Not everybody is on board. Some say the ecb is doing too little, too late. Job cuts are on the way at ebay. They will cut 2400 jobs, 7 of the workforce. Ebay is preparing to split from its paypal unit. American express will cut more than 4000 jobs part of a restructuring. Google is raising the stakes for wireless wars are paring sell Wireless Service directly to consumers. Google has reached a deal to use the networks of tmobile and sprint. No word when the Google Service might start or what it will cost. An outbreak of measles linked to disneyland has now spread beyond california. Seven people have been infected in five states and mexico. Urging those who have not been vaccinated to get avoided disneyland park. The ecbs qe verdict, we are waiting that. Mario we are awaiting that. Positive goals standing by in print for where mario draghi will be holding his News Conference in 30 minutes. Also joining us on the phone is mohammed olli mohamed elerian. They say they are not going to cut Interest Rates. They will keep them as is. They did not announce any new measures. Why not do it all at once . What was just read came from a press spokesman. What we will hear in 30 minutes is from mario draghi. They said further policy measures that amounts to a strip tease. The expectation, 93 of economists surveyed expect quantitative easing to happen. The size of the package is 1. 1 trillion. Starting in march going through 2016 you look at each individual state, germany with 90 billion being sold. We will try to get him back. We just lost his mic. Im sure we can say striptease and central bankers in the same sentence, we dont want to envision it. Everyone is saying 1. 2 trillion. Will that be enough . It depends on what you are objective is. Is that large . Yes. Is it open ended . No. Is it unambiguous . We dont know yet. What is the objective . If the objective is to restore Economic Growth and weak the expectations rake expectations, the ecb cannot do it on its own. The immediate objective of weakening the currency further keeping Interest Rates relatively low and minimizing the differentiation among member countries, it can do that. The question is at what cost. It is important to ask the question, what is it we want the ecb to do . A financial or economic outcome . Speaking about the financial outcome, i want to bring up this chart. Lets bring up the german one year yield. Which just a few days ago when negative. It is now at negative one point. 1 . Immersing negative yield on your government that. You are seeing negative yield on your government that. Government debt. Strange things start to happen. Look at switzerland where banks will charge you to keep your money. That is the strange world we are living in. We are relying too much on Central Banks and other parts of the policymaking apparatus. These parts are not responding. I want to bring back hans nichols. You were talking about the program that will likely be announced. Tell me about the dissent. Are you hearing any dissent within the ecb . No. It is more important than his public. The germans dont support quantitative easing. There are radically divergent views on what is causing inflation. To the germans want to see what happens they think the low price of oil will stimulate the economy and they want a few more months of data on that. Its remarkable how public its been. Angela merkel with mario draghi in the audience, laying out her parameters for what a central bank should do. You have the president very critical. A lot of us will be looking at a lot of things. Top among my list is how many dissents there are. If this is indeed unanimous that may mean it is precircumscribed. That means National Banks may carry some of the risks. It will be very tightly targeted and you wont have any debt from greece or cyprus. How do you think the governments will respond to a Bond Buying Program . If they allocate the risk to the National Banks, couple things will happen. It will not be as powerful as if they pull risk. It will be clear that now political compromises are dictating the design of the policy response. Markets will react negatively to both of these things. The Bloomberg Panel the head of Bridgewater Associates said youve gotten to a point where its no longer Interest Rates but the currency that is the big lever for the government. I want to play what he said. We see this ecb policy it needs to have more money into the system. Money can produce more purchases. It also means that when the two levers are Interest Rates and currency when Interest Rate levers dont work, currency lever becomes more effective. We must see more volatility in currencies. We must see an appreciation further in europe. What does it mean for the euro and other assets, including the dollar . I agree with him completely that this is now about the currency. Youve heard me say this before. Be careful of what history tells us. When you get large movements in the major currencies that tends to break things. We have seen what happened in switzerland and the pressure denmark is under. The focus is now the currency. You cannot expect the currency markets to do the heavy lifting. If you expect them to do that something will break in the system. What about the u. S. Having to do the heavy lifting now . The one country that is not opposing the appreciation of its currency. We are in a far better position than europe or japan. We are going along. You see companies starting to warn that this is not helpful for their profit. We are getting a positive shoct from oil prices. The u. S. Is carrying the burden of the appreciating currency. Is that carriage going to eventually collapse . How long can we become the super economy for the world . Arent we going to get hit at some point . By not just the crisis in europe but whats going on in japan and china slowing down . That is the big question. Can we decouple and continue . Can this world of divergence continue in which both Economic Performance and Monetary Policy go in Different Directions . No one knows the answer. My guess is it will put some of stress in the system that one of two things will happen. Either we get the correct policy response around the world and we unleash a massive upside because there is a lot of cash on the sideline or currencies start behaving erratically and that causes so much Financial Market volatility that it undermines Economic Growth. We will have to tip one way or the other. It is hard to tell which way right now. How are the people reacting or anticipating this Bond Buying Program . There is a great deal of concern among the germans that this will lead to when you talk about the currency depreciation its going to help the big businesses, the big exporters. Seven months ago when the euro was close you could not find the captain of industry that was not complaining about how difficult the high euro was making it for them to be competitive. For all the auto exporters and airbus having a weak currency is going to help the economy. It will help the germans a lot more than other countries because germans are so export eliant and their economy is so carefully levered and calibrated to exports. I want to play Larry Summers at davos. A great point about the populace. How the germans feel like they are lifting the entire euro zone. I want to play what Larry Summers said about government and how they should react to this and how this set of measures will do. The era of centralbank improvisation as a principal Growth Strategy has to come to an end. If growth is going to be maintained and enhanced in the industrial world it has to go way beyond the provision of liquidity. If we are to avoid the fate of secular stagnation. Reminds me of your Bloomberg View column where you said the ecb, if they were judged unexcused alone, they would get high marks but they will be judged on the success and that does not look promising. They are not able to reach the full things that trouble europe. Theyre not able to implement fro growth progrowth structural reforms. Theyre not able to lift excessive pockets of embeddedness or complete the economic union. The ecb does not have the tools to address the fundamental aspects holding back growth. Therefore, they will not be able to deliver. The irony here is that people know that and yet we still rely on the ecb. Because there is nothing left. Thank you so much. Mohamed elerian and hans nichols who will be live with us again as the ecb conference takes hold. We are waiting to hear from the ecb in 15 minutes. They will be announcing a new set of measures. Well bring that for you live as soon as it crosses our wires. What the move means for countries in the euro zone. We go to davos and ask the prime in a stir of ireland. Prime minister of ireland. Mario draghis decision pending decision front and center of the World Economic forum. I want to cross over to guy johnson with edna kenny. Good afternoon. We are minutes away from this Mario Draghi Press Conference in frank for. The central bank is independent and has a clear mandate. Conference in frankfurt. Had he been given any indication of whats bound to happen . Is just the speculation of whats been in the media. The ecb is independent and has an official mandate anything the ecb can do thats good for the eurozone and good for governments. We are all waiting to see what is at extending into political territory . The mutual is asian of the qe program is what is up for debate at the moment mutual lies asiaization. In the next few minutes, we will know to what theyve done. Whatever action they can take is good for the eurozone. You have already indicated that the cheaper euro will have a positive impact on the economy. It has been very positive for island. For ireland. Ecb takes note of these things. You would welcome a cheaper euro . Yes. It is good for our exports and people who visit our country. Lets wait and see what happens. Lets talk about more domestic matters. The bank in dublin indicating that maybe it would like to see is concern about a repeat of the housing crisis that heartland ireland went through. There is some concern that this would limit their ability to enter the housing market. Do you support the Irish Central Bank and its objective . We will get more news on this next week. There is no serious demand for housing. The Irish Central Bank has made some the department of finance and government have made it clear submission to the Irish Central Bank because you dont want a situation that might evolve based on the decision they make. In ireland comments important that people have the aspiration to own their own homes. For younger people coming into the labor market, they need to have a demonstration that they can actually achieved their aspiration of buying their own home. You would not support that. You would support the idea that the first time homebuyer should be given the opportunity. I support strongly the submission made by the department of finance having that aspiration to get into the Property Market and on their own homes without undue difficulty. Can we talk about aib . Do you think the wage cap was taken to beating factor . This was a contributing factor . It was a time of great distress. It was not making any profits. He achieved those objectives. Aib has been restructured and is back in profitability. The chief executive achieved his it objective achieved his objective. Do you think in order to have quality candidates, you have to release eased the way the wage gap . Would you rule out not doing it . The minister for finance has an influence on this. The two with the process keeps in lets see what the process keeps in. Were restoring this bank to profitability. Do you think it will be critical that you get somebody good . To continue the progress made. Do you think you are going to be able to achieve that with the wage gap in place . Their constraints. It has been a difficulty. The bank is now back in profitability. We want to see it back in lending and returning moneys to the irish taxpayer. Do you agree with him when he says he thinks the investigation is a pretty weak one and will likely end up being dropped . Ireland is one of the countries being examined here. Ireland has been very upfront about this. We will fight hard and fair. We are fully cooperative. We want to see an International Response to this particular phenomenon. All of the countries in europe are being examined. We feel strongly that the case we have made and the actions taken my ireland do not constitute a breach of state aid rules. Thank you very much for your time. Enda kenny. Back to you. Guy johnson speaking with enda kenny. We will have an interview with the Morgan Stanley ceo. That is coming up. You are watching in the loop. Im betty liu. There is a look at our top company news this hour. Shareholders of Family Dollar expect a takeover by dollar tree. Dollar general made a larger offer. Microsoft pushing into the future with the windows 10 operating system. A version of the system is called windows holographic and includes special glasses that allows the user to see holograms. Nasa will use the holographic elegy for Mars Exploration technology for Mars Exploration. Tootsie roll may go up for sale. Shares rose 7 after the death of the ceo yesterday. He was 95 years old. His widow will become the new ceo but she is 82 years old. Tootsie roll may be up for sale. Mario draghi will be speaking at any moment. They decided to keep Interest Rates unchanged at record lows. Mario draghi said he will be announcing further also measures further policy measures. Im joined by Olivia Sterns p review been following this all morning long. A bit of a striptease. They said they would keep Interest Rates unchanged. They would be announcing some new measures. Further measures means quantitative easing. I have been doing this since may of 2010. I was the field producer at the first overnight meeting in brussels. A long time ago. This is a critical juncture. The process of european integration that began with the purchasing of Government Debt in 2010. There desperately trying to stoke inflation. Its an important step at further integration. There is a lot of criticism. Mario draghi has been aggressively campaigning, giving lots of interviews, turned to get the critics in germany on board. They say we have this new stimulus from cheap oil. What is achieved by Government Bonds when the tenure on the french shield is already at. 7 10 year on the french yield is already at. 7 . How will you measure success and how much is already priced in . How much is already priced in . We got news yesterday quoting anonymous central bank officials, the movement in the markets signal this quantitative easing is pretty much rest in and has been telegraphed properly priced in and has been telegraphed appropriately. Talking about the ecb how do you think the market will react to these measures . They have been telegraphed so well. We are talking about this as its already been announced because we have seen the League Proposal of 50 billion euros a month. That is a proposal. We dont know what it involves. Is that a proposal of bonds . Does it include the abs . There is so much detail we dont know. How big is this if we do get it . What are you actually buying . Is it bad risk . Is the national Central Banks that take all the risk . A lot of unanswered questions. The big unanswered question is how are the governments going to react to this. You can have monetary changes without having some fiscal in structural changes and structural changes. Angela merkel coming out with some comments and of the press conference saying the debt crisis is more or less under control and not over. The ecb is making an independent decision today. The germans are a big part of this. Any ecb decision cannot replace government action. Its all saying the same thing we have heard before. Ive never heard some people come out so many people come out who want this action and say this action will not do anything. How much of it has been priced in . It looks like it is set to disappoint markets. Looks like chancellor merkel is protecting herself from her own domestic critics. One further indication that we will get u. S. Style qe. We are still getting economic numbers in the u. S. 3007000 7000 above what economists had predicted. Why is this number important . It gives us some insight into what happened with the job market as we got further into january. Did we see an extension of the strength we saw in december . This number which does represent a decline week over week could be seen potentially as a positive sign. The estimate was for 300000 and we got 3007,000. Not that significant. When you look at the continuing claims, 2. 4 million and continuing claims. Remaining below the key threshold that economists had been looking for. Not that significantly off estimates to really derail the perception about the strengthening u. S. Job market. We are the Economy Holding up the rest of the world at this point. In davos, youve been talking to various officials there discussing the ecb. Many are saying that mario draghi is the most important person in the world. It used to be ben bernanke he. It is now mario draghi. We got a lesson from ben bernanke. Trial and error. This can take a long time. We have that still to come. That will keep you and i in a job.