YouSaid · the spoken record

José Manuel Barroso

lines on the record: 35
first: 2017-10-09
most recent: 2017-10-09
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“As I said earlier, it depends on the gravity of the issue, on the seriousness. I think as such we are not and should not be seen as partisan. It's important for a firm, a global firm, not to take positions on a partisan basis. Having said that, when fundamental values are at stake, for instance, racist attitudes, I think we should say they are against universal values, oxenophobia or terrorism. In that case, we have to take a position. Now, of course, the world is not a perfect place. I mean, we have to understand that a firm that is global has to operate in some context, that sometimes it's not context we prefer, as I sometimes say, sometimes we have to interact with people that my mother would not like to see it, because that's the world we are living. Now, the important thing is that even in those circumstances, we keep the highest standards. And I think it is possible to keep the highest standards.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“So obviously Goldman Sachs is a very global company, but our main offices tend to be in big cities that oftentimes are more pro-globalization and maybe more liberal than the rest of the world, New York City, London, Hong Kong, Singapore. How do you think the firm ought to think of its responsibilities at a citizen in all of the markets where we operate? Or to put it another way, when is it the right time for us to speak out?”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“In fact, today there is a lot of attention more than I was expecting, frankly, to issues of compliance and tuitions of regulation, to issues of accountability. It's amazing the time, energy that Goldman Sachs devotes to those issues. Probably some people more on the business side will say it's too much. I'm told by people that are in the firm for a long time that there was a change over time. But in fact, I have to say, for me, it is quite a surprise to see how much people at all levels of the firm, both in London also here in New York, how long they devote the energy, the commitment to these issues of compliance, accountability and integrity, these issues of culture of the firm, broadly speaking.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“And having been in the government, which writes a lot of the rules, looking at it from the perspective of a company that's complying with all the rules and the infrastructure around compliance, any initial thoughts after a year here?”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“As chairman of Goldman Sachs International, my first responsibility, of course, to share the board of directors and to ensure its coherence, its effectiveness, and also to promote inside the firm a culture of responsibility, integrity, accountability, transparency to interact with the regulators, namely in the UK, we are not only regulated by the UK authorities, but also by European Union and also by the American as a subsidiary of Goldman Sachs International. So to deal mostly with issues of compliance, strictly speaking, my first responsibility as chairman, that they are legally prescribed responsibilities. Of course, overall, sharing the board of directors, I try to help achieve all the objectives we have strategically in the firm, both globally and for Goldman Sachs International.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“The first important note to make is that there are two worlds that don't know each other. The level of knowledge in the political actors I've been interacting with about the international finance is really very limited. And I have to say also that in the corporate finance world, for instance, the understanding of the European Union is not very common. By the way, we can also say that you in the European Union also don't understand very well the European Union because it's a very complex issue. But I would say that is the difference. After all, between the European Commission, Goldman Sachs, for instance, there are things in common. For instance, there are very strong organizations with very competent people, with idea of meritocracy. I think this is something very common and with a global perspective, a cosmopolitan view. And I think there are also many things in common.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“After 30 years in politics, I've decided for personal and family reasons that I will no longer continue in politics and I've decided to join Goldman Sartz after being invited to do it because I think it's a real strong organization with a global culture and really a global outreach. And I think it's important this aspect. And I like international life. I've been also foreign minister before being prime minister and in the European Commission during two mandates I was actively participating in all international conferences. In fact we were at the origin of the G20 in its current form so the possibility to continue work in international dimension but no longer in political office. The biggest difference I see between the corporate finance world and the political world, I would say”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“My experience in the European Commission is that there was not anti-Americanism in the positions taken. I'm speaking now on a complete independent way because the competition authorities in Europe, the European Commission, they act with the same rigor when it's against European companies if they believe they are a violation of the so-called competition rules. It's a new context we have. We have to address it. But frankly, I believe those companies, they've brought so much innovation that generally we should praise them for their contribution to progress.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“I think there has been some structural changes in the market with the, let's say, development of some of those firms. Europeans like those firms. That's why they are successful. They use them. They use them. I mean, if not, they will. I mean, you name whatever, I mean, Facebook, I mean, like all over the world. People like those firms. They use them. The question is that it raises new issues. In fact, in terms of regulation, in terms of taxation, and these issues have to be addressed, I hope they will be addressed in a fair way, but they have also to be addressed. For instance, in terms of competition, I remember when I was in commission, we have issues because if we have a dominant company that controls the market, I mean, that raises an issue. And sometimes there is a possibility of a company being so successful that it becomes at the same time the infrastructure of the market and the provider of the goods in that infrastructure. That is a problem from a competition point of view.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“I'm generally speaking a believer in the progress of science and technology. I'm very happy to live in the 21st century and not before there was antibiotics or before there was anesthesia. So I think, by the way, one of the important sectors we are going to see great, great developments is health with all That's a very delicate issue, I understand, but I prefer a world where we have scientific and technological development, that a world of obscurantism or of ignorance.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“You made the true reconciliation. It's unthinkable today to have wars between the major European powers. That's not the case in Asia. In Asia, in fact, after the World War II, there was not a true reconciliation. And when you see the level of mistrust, not only among the two Koreas, but the main players in the region, it's very, very difficult situation. So that's why I think Europe, in spite of all its difficulties, has more strategic stability than most people acknowledge.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Besides the global threat of terrorism, namely Jiad and the extremism that can strike anywhere in the world, by the way, it's striking most Muslim countries, but also it's striking sometimes our countries. I think we have a very direct threat is this quite strange situation with North Korea trying to defy world order with a complete irresponsible and illegitimate leader that is a focus of tension, not only for that region, but for world peace. I'm really concerned with the situation in North Korea and the possible repercussions of conflict in that region. By the way, that's a point I'd like to make. When you compare Europe with Asia, even if in Europe we still have some problems, namely in the zone with close to Russia, the reality is that in Western Europe today it will say it's almost impossible to think about a war. The Chinese, they always said that we admire you because after the World War”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“At the same pace, not in a complete coherent, integrated way, but they are doing it. Our countries are present there. I know it was a source of surprise here. In the United States, it was still during the Obama administration, was when most European countries, including Britain, decided to join that Asian infrastructure development bank. And Americans were quite, I mean, American situation was quite surprised. President Obama had said he wanted to make the pivot to Asia, so we have to understand that Europeans will also like to be present there. So I think it's better to engage than to get out of this new system. Of course, we should do it, hopefully, in a united front and coherent and always being committed to defend our values, because this is an important issue.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Having said that, I can tell you, for instance, that during the financial crisis, we felt in Europe the support of China, not only rhetorically, they were buying bonds of the countries in crisis. I had a lot of interactions during that time with the Chinese leadership, and they were less nervous than some of our friends in the West that were just trying to see the immediate situation. They had confidence in the euro, and they made, by the way, I think the right decision. So I think it's important that we engage more with China. All of us, I mean Europeans and the United States, by the way, I want to say it clearly, I think that the alliance between the United States and Europe, I think, was never more important. I would like my sons and my grandsons to live in a world of freedom. And so Europeans and Americans basically share the same values. And this is important. So having said that, we should, of course, also engage with other parts of the world. And certainly the Europeans are doing it. They are doing it sometimes not always.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Asia, if you look at the dynamics of the population, demographic dynamics, economic dynamics, also education, science and technology, it's going to be increasingly more important globally. Everybody knows that. And it's amazing to see how China made progress. I've been working with China for many years as a foreign minister. I was responsible during some years for negotiations of the handover of Macau, a former Portuguese territory and the Portuguese sovereignty to China. It happened in 1999. I was negotiating that until 1995, the crucial period. So I think I know a little bit what's happening in China. It's amazing to see how they have been increasing, not only their economic prosperity, but their influence globally. I think we have an interest in having China as a global shareholder feeling the responsibility. Sometimes it's difficult to dialogue. By the way, the Chinese are extremely tough negotiations.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“economy is extremely important but were not in the first league of the economic decision globally so once again it's engaging making them responsible stakeholders of the global economy and hopefully the global society so I think if we do that there is a pretty good chance that we can get it right so it will certainly be good for the population of those countries some of them before were living in extreme poverty but at the same time for creating more markets and also good for those of us that are in favor of open societies and open economies”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“One is trade. Precisely, that's one of the reasons why I think I'm for trade, because trade brings opportunities, brings employment. And of course we have to think also that there are other people that deserve to have access to the benefits of the economy. It's not only us. So that's trade. It's a way of opening societies and it's a way also of creating more opportunities. But they're institutional, there have been developments, for instance. It was myself and President Sarkozy at that time had the rotating presidency of the European Union that came here to the United States to speak with President Bush to suggest to him to organize the first G20. At that time, we only had the G8, so it was a way of engaging as a response to the financial crisis countries like China or India or Brazil or many others that are already today very important emerging.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Spend time as foreign minister of Portugal and also again at the European Union working to help emerging economies get better connected with the rest of the global economy, lift themselves out of poverty. What are the most promising tools or initiatives you've seen that can help emerging economies really lift themselves up?”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“I'm very proud that it was the commission I was leading that put forward the most ambitious program against climate change it was in 2007 at a time when most of our partners were not really ready to engage and afterwards we had all the debate there was the failed conference in Copenhagen but afterwards we had the Paris conference when most countries in the world accepted so I believe we should follow science and science tells us clearly that there is a threat, an essential threat to our planet that is climate change now I think that battle we are going to win it of course I would prefer the commitment in legal terms of all the countries but we have two great allies in that fight or that struggle it is precisely the public opinion and science with those allies we are going to win that battle and by the way I also think that technology can help bring some of the solution”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“During my two terms in the Commission, we have, since it was not possible to have the global so-called trade agreement, the Doha was not successful, we have decided to go bilaterally, and we have concluded many important trade agreements, and I see that there is now a new imposed to do it. That's certainly very good news. I think it's an advantage to our society because it creates prosperity, it creates more employment, it creates more opportunities for our economies.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“I think it's wrong. I think basically trade has brought prosperity. Of course it's true that during some time there are maybe some sectors that win more than others and there are in the process of adjustment sometimes some sectors that appear as losers but globally our societies have gained immensely from trade. And so I think we have to pursue our efforts for trade opening, trade liberalization. Of course everybody says that and it's true free and fair trade. It's important to have competition at the same time. It is important that we try to reach the highest standards that there is not unfair competition. Just to give an example, shide labor. It's morally not acceptable. So it's not just a question of economic opportunity so it's not acceptable. So I think we should as much as possible have the highest standards and by the way the European Union and its trade with third parties tries to achieve this. I'm proud that”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yes, I spoke about this during the crisis, for instance, with President Obama, with many of our interlocutors also globally from the Chinese to the Japanese to Brazil. And some of them wanted us to do things like if we were a state, the European Union is not a country. We are 28 countries. So by definition, compromise, making consensus takes time and political capital and effort. But at the end of the day, and that is something that I would like to share now, I'm no longer in official capacity. I'm not in a political position. So you may trust my sincerity. I'm speaking with full independence. It works. It's another way of working, more diverse, more complex, but it works.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“that that could happen. But basically, I see countries that have made big efforts, including so-called austerity policies. In fact, some of them are among the best performers now. Look at Ireland. It's amazing. Look, even at Spain, they did not have the full bailout, but they had a bailout program for the banks. It's amazing. Or Portugal was now upgraded. Even Greece is making a lot of progress, even for political reasons that progress was postponed. So basically, it shows that it worked. It worked, of course, the European Union way. It's incremental by nature, but basically.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“I think we are at the first stages of recovery, but it's not going to be a spectacular recovery. We are not emerging economies, so it's going to be moderate growth compared to the numbers or the figures of the less mature economies. Having said that, I think it's going to be sustained. Nevertheless, I will watch with attention situation in Italy. While I believe there is progress, there are some issues that need to be addressed still. France, it's important to see how much the commitment of President Macron to reform translate into practical results. I hope it will. It's critically important for Europe to have a more self-confident and more modern reform-oriented France. I hope it will. It's also important to see that there is no divisions between, let's say, core Europe and some of new member states. I think we have to avoid some of these divisions, and sometimes we saw in debates about refugees.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“So against the backdrop of that political stability this year, relative political stability in Europe, the economy's done pretty well. It's been pretty positive. There's good data on growth, also unemployment and manufacturing. So how would you characterize this stage of the Eurozone's recovery and what will you be watching as we look ahead?”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“a free rider so Europeans are going to do more in terms of defense hopefully not out of NATO but supporting also NATO so I think we are going to see as always incremental steps I don't believe you are going to have the United States of Europe in the foreseeable or the immediate future there will not be a Philadelphia moment soon but I also believe those who predicted and continue to predict a kind of disintegration of Europe are wrong so it's going to be something in the middle progress incremental but on a sustained path for a stronger European Union so basically I'm confident about the future of the European Union not only economically but also politically”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“There was not a wave of populism or extremism or anti-Europeanism. On the contrary, we have, for instance, in France now the most pro-European present ever France had. And I think even Brexit is for continental Europe, working as a kind of a warning. People don't want instability. And countries that were sometimes critical of the European Union are now becoming more pro-Europe. So I think now the conditions are there, namely if we have a working relationship, which I hope it will materialize between France and Germany. This is not a sufficient condition, but it's a necessary, indispensable condition for the European Union to work. I think we are going to see some steps forward in the European integration, namely in terms of economic and monetary union, in terms of a common approach to security, namely in terms of control of external border, also some issues in terms of defense. By the way, the American present is asking Europeans to do more in terms of defense. I think it's a fair point, so we have to avoid the idea of...”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Look, I was living all this crisis in the European Commission, leading the European Commission, the European Union, and I remember very well that in many meetings I've participated from the G8 or G7 after Russia was leaving the G8 to the G20. Sometimes we were on the hot seat. We had to explain that the euro was not going to break, that there will be European Union in the future, even for instance Grexit. I remember most of my interlocutors were asking me how long it will take for Greece to leave the Euro and I was always very confident because I know about the resilience of the economic and monetary union, about Europeans. Of course we had important setback, it was Brexit. I think Britain is one of the most important countries in the world so certainly it was not good for Europe that the referendum decided in favor of Brexit. Having said that as you rightly mentioned”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Of all doing our business with integrity, respecting highest standards, I think that's extremely important. Of course, there is always a risk in such an organization like ours of some behavior that is not the most appropriate. In that case, we have to clearly distance ourselves from that. So I think it's extremely important the way we behave from a business point of view. Secondly, I think we are not, and we should not be seen as a political institution. We are business, commercial institution, so I think we should avoid partisan intervention. That's not what people expect from a firm like Goldman Sachs, but at the same time, I think we have a global responsibility also. And so when there are very important issues that put in question our values, for instance, racism, xenophobia, extremism, I think it's only natural, and I would expect that Goldman Sachs has all firms that feel the...”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“avoid for instance arrogance arrogance is always a form of stupidity avoiding to not humiliate people and we should understand and support those who are left behind I think this is extremely important so that we build a more inclusive approach in the world if I may make a reference to a phrase I've learned some time ago My father left mankind in general and he hated every individual in particular So that's the issue about globalization. We have to think about mankind not in general, but about each person a man a woman or a child and what we can do to improve their lives”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“First of all, to explain the issue rationally, I think it is possible to explain things and win hearts and minds of people on the issue. Because sometimes we left those who believe in a more open world, in open societies, in open economies, we left initiative to the extremes. But we can win debate, I think. Secondly, of course, try to address the concerns that are legitimate of people that are feeling behind, because there is growing inequality, not globally, but in some countries we see growing inequality. And, of course, when some people get richer, those who don't get rich, of course, they are frustrated. And there is a kind of resentment. And also in the shifting of international relations, some countries that were before very important powers when they are no longer feeling they are, there is also the danger of some action or reaction. So that's why I think we have to address those concerns, trying to...”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“You've been a big champion of globalization, the idea that interdependent cultures and markets are the way forward. But as you just said, that idea is under a lot of attack, under a lot of review, to put it mildly. As someone who's worked to foster better relationships, better connections between countries and society is more harmony in the global community. What's the imperative now for people who believe in that path forward?”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Exactly. Child mortality, life expectancy, we are beating all records, including the worst countries in the world. Of course, I'm not following the trap of complacency. I think there are many, many issues that are serious and dramatic all over the world. And wars, but look, all the wars we have today compared with the two great world wars of the 20th century in terms of casualties, they are relatively small. So, in fact, the trend, there is an insinc book from a former colleague of mine at Princeton, Angus Dieton, The Great Escape, and precisely he speaks about the great escape humanity has been living from hunger and from disease. So we are better off strategically, but there is, of course, a great concern of, let's say, the men in the street, the man or woman in the street, because he feels that he or she is not in control, that there are transnational forces, including, by the way, international finance, that he or she...”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“Because if you look at some of the worries, they are very serious, but if you look globally, strategically, in fact, the world is better today than it was, let's say, 20 or 50 years before. Looking at all people out of poverty.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT
“The common element to unite all those elements that you have presented is globalization. The world is going through a very complex dynamic process of globalization. There is at the same time flux and friction, the flux of increased trade, investment, international exchanges at all levels, including people, movements of people, but also travel, cultural exchanges. And at the same time, there is resistance, resistance that can sometimes take the form of terrorism, people who don't like open societies or open economies, or nationalism or populism or resistance also to development of science itself. I believe also globally markets are looking more to the trends than to the simple facts of day to day.”
2017-10-09 · Goldman Sachs Exchanges · Flux, Friction and the Next Phase of Globalization · IDENTIFIED FROM THE TRANSCRIPT