Their decision as they accuse the lender of not cooperating in their probe. Our position is always to cooperate. We have robustly responded to the allegations made against us and thats going through the courts. This is the next phase of that. Egyptian stocks hit new highs as they benefit from Lower Oil Prices. In the next hour he explains how the world views his country four years on from the arab spring. Civilized which is influential to its other neighbors. This is the new egypt. Indian stocks hit a fresh record high amid on going hopes for Prime Minister modhis reforms. And coming up we speak to the finance minister of india live from davos. Well a warm welcome again to Worldwide Exchange from a very chilly davos this morning. Lets get straight o our top story. Theyre set to announce a plan to buy 50 billion euros a month when it meets later today. The report sent shares in europe and the u. S. Higher. According to the newspaper the Central Bank Bond buying will last for at least a year. However other reports suggest the program wont end until late 2016. The ecb declined to comment on the speculation. Now anetta is in frank ford. You confirmed were looking at a program with 50 billion euros. Were looking at the top end of the market estimates. We could see significantly more. When is it going to start . What are we expecting . And who is going to be buying . Well about the starting point it will most likely be march. Thats what im hearing currently and also about the volume, were looking into a package which could be more than 1 trillion euro. If we think that the time of that program will be two years at least. I guess mario draghi is discussing that just right now with the governing council and you need some majority for that program but were pretty sure hes going to get a majority for that program because theres only up to five members not in favor of a fully qe program. The only question is how theyre going to treat credit risk. There were reports at first that the Dutch Central Bank would like to have that the individual Central Banks are only taking the credit risks of their National Sovereign debt. That was hugely criticized for analysts and academics worldwide because that would lead to a fragmentation of euro zone debt market once again and one prominent economist from the institute was saying that its not only a wrong decision it could also be a very dangerous decision. When we look at your next question was also the key question how much they are going to buy. Most likely it will be according to the cap and some sort of cap on individual markets so that would be interesting to see in terms of details as well whether theyre actually going to present us such detail and also the general language. Of course during the q and a i guess the there will be some sort of program. Hell do whatever it takes to get inflation back to the target. Julia. Thank you so much as you quite rightly point out. Omt style unlimited purchases and one of the crucial questions is whether or not the market then when it gets some sort of announcement today starts to push him forward to needing an unlimited statement. I caught up with the president of the euro group this morning too and we were talking about the options as far as bond buying is concerned and whats priced in the markets as far as bonds and the euro itself is concerned and one thing that isnt priced for qe is equities and i asked whether he would consider or perhaps think that buying equities might also eventually become an option for the ecb. Listen to what he had to say. I wont go into the details of what the program should look like. Thats up to the ecb. Politicians that concentrate on what they have to do make their countries competitive and put their countries straight. We still have a lot of work to do. One thing is clear. The decision of the ecb shouldnt take the politicians off the hook. They still have to do whats necessary. If we consider as far as the damage done to the euro zone in terms of a lack of structural reform would you agree that certain policy makers, you don want to interfere with the ecb but by limiting Monetary Policy theres damage done there too. I dont think we should limit the ecb. We focus on it and have a full scope of instruments to use and to apply when necessary and thats their decision and at the same time politicians should get on with dealing with their economies and opening up markets and making the labor markets more flexible. All the things we call Structural Reforms. As far as risk sharing is concerned, are you against risk sharing . That does send a message about the willingness of other countries to take on other countries debt. If you have a Monetary Union you cannot exclude risk sharing. It has to be effective and right for the circumstances but you cannot exclude when you look at the Balance Sheet of the ecb its a Balance Sheet full of risk sharing and this is inevitable in the Monetary Union. I want to move on to greece. In the event that post the greek election we struggle to see them negotiate would you want to see greek bonds included in any program that does get announced by the ecb . Because that sets a precedent too doesnt it . Im focussing on what happens after the elections. Elections are on sunday. As of monday well have an idea of what the next government will look like and well work with them but greece has a lot of work to do. They have to put right the way the governments function the way markets function. If they want to get investment back to greece. They have to create investment opportunities. Thats a task for any new government. Whoever is in it. Im just stressing the point dont deviate from the reform path they have been pushing for some years now. They wouldnt want to see further debt. Where do you stand as the dutch finance minister . We have done a lot to bring down the debt burden by bringing down Interest Rates and extending the periods of maturity of the loans. We could do more there but i dont want to raise expectations. Writing off the normal value of loans i dont see that happening. Theres very little to noun support in the euro group for that. Thats really off the table. Im now joined by pierre the European Commissioner for economic and Monetary Affairs. Thank you for joining us this morning. One thing, as far as qe potentially being announced, what do you see as more important right now . The size of the program, the idea that it could be unlimited and the need for that or the unlimited risk sharing. Very hard to comment because you have the decision first in order to see what it is but what i want to say is we in the commission expect fully the independence of the sennal bank. We know that mario draghi always acts in the interest of the euro zone as a whole and he takes in mind the problem we face today which is is the low inflation, low growth and im sure that decisions he will take will be precisely adapted to that. Its a reference. We need a Global Policy for the eu. Very pertinent Monetary Policy and Investment Plan which is our part of the game with the 350 billion euros that we decided to put on investment. If all these elements together stand alone, then we can recover growth. We can have more potential growth which means also jobs which means the capacity to reduce inequalities and we obviously need it. So lets wait for the decision of mr. Draghi. He has precisely in mind what he wants to do. That hes a man that likes as well to be predictable and sometimes a surprise. He does it within the limitations he has given as far as the central bank is concerned. The president of the euro group said he is dead against risk sharing. That it undermines the european project. Would you agree with that . Its hard to comment on a decision still to come. Im sure mario draghi will take the right balance between the role of the national Central Banks and the ecb but hes not the guy thats going to say that he renounces to the role of the ecb. And thats a Central Institution and its also a the place to which people look. To put their trust. I want to move on to greece to talk about the situation there. Obviously we have the elections this weekend. In the event they struggle to negotiate in the coming months and assuming we get a qe program would you want to see greek bonds bought as part of that program . Because that sends another message. Its a message talked about particularly in the german press. Again sorry to be somehow careful. This week is for the voters. They will have to decide on sunday what kind of policy they want from the country and government they want for the country. One thing is clear, that we fully respect the vote of the greek people and that we will discuss very soon with the greek government whoever needs the government. And of course its not the same choice if its one party or the other we must see what is the majority, what are the needs. What are the demands from a possible government. But first the choice of the voters but one thing is clear that the European Commission wants to enter whatever happens into a new phase in the relationship with greece. Greek people made a lot of effort. Some reforms are still necessary. We need to show that we want to trust them and help them to recover growth and create jobs and the next step is about that and we are ready to examine a lot of situations but with one very important point is that we consider that the commitments taken by the present government are not only by a government but by the state, by greece itself. And that does mean that we don have room of maneuvers but again we juan to stay in a pro european proreform attitude. A new influence on the voters. Under no condition does greece exit the euro zone under this election. No leader today in greece says he wants that. I think everybody is convinced that the future of greece is in the euro zone and we in the euro zone are convinced we need greece in the euro zone. Its a question of integrity and strength after that zone. Thank you so much. Now we have to take a quick break but coming up we are going to be speaking to the indian finance minister. The world bank saying in two years time india could outgrow china but the question is will they follow through implementing the reforms they promised . Well be discussing after the break in an interview with the indian finance minister. Stay with us. Were back in two. Hey what are you doing . I was thinking about taking this speed test from comcast business. Oh yeah . If they cant give us faster internet or save us money, theyll give us 150 bucks. Sounds like a win win. Guys faster internet . I have never been on the internet and i am doing pretty well. Does he even work here . Dont listen to the naysayer. Take the comcast business speed test. Get faster speeds or more savings, or well give you 150. Comcast business. Built for business. Welcome back to Worldwide Exchange. Its the day that investors have been waiting for. The Ecb Governing Council meeting. Mario draghi is expected to unveil a quantitative easing Bond Buying Program. That will help europe get out of the deflation nary trap. We are looking at stocks higher across the board but what about bonds . The expectation is if mario draghi delivers an unlimited Quantitative Easing Program well see investors take on a risk on approach and sell bonds and buy equities. Reports indicate that the European Central bank is about to buy 50 billion euros a month. The timeline of this bond deal is still up in the air. Another focal point has been india. Indian stocks continue to push higher after ending 2014 as one of the best emerging markets. They hit a record high for the Third Straight session today. Now sentiment has been boosted by expectation of fiscal and economic reform as the government gets set to unveil a new budget next month. Lets get live to davos where were speaking exclusively oneonone with the indian finance minister. When modhi first won a hopes swell that the new government would adopt Economic Reforms that it proved beyond the brutal coalitions of the past. Yet the bold steps are best taken early and he has so far not had dramatic changes. So cuts to subsidies which cost 2. 3 last year have been deferred. Theres no firm timetable the article says for a National Goods and services tax. Indias many states caps on Foreign Investment directives including supermarkets remain in place. And is the chance to redo indias economy slipping away already. I think you picked up an article from july. Thats not in tune with the last 6 to 8 months. Whats to be done in india with the goods and services tax, we negotiated with the states. An Amendment Bill is already introduced in parliament and broadly welcome and i hope to pass that bill. But thats going to be one of the most monday mental tax reforms in india since independence. I was asking the last evening, the secretary of the department which deals with the fdi is here. I asked him a question which are the sectors which are broadly still unreformed. He is still struggling to prepare a list and therefore sectors which are the forbidden area in india, defense, in the last few months we opened up those and in fact the criticism is not that the Prime Minister didnt live up to the expectation. Theyre going so fast. Why do they want to wait for parliament to pass the bills and do away with his reforms. Why is he going of the executive ordinances of old. This government had to move fast and were moving at a active pace. Let me ask you about oil prices. I imagine sharp declines should be good as a net importer. How many of a boost did the declining oil prices have on the economy . Well, the declining oil prices certainly help us in many, many areas. They help us in cutting down subsidies. They help us in deficits and of course they help us in bringing down inflation. And in india its the oil prices our food prices have been under control and we have been able to maintain a fairly acceptable rate as far as inflation is concerned. Of course there are areas where they vicariously hurt. Most states in india are living with this realistic situation because the advantages are too many. Youre going to announce a budget i believe in the next two weeks and you have to pay for a lot of things that you have talked about and promised the people. How do you pay for it . And give us a little bit of a sneak peek as to what we should be thinking about . Well we earn and spend. We also had a bad tradition of borrowing and spending and therefore since last year we have raised this debate in fact i said it in my first budget speech that how long can india continue to borrow and spend. They have to raise higher taxes in order to repay that debt. That is where we started this whole debate of cutting down or rationalizing the subsidies. Elimination of subsidies in india, a large part are living in those conditions are not possible. Its not even desirable. We have to bring those people and pull them out of poverty but we have to rationalize our subsidies. We not only started a debate and since that was a line from the economist that you mentioned, petrol is now linked to the market. As for lpgs concern the first subsidy started this month but the first of january all subsidies with regard to gas now go directly into the Bank Accounts so almost 150 million families in india will get them. The next stage we have to carve out the familys not entitled and of course areas where there is a misuse of subsidies. Fuel and also in dark areas in india. But its also being misused in many areas. So the next area we intend battling is kerosene. I appointed a expenditure Balance Commission that will be giving me the report with regard to rationalizing some of these subsidies. The Prime Minister last week in a major address of Economic Issues said subsidies for the poor will remain but we intend rationalizing. Thats where we plan to cut down some part of the expenditure in order to finance our own activities. We have targeted a fiscal deficit of 4. 1 but thats not also acceptable as far as were concerned. We have a road map to bring it down to below 3 and we intend to maintain those targets. What about taxes . All right. That is indias finance minister speaking to our own cnbc talking about the budget which india will unveil in about two weeks time. What to expect and how long will it take for india to get back into a recovery phase, if you will . Andrew also asking him about declining oil prices and how thats a boom for india given that it is a net importer. Saying that declining oil prices certainly help us in many many areas but that eliminating subsidies in india where onethird of the population is living in poverty is not possible. Well keep you up to date on what he tells us live in davos. In the meantime lets switch focus to egypt. Egyptian stocks at a 6. 5 year high yesterday. The economy is benefitting from the drop in oil prices like india which has eased the pressure on egypts trade balance and inflation. Hadley gamble joins us live from davos with a special interview. A wrap of a great interview. Hadley over to you. Thats right. President sisi is in davos and sharing his Economic Vision for the country. He had a jam packed schedule today but he did take a moment to speak to me on cnbc. I asked him about the optimism in the egyptian market and i asked him about the new egypt. As you can see the egyptian people were by millions and the whole world have noticed that. They made the same move but the changes is going to take egypt to a different era but then they made another move. The new egypt, the egypt civilized which is its other neighbors, this is the new egypt. You have to also remember this is a critica