banker about what are you going to do at

0:01:47.120 --> 0:01:50.640
<v Speaker 1>the next meeting. It's about the architecture of the speech.

0:01:50.680 --> 0:01:51.440
<v Speaker 4>And this is an.

0:01:51.280 --> 0:01:56.600
<v Speaker 1>Exceptionally original speech off of the pandemic. Where do we

0:01:56.680 --> 0:01:59.000
<v Speaker 1>go from here? I want to go back four months

0:01:59.040 --> 0:02:02.120
<v Speaker 1>to your speech in New York where in Wyoming, and

0:02:02.160 --> 0:02:07.400
<v Speaker 1>this is Ernest Hemingway's Wyoming. You talked about suddenly sun

0:02:07.440 --> 0:02:11.959
<v Speaker 1>also rises. There is gradually and then it becomes suddenly.

0:02:12.639 --> 0:02:14.560
<v Speaker 1>What is the tension you see now? What is the

0:02:14.600 --> 0:02:19.480
<v Speaker 1>fear you have that the gradual now could be suddenly painful?

0:02:21.360 --> 0:02:26.200
<v Speaker 2>We are facing major shifts. I'll mention three for you.

0:02:26.840 --> 0:02:30.400
<v Speaker 2>One is there's a complete change in the labor market.

0:02:30.919 --> 0:02:34.920
<v Speaker 2>There's a complete change in the energy future that we

0:02:34.960 --> 0:02:39.320
<v Speaker 2>are facing, and there is a complete shift in how

0:02:40.040 --> 0:02:45.080
<v Speaker 2>geopolitical forces organize our economies, not to mention in the

0:02:45.080 --> 0:02:49.160
<v Speaker 2>background the climate change impact on our economies, our life,

0:02:49.639 --> 0:02:52.919
<v Speaker 2>and the imperative that it becomes, as we have seen

0:02:53.400 --> 0:02:57.960
<v Speaker 2>during the whole summer, for instance, in terms of major

0:02:58.040 --> 0:03:02.600
<v Speaker 2>heat waves, major hurricanes, and so on and so forth.

0:03:02.639 --> 0:03:05.600
<v Speaker 2>So you've got these three key shifts and the background

0:03:05.720 --> 0:03:09.000
<v Speaker 2>of climate change, and we need to address each and

0:03:09.040 --> 0:03:13.760
<v Speaker 2>every one of these three, which we inherited from the pandemic,

0:03:14.320 --> 0:03:19.160
<v Speaker 2>which we inherited from the major supply chain disruptions, which

0:03:19.200 --> 0:03:23.360
<v Speaker 2>we inherited from the geopolitical tensions that we see developing

0:03:23.480 --> 0:03:29.400
<v Speaker 2>between the United States, Europe, Japan, and many other countries

0:03:29.560 --> 0:03:31.959
<v Speaker 2>around the world, in particular China.

0:03:32.120 --> 0:03:34.920
<v Speaker 1>I was talking to Alex Weeber out of Frankfurt on

0:03:35.080 --> 0:03:37.600
<v Speaker 1>this speech, and I want to take the sixty thousand

0:03:37.600 --> 0:03:40.880
<v Speaker 1>foot nature of the speech, and I can't imagine Draggy

0:03:41.200 --> 0:03:44.840
<v Speaker 1>doing mactrechet giving the speech. It's original to you. But

0:03:44.880 --> 0:03:49.880
<v Speaker 1>if I look at clarity, flexibility, humility, your backdrop out

0:03:50.000 --> 0:03:53.800
<v Speaker 1>years is exactly the same as your backdrop on September sixteenth,

0:03:54.080 --> 0:03:56.720
<v Speaker 1>which is the original structure you have is to pick

0:03:56.760 --> 0:03:59.880
<v Speaker 1>two nations, the tension between Germany and the tension with

0:04:00.080 --> 0:04:01.360
<v Speaker 1>Portugal as well.

0:04:01.560 --> 0:04:03.560
<v Speaker 4>How do you get to.

0:04:03.480 --> 0:04:08.840
<v Speaker 1>These lofty goals given the fractious original nature of the ECB.

0:04:11.120 --> 0:04:12.080
<v Speaker 3>I would disagree with that.

0:04:12.360 --> 0:04:15.960
<v Speaker 2>I think the ECB and the weight has been constructed,

0:04:16.720 --> 0:04:23.000
<v Speaker 2>is intended for collaboration, for controversies, for debates, but at

0:04:23.040 --> 0:04:26.240
<v Speaker 2>the end of the day, for large consensus. And this

0:04:26.279 --> 0:04:29.560
<v Speaker 2>is how I have been operating at the ECB. The

0:04:29.640 --> 0:04:34.159
<v Speaker 2>fact that monetary policy is really European monetary policy is

0:04:34.160 --> 0:04:37.640
<v Speaker 2>a plus. We are bound by the same currency, the Euro.

0:04:38.040 --> 0:04:41.680
<v Speaker 2>We exchange the same banknotes, maybe digitally one day, but

0:04:41.800 --> 0:04:44.400
<v Speaker 2>this is what brings us together and is part of

0:04:44.440 --> 0:04:48.400
<v Speaker 2>the culture. Now, then you have the fiscal situation, Then

0:04:48.440 --> 0:04:52.160
<v Speaker 2>you have the debt situation. Then you have different markets

0:04:52.200 --> 0:04:56.560
<v Speaker 2>and different constraints locally in you know, in the twenty

0:04:56.640 --> 0:05:03.040
<v Speaker 2>member states. But the European Central Bank brings all those

0:05:03.160 --> 0:05:10.160
<v Speaker 2>national central banks together, not without pain, not without you know, discussions,

0:05:10.279 --> 0:05:15.560
<v Speaker 2>as I said, controversies occasionally and not always by unanimous consensus.

0:05:15.839 --> 0:05:20.000
<v Speaker 2>There is the Senate occasionally there is descent absolutely, and

0:05:20.279 --> 0:05:22.360
<v Speaker 2>you know we have to learn how to live with it,

0:05:22.400 --> 0:05:23.080
<v Speaker 2>and we are.

0:05:23.440 --> 0:05:25.600
<v Speaker 3>My job is to measure how.

0:05:25.640 --> 0:05:32.640
<v Speaker 2>Profound the descent is, and who expresses and shares it

0:05:32.680 --> 0:05:34.640
<v Speaker 2>to a point that he or she will not be

0:05:34.680 --> 0:05:37.880
<v Speaker 2>prepared to compromise and to move to the consensus.

0:05:37.880 --> 0:05:44.200
<v Speaker 1>A single sentence in this original speech breaks in established regularities.

0:05:44.640 --> 0:05:47.280
<v Speaker 1>Do you have an operative theory right now, whether it's

0:05:47.320 --> 0:05:50.440
<v Speaker 1>again to September or it's out six months a year.

0:05:50.560 --> 0:05:53.880
<v Speaker 1>Is there a set of economic theories you're working with

0:05:54.480 --> 0:05:56.719
<v Speaker 1>or is it ad hoc each and every day out

0:05:56.720 --> 0:05:58.520
<v Speaker 1>of this pandemic one.

0:05:58.600 --> 0:06:05.600
<v Speaker 2>It is deliberately decisively data dependent, which forces us to

0:06:05.760 --> 0:06:11.680
<v Speaker 2>react meeting by meeting. We cannot given the fact that

0:06:12.760 --> 0:06:18.080
<v Speaker 2>regularities are no longer regular and we have more irregularities

0:06:18.120 --> 0:06:23.200
<v Speaker 2>than regularities, we cannot exclusively rely on inflation outlook as

0:06:23.200 --> 0:06:27.840
<v Speaker 2>determined by models. We have to bring into our reasoning

0:06:27.920 --> 0:06:34.600
<v Speaker 2>and our considerations other elements, other measurements, including underlying inflation

0:06:35.080 --> 0:06:39.360
<v Speaker 2>as we see it empirically now as we anticipated coming up.

0:06:39.920 --> 0:06:43.560
<v Speaker 2>We also need to measure the impact of har monetary policy,

0:06:43.720 --> 0:06:49.720
<v Speaker 2>how fast does it produces financing tightening, and what consequences

0:06:49.760 --> 0:06:52.720
<v Speaker 2>will it have. So in a way, the break of

0:06:52.760 --> 0:06:56.919
<v Speaker 2>this regularity forces us to have a larger spectrum of

0:06:57.120 --> 0:07:00.919
<v Speaker 2>indicators and to think in a mode much broad away

0:07:01.120 --> 0:07:03.920
<v Speaker 2>about the consequences of what we decide.

0:07:04.160 --> 0:07:08.520
<v Speaker 1>One thing that's fascinating here, Joan Randa in Frankfort really

0:07:08.560 --> 0:07:11.600
<v Speaker 1>emphasizes to me with the deterioration in economic data. I'm

0:07:11.600 --> 0:07:15.239
<v Speaker 1>sure you've been more than brief down it in Europe

0:07:15.240 --> 0:07:18.440
<v Speaker 1>and frankly around the world China as well. There's this

0:07:18.560 --> 0:07:23.800
<v Speaker 1>waiting between conventional monetary dialogue and to use an American phrase, OMG,

0:07:24.320 --> 0:07:28.000
<v Speaker 1>there's a growth slowdown. Is you go into your sequence

0:07:28.120 --> 0:07:32.160
<v Speaker 1>of data dependent meetings, what is the waiting now to

0:07:32.880 --> 0:07:38.280
<v Speaker 1>growth or real economy economic data versus a monetary policy

0:07:38.600 --> 0:07:41.680
<v Speaker 1>which with a process almost that you say is under

0:07:41.720 --> 0:07:42.480
<v Speaker 1>threat right now.

0:07:43.440 --> 0:07:45.200
<v Speaker 2>First of all, I would not put in the same

0:07:45.240 --> 0:07:49.120
<v Speaker 2>bag Europe and China when it comes to clarity and

0:07:49.240 --> 0:07:54.800
<v Speaker 2>comprehensiveness and transparency of data. We are totally transparent. We

0:07:55.000 --> 0:08:00.400
<v Speaker 2>aggregate our national data at the regional level and we

0:08:00.520 --> 0:08:04.239
<v Speaker 2>have very solid institutions that are in charge of those data.

0:08:04.360 --> 0:08:08.680
<v Speaker 2>So I would challenge anybody who argues that our data

0:08:09.200 --> 0:08:13.240
<v Speaker 2>is not correct and not reliable, that is as reliable

0:08:13.280 --> 0:08:16.720
<v Speaker 2>as it can get. Point number one, point number two.

0:08:17.480 --> 0:08:21.560
<v Speaker 2>The best way to have the highest level of confidence

0:08:22.240 --> 0:08:27.480
<v Speaker 2>is to look at a series of information data model produced,

0:08:27.520 --> 0:08:34.560
<v Speaker 2>empirically provided anticipated by financial analysis. That that's the best

0:08:34.679 --> 0:08:36.520
<v Speaker 2>job that we can do at the moment in order

0:08:36.559 --> 0:08:40.360
<v Speaker 2>to deliver on our stability mandate, which is to bring

0:08:40.360 --> 0:08:42.720
<v Speaker 2>infection back to two percent in the medium term, which

0:08:42.760 --> 0:08:43.240
<v Speaker 2>we will do.

0:08:43.520 --> 0:08:45.719
<v Speaker 1>I can mention this with China, but what I can

0:08:45.760 --> 0:08:48.600
<v Speaker 1>mention is you are original and that you have real

0:08:48.760 --> 0:08:52.280
<v Speaker 1>world export import experience. I believe I met you when

0:08:52.320 --> 0:08:56.439
<v Speaker 1>you were French trade minister. That's right, newly appointed at whatever.

0:08:56.120 --> 0:08:58.760
<v Speaker 2>Two thousand and five, two thousand and five.

0:08:59.679 --> 0:09:03.439
<v Speaker 1>A few years ago, folks, Christine Leguard is simple as

0:09:03.520 --> 0:09:06.880
<v Speaker 1>I can say the statistic in your speech today of

0:09:07.000 --> 0:09:09.720
<v Speaker 1>real imports declining thirty percent.

0:09:10.240 --> 0:09:12.839
<v Speaker 4>If we get what Gorgyeva and Leguard.

0:09:12.480 --> 0:09:16.760
<v Speaker 1>Are both talking about, which is a regional blackism, a fragmentation,

0:09:17.080 --> 0:09:18.120
<v Speaker 1>how close are we to that.

0:09:20.040 --> 0:09:21.280
<v Speaker 3>It's a worrying situation.

0:09:22.360 --> 0:09:25.920
<v Speaker 2>If you look at the number of protectionist measures that

0:09:26.000 --> 0:09:30.719
<v Speaker 2>are being engineered implemented around the world, If you look

0:09:30.760 --> 0:09:34.679
<v Speaker 2>at the volume of trade, whether it is pure volume

0:09:34.800 --> 0:09:39.160
<v Speaker 2>or momentum. It is either stable or on the decline.

0:09:39.800 --> 0:09:43.520
<v Speaker 2>And the fragmentation is something that is much talked about

0:09:43.760 --> 0:09:47.480
<v Speaker 2>that we are not beginning to see in terms of investment,

0:09:47.960 --> 0:09:54.000
<v Speaker 2>in terms of market penetration by various companies around the world,

0:09:54.040 --> 0:09:58.520
<v Speaker 2>and the control of FDI for indirect investment in many countries,

0:09:58.559 --> 0:10:01.240
<v Speaker 2>including in Europe, is not being sc rutinized in a

0:10:01.320 --> 0:10:06.120
<v Speaker 2>much much thorough way. So we are seeing not deglobalization,

0:10:06.640 --> 0:10:10.720
<v Speaker 2>let's you know, not kid ourselves, but a much more guarded,

0:10:11.000 --> 0:10:18.760
<v Speaker 2>much more careful target of supply chain development, of setting

0:10:18.880 --> 0:10:22.599
<v Speaker 2>up foreign investment abroad, and the purpose of those investments

0:10:22.600 --> 0:10:23.120
<v Speaker 2>are different.

0:10:23.440 --> 0:10:24.040
<v Speaker 3>There was a.

0:10:23.960 --> 0:10:27.679
<v Speaker 2>Time when you were setting up facility in a place

0:10:27.720 --> 0:10:31.520
<v Speaker 2>where costs was lower. Now you set up an investment.

0:10:31.600 --> 0:10:33.920
<v Speaker 2>You set up a facility because you're going to penetrate

0:10:34.040 --> 0:10:37.840
<v Speaker 2>that market and you're not relying on input output.

0:10:37.920 --> 0:10:39.559
<v Speaker 4>You mentioned tit for tat inflation.

0:10:39.960 --> 0:10:42.319
<v Speaker 1>Is that where you confront at the next meeting, and frankly,

0:10:42.360 --> 0:10:44.400
<v Speaker 1>at the meetings into twenty twenty.

0:10:44.080 --> 0:10:49.479
<v Speaker 2>Four, we will be very very attentive to wage developments

0:10:49.800 --> 0:10:55.719
<v Speaker 2>because obviously one of the strongest portion of the economy

0:10:55.760 --> 0:11:00.760
<v Speaker 2>where prices are going up is services and services is intensive.

0:11:01.240 --> 0:11:06.440
<v Speaker 2>Services is generally less interest rate sensitive than others, where

0:11:06.480 --> 0:11:11.480
<v Speaker 2>capital expenditures, of course are more sensitive. So wages as

0:11:11.520 --> 0:11:14.800
<v Speaker 2>they develop will matter enormously, which is why it's critically

0:11:14.880 --> 0:11:20.160
<v Speaker 2>important that inflation expectations remain anchored at two percent. If

0:11:20.200 --> 0:11:24.720
<v Speaker 2>trade unions and business associations appreciate that in relatively short

0:11:24.840 --> 0:11:27.800
<v Speaker 2>order inflation will be back to two percent, they will

0:11:27.800 --> 0:11:32.760
<v Speaker 2>not want to fuel more inflation by having wage or

0:11:32.800 --> 0:11:35.400
<v Speaker 2>margin increases that would not be consistent with that.

0:11:35.600 --> 0:11:39.920
<v Speaker 1>The language of this is accommodative restrictive. Dominie Constumate Missoula

0:11:39.960 --> 0:11:42.840
<v Speaker 1>would say, there is super restrictive. Talking about the US

0:11:43.960 --> 0:11:48.560
<v Speaker 1>Central Bank, how do you gauge the parlor game of

0:11:48.720 --> 0:11:54.040
<v Speaker 1>interest trate trajectory? Now, giving your new theme here, how

0:11:54.080 --> 0:11:57.960
<v Speaker 1>do you take the minutia of analyzing up and down

0:11:58.000 --> 0:12:02.120
<v Speaker 1>the restrictiveness? Just as one example with these larger thoughts

0:12:02.120 --> 0:12:05.440
<v Speaker 1>of we need to change behavior and economics.

0:12:05.559 --> 0:12:07.040
<v Speaker 3>We take all that very seriously.

0:12:07.600 --> 0:12:12.559
<v Speaker 2>If you pick the example of the financing tightening, we'll

0:12:12.600 --> 0:12:16.680
<v Speaker 2>look up and down the stream of you know, all

0:12:17.480 --> 0:12:26.959
<v Speaker 2>financing channels from you know, credit lending, money markets, sovereign bonds,

0:12:27.720 --> 0:12:31.720
<v Speaker 2>the whole gambit of it to appreciate how much tightening

0:12:31.760 --> 0:12:36.360
<v Speaker 2>is produced by our restrictive monetary policy, and we have

0:12:36.520 --> 0:12:42.000
<v Speaker 2>to factor that into what I have called my three criteria.

0:12:42.040 --> 0:12:46.800
<v Speaker 2>If you will, inflation outlook, underlying inflation transmission, and strength

0:12:46.840 --> 0:12:48.600
<v Speaker 2>of the transmission of monetary policy.

0:12:48.920 --> 0:12:51.520
<v Speaker 1>You ends this speech, and folks, really for those of

0:12:51.520 --> 0:12:54.480
<v Speaker 1>you in economics, this is truly an original speech from

0:12:54.480 --> 0:12:58.719
<v Speaker 1>the ECB today and from Christine lecard Caines. The difficulty

0:12:58.800 --> 0:13:02.920
<v Speaker 1>lies not in the new ideas but escaping the old ones.

0:13:02.960 --> 0:13:05.840
<v Speaker 1>Which one are you trying to escape September sixteenth. I

0:13:05.880 --> 0:13:08.720
<v Speaker 1>mean not to bring a meeting in the focus here,

0:13:08.880 --> 0:13:11.720
<v Speaker 1>but you need a new idea on September sixteenth?

0:13:11.800 --> 0:13:12.600
<v Speaker 4>What's it going to be?

0:13:12.840 --> 0:13:16.480
<v Speaker 2>I think what I meant using this particular quote is

0:13:16.520 --> 0:13:19.719
<v Speaker 2>that we cannot just stay in the same box all

0:13:19.720 --> 0:13:22.640
<v Speaker 2>the time and assume that the models that we have

0:13:22.760 --> 0:13:26.720
<v Speaker 2>been using for number of years are going to produce

0:13:26.800 --> 0:13:29.880
<v Speaker 2>the result that will guide us towards the right decisions.

0:13:30.200 --> 0:13:33.720
<v Speaker 2>And I think by adding, as I said, underlying inflation,

0:13:35.640 --> 0:13:41.040
<v Speaker 2>strength of the military policy transmission, we bring new ideas

0:13:41.080 --> 0:13:45.760
<v Speaker 2>and new principles into our thinking and our collective considerations.

0:13:46.040 --> 0:13:48.800
<v Speaker 1>One final question, if I could, on a beautiful day

0:13:48.800 --> 0:13:52.240
<v Speaker 1>in Wyoming, you have to fly back to Frankfurt and

0:13:52.400 --> 0:13:57.080
<v Speaker 1>sell this speech to a very original set of nations

0:13:57.120 --> 0:14:00.440
<v Speaker 1>in Europe. What will be the response, not only the

0:14:00.440 --> 0:14:04.120
<v Speaker 1>response at your meeting in September sixteenth, but the simplistic

0:14:04.200 --> 0:14:07.720
<v Speaker 1>statement of between the hawks and the doves. How will

0:14:07.720 --> 0:14:10.880
<v Speaker 1>there be a uniform response or will this engender an

0:14:10.880 --> 0:14:13.160
<v Speaker 1>immediate heated debate in Frankfurt.

0:14:13.960 --> 0:14:17.240
<v Speaker 2>I took the precaution to discuss that with some of them,

0:14:17.520 --> 0:14:22.560
<v Speaker 2>and I think that's the general principles of those three shifts,

0:14:23.120 --> 0:14:27.160
<v Speaker 2>the responses that we must provide, and the new key

0:14:28.320 --> 0:14:36.760
<v Speaker 2>principles of clarity, humility and transparency. Sorry, clarity, flexibility and

0:14:36.840 --> 0:14:41.360
<v Speaker 2>humility will stand and I think will be appreciated and

0:14:41.440 --> 0:14:44.120
<v Speaker 2>respected by my colleagues on the Governing Council.

0:14:44.120 --> 0:14:46.440
<v Speaker 1>No. I look forward to September fourteenth, truly in a

0:14:46.480 --> 0:14:47.200
<v Speaker 1>historic day.

0:14:48.960 --> 0:14:52.040
<v Speaker 2>I can't guarantee the same beautiful landscape as well.

0:14:52.360 --> 0:14:54.720
<v Speaker 4>The hills are alive with the sound of music.

0:14:54.760 --> 0:14:56.320
<v Speaker 3>Chrystia, thank you