<video>
<image_18>The image is a screenshot from a video game. It shows a desert-like landscape with sand dunes and shrubs scattered throughout. In the center of the image, there is a large tank that appears to be in the middle of a battle. The tank is moving towards the right side of the screen, and there are several other tanks and vehicles in the background. The sky is cloudy and the overall mood of the scene is tense and chaotic. On the top left corner of the screenshot, there are two menus, one for the player's health and the other for the game's interface.

<image_19>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and palm trees. The sky is cloudy and there are a few buildings visible in the distance. On the top right corner of the image, there is a menu bar with various options such as "Menu", "Settings", and "Help". On the bottom left corner, there are two buttons - one for the player's avatar and the other for the game's interface.

<image_20>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and shrubs scattered across the ground. The sky is cloudy and there are a few clouds in the background. On the left side of the image, there is a menu bar with various options such as "Menu", "Settings", and "Options". On the right side, there are two menus with different options. In the center of the screen, there appears to be a map or a navigation bar. At the bottom of the screenshot, there seems to be the player's progress bar, indicating that the player is in the middle of a battle.

<image_21>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and palm trees. In the center of the image, there is a large tank with a green arrow pointing towards it. The tank appears to be in the middle of a battle, as there are several other tanks visible in the background. The sky is cloudy and there are a few clouds in the sky. On the top left corner of the screen, there are two menus, one for the player's health and the other for the game's settings. On top of the menus, there appears to have a map or a map of the game.
</video><transcript><audio_22> eine Rauchgranate, viermal ein Leuchtgeschoss und ja, dementsprechend sollte doch da was gehen. Besondere an der Katz hier, sie hat drei Schuss im Magazin, das heißt 20 Sekunden knapp Reload, dann gibt es drei Schuss,</transcript>
<image_23>The image is a screenshot from a video game. It shows a desert scene with a tank in the center. The tank is grey and appears to be moving towards the right side of the image. The background shows a sandy beach with palm trees and other vegetation scattered around. The sky is blue and there are a few clouds in the distance. On the top left corner of the screen, there is a menu bar with various options and settings. On top of the menu bar, there are several buttons and menus. In the bottom right corner, on the bottom left corner, there has a map of the game's location.
<transcript><audio_24> Ja, das war es schon soweit zur Akazia. Alles andere sehen wir jetzt, glaube ich, auch im Spiel direkt. Hier, das ist das Mainstein.</transcript><transcript><audio_25> Ja, das ist auch der Stein von der... Das ist ungut, was die da macht. Ähm... Warte mal. Dann machen wir das mal.</transcript><video>
<image_26>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and palm trees. In the center of the image, there is a large tank that appears to be in the middle of a battle. The tank is moving towards the right side of the screen. On the left side, there are several other tanks scattered around the desert. The sky is blue and there are a few clouds in the distance.

On the top right corner of the screenshot, there appears to have a menu bar with various options and settings. Below the menu bar, there seems to be a map or a map of the game. The game's interface is also visible in the bottom right corner.

<image_27>The image is a screenshot from a video game. It shows a desert-like environment with sand dunes and palm trees scattered throughout. In the center of the image, there is a large tank with a blue light on top, moving towards the right side of the screen. The tank appears to be in the middle of a battle, as there are several other tanks visible in the background. The sky is cloudy and there are mountains in the distance. On the top left corner, there are two menus, one for the player's health and the other for the enemy's health. On top of the menus, there appears to have a menu bar with various options for the game's settings.

<image_28>The image is a screenshot from a video game. It shows a desert landscape with palm trees and sand dunes. In the center of the image, there is a large tank with a turret on top of it. The tank appears to be in the middle of a battle, as there are several other tanks visible in the background. The sky is cloudy and the ground is covered in sand. On the top left corner of the screen, there are various icons and menus, including a map, a compass, and a menu bar. The game's interface is visible on the top right corner.

<image_29>The image is a screenshot from a video game. It shows a desert landscape with palm trees and sand dunes. The sky is blue and there are a few clouds scattered across it. In the center of the image, there is a large rock formation with a black object on top of it. The object appears to be a grenade or a grenade launcher. On the top right corner of the screen, there are several icons and menus, including a map, a compass, and a menu bar. The game's interface is visible in the bottom right corner.
</video> rounds twice four times a smoke grenade four times a flare and yes accordingly there should be something special about the akazia it has three rounds in the magazine that means 20 seconds reload then there are three shots A 3 seconds and then again 20 seconds fah  that was already ready for akazia everything else we see now I think also in the game directly here that is my stone that is my stone and m yes that is also the stone from which it is bad doing, wait a minute then do it that was


<transcript><audio_30> Das Haus. Dann fahre ich zu dem Haus. Das kann man auch gut nutzen. Aber... Ui. Aber zwei Artys auf einem Punkt ist einfach nicht clever. Weil dann können sich die Gegnerartys auch gut auf einen einschießen. An dieser Stelle mache ich hier eine kleine...</transcript>
<image_31>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and shrubs scattered throughout. In the center of the image, there is a large tank that appears to be in the middle of a battle. The tank is moving towards the right side of the screen. On the left side, there are several other tanks and vehicles on the ground. The sky is cloudy and there are mountains in the background. The image also shows a map on the bottom right corner and a speedometer on the top left corner. The game's interface is visible on the screen, with various buttons and menus.

<image_32>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and mountains in the background. In the center of the image, there is a large tank in the foreground. The tank appears to be in the middle of a battle, as there are several other tanks and equipment scattered around it. On the right side of the screen, there are two menus, one for the player's menu and the other for the game's menu bar. The menu bar has a green arrow pointing to the left, indicating that the player can navigate through the desert. There are also several icons on the screen that appear to be related to the game.
<transcript><audio_33> mein es für mein bataillon weil wer noch nicht irgendwo dabei ist und sagt er braucht schaffst du fahren was für den feierabend der darf sich gern hier bei eicma bewerben beziehungsweise hier</transcript><transcript><audio_34> Also, just for fun, kein CW oder sonstiges. Gut, ist ja aktuell eh klar, aber wie gesagt, es soll einfach nach dem Feierabend ein gemütliches Zeitungsfest</transcript><video>
<image_35>The image is a screenshot from a video game. It shows a desert-like environment with a large building in the background. The building appears to be made of concrete and has a sloping roof. There are several other buildings and structures scattered around the area. The sky is cloudy and there are a few trees in the distance. On the right side of the image, there is a map with various locations marked on it. At the bottom of the screen, there are various icons and information about the game.

<image_36>The image is a screenshot from a video game. It shows a desert-like landscape with a large rock formation in the center. The rock formation appears to be made of sand and rocks, and there are several smaller rocks scattered around it. On the right side of the image, there is a large metal structure, possibly a tank or a silo, with a red dot on top. In the background, there are two smaller structures, possibly buildings or structures.

On the top left corner of the screen, there appears to have a menu bar with various options for the player to choose from. The menu bar has a green arrow pointing to the left, indicating that the player can navigate through the game. On top of the menu bar, there seems to be a map or a map of the game's location.

<image_37>The image is a screenshot from a video game. It shows a desert-like environment with a large industrial area in the center. The area appears to be in ruins, with piles of rubble and debris scattered around. On the left side of the image, there is a large building with a red roof and a large metal structure on top. In the center of the building, there are several large cylindrical structures with a yellow triangle on top, which could be a control panel or a control center.

On the top right corner of the screen, there appears to have a map or a map of a city or town. The map is overlaid on top of the map, and there are various icons and menus visible on the screen. The game's interface is also visible in the bottom right corner.
</video>
<image_38>The image is a screenshot from a video game. It shows a desert landscape with a few buildings and a palm tree on the right side. In the center of the image, there is a tank on the ground. On the left side, there are several soldiers standing in front of a building. The sky is cloudy and there are a few clouds in the background. At the top of the screen, there appears to be a menu bar with various options and settings. In front of the tank, there has a green circle with a map on it.
<transcript><audio_39> Ich kann mich jetzt auch eigentlich so ein bisschen hier von den Artis lossagen. Beziehungsweise... Ich dachte mir, die andere geht</transcript>
<image_40>The image is a screenshot from a video game. It shows a desert landscape with a large building in the background. The building appears to be a factory or a warehouse, with a sloping roof and a large window on the right side. The sky is cloudy and there are a few clouds in the sky. On the left side of the image, there is a large pile of rubble and debris, and on the bottom right corner, there are several smaller buildings and structures scattered around the area. In the center of the screen, there appears to have a map or a map of a city or town. At the top of the screenshot, there has a menu bar with various options and settings.
<transcript><audio_41> so der der die überlegung des ganzen aber der gefallen hat sie mir dann doch</transcript><transcript><audio_42> So, ich fahr mal zurück. Ich hab so das Gefühl, dass da gleich ein Arty-Einschlag kommt.</transcript>
<image_43>The image is a screenshot from a video game. It shows a desert landscape with a large building in the center. The building appears to be a military base with a sloping roof and a chimney. There are several other buildings scattered around the base, including a large tank and a smaller building. The sky is cloudy and there are some trees in the background. On the right side of the image, there is a map with various locations marked on it. At the bottom of the screen, there are various buttons and menus for the player to navigate through the game.
 The one that is the house then I drive to the house that can also be used well but but two types are on one point is just not clever because then the enemy artis can also easily zero in on one at this point I'm also doing a little advertising for my for my battalion because if anyone isn't there somewhere yet and says they just need V fun something for the end of the day, they're welcome to apply here at EBA or post the video here and I'll invite you in so just for fun no CW or anything else good  It's clear at the moment anyway, but as I said, it's just supposed to be a nice place to play games and meeting D goes back again, that was now the way the whole thing was laid out but I did n't a so I'm going back I have the feeling that it's about to happen  an ATI comes,

Creative Commons Attribution license (reuse allowed)


<transcript><audio_44> Und da? Oh ja, die ist gut. Auf die schießen wir jetzt aber mal sowas von der Breitseite. So.</transcript>
<image_45>The image is a screenshot from a video game. It shows a desert landscape with a dirt road running through the center. The road is surrounded by palm trees and shrubs, and there is a small hill on the left side of the image. On the right side, there are several buildings and structures scattered throughout the desert. In the center of the screen, there is an image of a tank with a green arrow pointing towards it. The tank appears to be in the middle of a battle, as there are two tanks visible in the background. The image also shows a map on the bottom right corner, which shows the location of the tank and the surrounding area.
<transcript><audio_46> Ah, der zweite war besser. Deutlich besser. Weil bisher habe ich es in Ruhe gelassen. Das hat sie wahrscheinlich ein bisschen irritiert oder beziehungsweise in Sicherheit...</transcript>
<image_47>The image is a screenshot from a video game. It shows a desert-like environment with a large building on the right side of the image. The building appears to be made of concrete and has a sloping roof. On the left side, there is a large pile of rubble and debris scattered around. In the background, there are several cranes and power lines. The sky is cloudy and the ground is covered in sand. At the top of the screen, there has a menu bar with various options and settings. In front of the menu bar, there appears to have a map and a compass.
<transcript><audio_48> gesetzt</transcript> the enemy stands behind here and there oh yes, it's good, let 's shoot at it now but something like that from broadside ah the first one was still very poor ah the second one was much better because so far I've left it alone That probably irritated her a bit or bit or


<video>
<image_49>The image is a screenshot from a video game. It shows a desert-like landscape with sand dunes and shrubs scattered throughout. In the center of the image, there is a large dust cloud that appears to be rising up from the ground. On the right side of the screen, there are several icons, including a map, a compass, and a speedometer. At the top of the screenshot, there appears to have a menu bar with various options for the game's settings.

<image_50>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and shrubs scattered across the ground. In the center of the image, there is a blue line that appears to be a map or a navigation map. On the top left corner, there are several icons, including a compass, a map pointer, and a timer. The top right corner of the screen shows a menu bar with options such as "Menu", "Settings", and "Help". The bottom left corner has a green circle with a blue arrow pointing to the right, indicating that the player can navigate through the map.
</video><transcript><audio_51> so die wird jetzt aber hier schon ordentlich beschossen</transcript><transcript><audio_52> Ja, jetzt haben wir aber sehr mal gut unter Druck gesetzt. Auf die Jungs komme ich, glaube ich, leider nicht drauf. So</transcript> made her feel safe, so she's now getting a lot of fire here. Well, now we've put a lot of pressure on the boys. Unfortunately, I don't think I'm up to it as much as I'd like to support them


<transcript><audio_53> Wenn man so gerne mich da unterstützen würde.</transcript>
<image_54>The image is a screenshot from a video game. It shows a large industrial area with multiple pipes and machinery. The area appears to be in a desert-like environment with sand dunes and ruins in the background. In the center of the image, there is a large metal structure with multiple levels and pipes running along its length. The structure is surrounded by a fence and there are several tanks and other military vehicles scattered around the area. On the top left corner of the screen, there are various menus and options for the player to navigate through the area, while on the top right corner, there appears to have a map or map of the area with various locations marked on it.

<image_55>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and a large body of water on the left side. On the right side of the image, there is a map with various locations marked on it. The map appears to be from a top-down view of the game, as there are several buildings and structures visible in the background.

In the center of the screen, there are two blue circles, one on the top left corner and the other on the bottom right corner. The circles are connected by arrows, indicating the direction of the player's progress in the game. The arrows are pointing in different directions, suggesting that the player is in the middle of a mission or a mission. The image also has a green circle in the center, which could be a compass or a map.
<transcript><audio_56> jetzt hat sie geschossen aber jetzt gehe ich hier auf den gegner drauf er ist ja nicht mehr offen ärgerlich</transcript><transcript><audio_57> erwarten dass auch irgendwann jetzt die gegner arti da kein bock mehr drauf hat das ist ja lustig knappes match bisher das ist</transcript><transcript><audio_58> Geht erst immer lang auf und dann erst wieder zu.</transcript>
<image_59>The image is a screenshot from a video game. It shows a desert landscape with a large rock formation in the center. The rock formation appears to be made of sand and rocks, and there are several palm trees scattered around it. The sky is a pale blue color, and the ground is covered in a light brown color. On the top left corner of the image, there is a menu bar with various options, and on the top right corner, there are menus and menus. In the bottom left corner, on the bottom right, there appears to have a map with various locations and information about the game.

<image_60>The image is a screenshot from a video game. It shows a desert landscape with a large circular structure in the center. The structure appears to be a tank or a tank, with a turret on top. The tank is surrounded by sand dunes and shrubs, and there is a large rock formation on the right side of the image. On the top right corner, there are several menus and options for the player to navigate through the game. In the bottom left corner, on the bottom right corner of the screen, there is an image of a map with various icons and information about the game's settings.
<transcript><audio_61> So, jetzt werde ich die nächste Mal hier da mit der Bekleidung</transcript>
<image_62>The image is a screenshot from a video game. It shows a desert landscape with palm trees and rocks scattered throughout. The sky is a light blue color and the ground is covered in sand. There are several buildings and structures scattered throughout the landscape. On the right side of the image, there is a map with various icons and information about the game. In the center of the map, there are several blue arrows pointing towards different locations. The map appears to be showing the player's progress in the game, as there are various options and settings visible on the screen.

<image_63>The image is a screenshot from a video game. It shows a desert landscape with a large concrete structure in the background. The structure appears to be a fort or a military base. The sky is blue and there are a few clouds scattered across it.

In the center of the image, there is a red circle with a yellow arrow pointing towards it. The circle is surrounded by a blue line. On the right side of the screen, there are several icons and menus, including a map, a compass, and a timer. The map on the bottom right corner shows the location of the fort or the surrounding area.
 Unfortunately, I don't think I'm up to it as much as I'd like to support them now she's shot, but any more. We finally got angry with each other. Yes, that was to be expected that at some point the opponent wouldn't match so far. say, it always opens up for a long time and only then so now I'll come here next time with the one with the one I can figure it out and I do mate now unfortunately I have to oh because now  I have the following


<video>
<image_64>The image is a screenshot from a video game. It shows a desert-like environment with a large building on the left side of the screen. The building appears to be a warehouse or industrial complex with a sloping roof and multiple levels. On the right side, there is a map with various locations marked on it. In the center of the image, there are several soldiers on horseback, engaged in a battle. The sky is blue and there are a few clouds in the distance. The image is taken from a top-down perspective, looking down on the ground and the soldiers.

<image_65>The image is a screenshot from a video game. It shows a desert-like environment with a large building on the left side and a palm tree on the right side. In the center of the image, there is a large tank with a red arrow pointing towards it. The tank appears to be in the middle of a battle, as there are several other tanks and vehicles scattered around the area. The sky is cloudy and the ground is covered in sand. On the top right corner of the screen, there are various icons and menus, including a map, a compass, and a timer.

<image_66>The image is a screenshot from a video game. It shows a desert-like environment with a large palm tree in the center. The palm tree is surrounded by sand dunes and there are several other palm trees scattered around. On the left side of the image, there is a building with a blue roof and a red arrow pointing towards it. In the center of the screen, there are two tanks, one green and one gray, with a red cross on top. The tank on the left is moving towards the palm tree, while the one on the right is moving away from it. There are also several other buildings and structures in the background. The image appears to be taken from a high vantage point, looking down on the scene.

<image_67>The image is a screenshot from a video game. It shows a desert-like environment with a large explosion in the center. The explosion appears to be taking place in the middle of the desert, with large rocks and debris scattered around. The sky is blue and there are a few clouds in the background.

On the left side of the image, there is a map with various locations marked on it. On the right side, there are several buildings and structures. In the center of the explosion, there appears to have a large machine gun mounted on top of a tank. The machine gun is emitting a bright orange glow, indicating that it is in the midst of a battle. The tank is grey in color and has a turret on top. The game's interface is visible in the bottom right corner of the screen, with various buttons and menus.

<image_68>The image is a screenshot from a video game. It shows a desert-like landscape with a large tank in the center. The tank is grey and appears to be moving towards the right side of the image. There is a large cloud of black smoke rising from the tank, which is likely from a fire or explosion. The sky is blue and there are a few clouds in the background. On the top left corner of the screen, there is a menu bar with various options such as "Menu", "Settings", and "Help". On the bottom right corner, there are several buttons and menus for the player to navigate through the game.

<image_69>The image is a screenshot from a video game. It shows a scene from a battle scene with a large explosion in the center. The explosion appears to be taking place in a desert-like environment with sand and rocks scattered around. The sky is filled with smoke and debris, and there are several buildings and structures in the background. On the top left corner of the image, there is a menu bar with various options such as "Menu", "Settings", and "Options". On the right side of the screen, there are various icons and menus for the player to navigate through the scene. The player's character is visible in the bottom right corner, and they are holding a weapon in their right hand.

<image_70>The image is a screenshot from a video game. It shows a scene from a battle in a desert-like environment. The main focus of the image is on a large explosion in the center of the screen, which appears to be a tank with a large amount of smoke and flames coming out of it. The tank is surrounded by rubble and debris, and there are several other tanks and vehicles in the background. The sky is cloudy and the ground is covered in sand and rocks. On the top left corner, there is a menu bar with various options and settings, and on the top right corner, it shows the player's progress in the game.
</video>
<image_71>The image is a screenshot from a video game. It shows a desert landscape with sand dunes and palm trees. In the center of the image, there is a large tank that appears to be moving towards the right side of the screen. The tank is black and has a camouflage pattern on it. The sky is blue and there are a few clouds in the background. On the top left corner, there are several menus and options for the player to navigate through the game. On top right corner, on the bottom left corner of the screenshot, there appears to have a map and a compass.

<image_72>The image is a screenshot from a video game. It shows a desert landscape with palm trees and a bridge in the background. In the center of the image, there is a tank on the ground, which appears to be in the middle of a battle. The tank is moving towards the right side of the screen, and there is smoke coming out of it. On the top right corner, there are several menus and options visible, including a map and a speedometer. At the bottom of the screenshot, there appears to have a menu bar with various options for the player to choose from.

<image_73>The image is a screenshot from the video game World of Tanks. It shows a scene from the game, where the player is in the middle of a battle. The scene is set in a desert-like environment with sand dunes and mountains in the background. In the center of the image, there is a large tank with a red flame coming out of it. The tank appears to be moving towards the right side of the screen. On the top left corner, there are several options for the player to choose from, such as the player's name, location, and other settings. The top right corner shows a menu bar with various options for playing the game.
 can land a hit there again, but with the next one they will take me out. The other ti of ours has Finally, we were able to at least land one shot, but that was it  Then it happened, but I survived for a long time. I think I did a reasonable lap, even if it wasn't a victory, but I tried to support where I could. I shot at the opposing Arti, so she was a little distracted. All in all, it was okay, but as I said  It's always a bad aftertaste when you don't win in the end because, well, you know, winning yourself is always the icing on the cake in the end, but when you have people like here who are more interested in fishing than in tanks  Of course, it's difficult to win and at the beginning it's also a direct one with -1. Of course that's not easy to compensate for. You just need


<image_74>The image is a black background with a white text in the center that reads "ARMORED WARFARE". The text is in a bold, sans-serif font and is centered in the middle of the image. Below the text, there is a blue bar with the word "LIVE" written on it. The overall design is simple and minimalistic.

<image_75>The image is a screenshot of a video game interface. The interface is divided into two sections. The top section has a blue header with the game's title "Nederlage" in white text. Below the header, there is a menu bar with various options such as "Settings", "Options", and "Settings".

The bottom section of the interface has a black background with white text and various icons. On the left side of the screen, there are two buttons - "Settings" and "Options". On the right side, there appears to be a menu with options for the player's health, health, and other settings.

At the top of the top left corner of the image, there has a search bar and a menu icon. The background is a dark room with a high ceiling and large windows. The overall color scheme is black and white.
 every pipe so let's take a look after our tower is on its side, which is what result is now 1794 damage done 3 assist 3 late from the performance we can see quite a lot here the palmaria once, as I said, hit very very well from the team I moved to 3rd place with the XP 1137 and in terms of damage it was that  Fifth place, so the bottom line is that it's quite okay, it was 42,000 net and I personally think the Arti is quite okay, but you could see between the shots when the target circle opens that wide again, of course you have to like it too, then thank you for watching, I wish All the best to you, good luck in Armor Warfare, your


<transcript><audio_0>going everyone i hope you're all keeping safe and well my name is james dooley and i'm the auditor of this year's ucd economic society and i'm joined here today by our event officer dave fitzgerald hello so before we start i would once</transcript><caption><image_1>The image is a screenshot of a video call between a young man and a woman. The man is wearing a white t-shirt and glasses, and he is looking directly at the camera with a surprised expression on his face. The date and time of the video call is 2021-03-22 11:42:20. The background of the image shows a room with white walls and a wooden shelf with various items on it.</caption><transcript><audio_2>again like to thank pwc for their continued support in supporting the society throughout the year today we have a very special guest for our members as you all know we the society looks to present the thomas cattle award for outstanding contribution to</transcript><transcript><audio_3>economics and public policy and despite being in ireland's third extensive lockdown this year will be no different last year's recipient of the award included um the nobel prize laureate professor joseph ciglitz</transcript> going everyone i hope you're all keeping safe and well my name is james dooley and i'm the auditor of this year's ucd economic society and i'm joined here today by our event officer dave fitzgerald hello so before we start i would once again like to thank pwc for their continued support in supporting the society throughout the year today we have a very special guest for our members as you all know we the society looks to present the thomas cattle award for outstanding contribution to economics and public policy and despite being in ireland's third extensive lockdown this year will be no different last year's recipient of the award included um the nobel prize laureate professor joseph ciglitz

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_4>and other recipients of the award include peter peter sutherland david mcwilliams jeffrey sax and bob geldof and today i am very excited to announce that we are including mr phillip lane to this distinguished list</transcript> and other recipients of the award include peter peter sutherland david mcwilliams jeffrey sax and bob geldof and today i am very excited to announce that we are including mr phillip lane to this distinguished list

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_5>so philip lane's list of achievements and academic credentials are both numerous and distinguished and if it is okay with you phillip it will be in my best interest to enlighten our members of some of these as former professor of international macroeconomics and director of the</transcript><transcript><audio_6>institute for international integration studies at trinity college dublin philip was elected a scholar in economic and social studies in trinity before receiving a doctorate in economics at harvard university in 1995.</transcript><transcript><audio_7>he was a research fellow of the center for economic policy research and have been a visiting scholar at the international monetary fund and the federal reserve bank of new york and a consultant to the european commission philip has previously served as governor</transcript> so philip lane's list of achievements and academic credentials are both numerous and distinguished and if it is okay with you phillip it will be in my best interest to enlighten our members of some of these as former professor of international macroeconomics and director of the institute for international integration studies at trinity college dublin philip was elected a scholar in economic and social studies in trinity before receiving a doctorate in economics at harvard university in 1995. he was a research fellow of the center for economic policy research and have been a visiting scholar at the international monetary fund and the federal reserve bank of new york and a consultant to the european commission philip has previously served as governor

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_8>of the central bank and currently is a member of the executive board to the of the ecb since june 2019 and is among the top five percent of economists in the world according to the</transcript><transcript><audio_9>research papers in economics so on behalf of the ucd economic society i would like to add one more honor to this distinguished list and congratulate mr philip blaine on being awarded the thomas cattle award for 2021 i would now like to invite mr lane</transcript><transcript><audio_10>to offer a few words to some of our listeners listening here today thank you james uh so indeed i'm honored to receive this award uh tom cattle was the first professor of economics at</transcript><caption><image_11>The image is a screenshot from a video interview. It shows a man with a bald head and glasses, who appears to be in his late 40s or early 50s, speaking into a microphone. He is wearing a suit and tie and has a serious expression on his face. In the background, there is a blue and white banner with the logo of the European Union and a tall tower. The date and time stamp on the bottom right corner of the image reads "2021-02-22 10:00".</caption><transcript><audio_12>ecd um at this point over 100 years ago but of course the irish economics profession is quite quite small so to have that connection to one of the the founding fathers of economics in in the irish university system is</transcript><transcript><audio_13>indeed an honor let me maybe point out as well with tom cattle that in fact he had a mixed uh career so he he was obviously had his academic career he was also involved</transcript><transcript><audio_14>in politics in journalism he was a poet and he was very involved in the policy debate and maybe again to some extent uh to the extent i like like some of your previous recipients</transcript> of the central bank and currently is a member of the executive board to the of the ecb since june 2019 and is among the top five percent of economists in the world according to the research papers in economics so on behalf of the ucd economic society i would like to add one more honor to this distinguished list and congratulate mr philip blaine on being awarded the thomas cattle award for 2021 i would now like to invite mr lane to offer a few words to some of our listeners listening here today thank you james uh so indeed i'm honored to receive this award uh tom cattle was the first professor of economics at ecd um at this point over 100 years ago but of course the irish economics profession is quite quite small so to have that connection to one of the the founding fathers of economics in in the irish university system is indeed an honor let me maybe point out as well with tom cattle that in fact he had a mixed uh career so he he was obviously had his academic career he was also involved in politics in journalism he was a poet and he was very involved in the policy debate and maybe again to some extent uh to the extent i like like some of your previous recipients

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_15>have have mixed academic work with policy work i think it's uh indeed that that's a strong connection back back to tom cattle so uh thank you james thank you david thank you to the</transcript><transcript><audio_16>cool so if we uh we will kick on with the first question so that we have for you today philip so according to many of the economic commentators worldwide the fiscal policy mistake 10 years ago suggests that austerity was a big mistake so in your</transcript><transcript><audio_17>opinion do you think in light of the pandemic austerity will make a comeback okay so that's that's a a big question to start off i mean behind that and again uh it's</transcript><transcript><audio_18>important to i think avoid that too many labels in in this discussion i mean i think what is universally agreed is uh essentially the fiscal multiplier is larger than</transcript> have have mixed academic work with policy work i think it's uh indeed that that's a strong connection back back to tom cattle so uh thank you james thank you david thank you to the cool so if we uh we will kick on with the first question so that we have for you today philip so according to many of the economic commentators worldwide the fiscal policy mistake 10 years ago suggests that austerity was a big mistake so in your opinion do you think in light of the pandemic austerity will make a comeback okay so that's that's a a big question to start off i mean behind that and again uh it's important to i think avoid that too many labels in in this discussion i mean i think what is universally agreed is uh essentially the fiscal multiplier is larger than

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_19>was uh believed uh ten years ago and that is maybe connected to two issues uh one is in a low interest rate world um that essentially the historically sometimes</transcript><transcript><audio_20>uh uh fiscal policy could have been if you like offset by monetary policy so if there's too much austerity uh you know an easing of monetary policy by the central bank might have meant that the you know macro</transcript><transcript><audio_21>impact would have been uh neutralized but in a low interest rate world central banks can only do so much so that's one basic reason the other reason</transcript> was uh believed uh ten years ago and that is maybe connected to two issues uh one is in a low interest rate world um that essentially the historically sometimes uh uh fiscal policy could have been if you like offset by monetary policy so if there's too much austerity uh you know an easing of monetary policy by the central bank might have meant that the you know macro impact would have been uh neutralized but in a low interest rate world central banks can only do so much so that's one basic reason the other reason

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_22>it's turned out that our beliefs about the labor market have needed revision so again 10 or 12 years ago the unemployment rate that would have triggered inflation was a project to be much higher than it</transcript><caption><image_23>The image is a screenshot of a video call with a young man in the foreground. He is wearing a white t-shirt and is looking directly at the camera with a serious expression on his face. In the background, there is a bedroom with a bed, a dresser, and a bulletin board on the wall. On the right side of the image, there are clothes hanging on a rack and a door. The date and time stamp on the bottom right corner indicates that the video call is from 2001-02-22 10:07:44.</caption><transcript><audio_24>actually turned out to be so you see that in the us i think you see it in europe is that in fact the ability of the economy to respond to fiscal policy is a lot larger than once expected so then the final part of your question</transcript><transcript><audio_25>going back to austerity will come back i mean i think what's important to think about after this pandemic is we know that debt ratios will have gone up they are going up and i i do think um we will</transcript> it's turned out that our beliefs about the labor market have needed revision so again 10 or 12 years ago the unemployment rate that would have triggered inflation was a project to be much higher than it actually turned out to be so you see that in the us i think you see it in europe is that in fact the ability of the economy to respond to fiscal policy is a lot larger than once expected so then the final part of your question going back to austerity will come back i mean i think what's important to think about after this pandemic is we know that debt ratios will have gone up they are going up and i i do think um we will

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_26>at some point face a situation of we're going to need a fiscal policy to support a reduction in the debt ratio so if you want to put a label of austerity on that then you know that conversation would be needed</transcript><transcript><audio_27>and that's that that is the kind of uh uh kind of circle of fiscal policy in order to allow the fiscal policy we've seen on this occasion very large deficits you need in if you like in normal times</transcript><transcript><audio_28>uh to rebuild that capacity so so you know i think in your very general question uh as you can see from my answer there's quite a lot underneath that as opposed to a simple</transcript><transcript><audio_29>perfect um if i could just jump in there for a second do you philip believe that ireland and europe has positive prospects for economic growth following this pandemic we're informed of high household savings and big corporate savings in ireland so do you think consumer spending will</transcript><caption><image_30>The image is a screenshot of a video call with a young man in the center. He is wearing a white t-shirt and is looking directly at the camera with a serious expression on his face. The background of the image shows a bedroom with a bed and a dresser. On the wall, there is a framed picture and a coat rack with clothes hanging on it. The date and time of the video call is visible in the bottom right corner.</caption><transcript><audio_31>rebound rebound strongly and have a business spending doing business investment without revenue as so i think um that's mostly true so with a pandemic</transcript> at some point face a situation of we're going to need a fiscal policy to support a reduction in the debt ratio so if you want to put a label of austerity on that then you know that conversation would be needed and that's that that is the kind of uh uh kind of circle of fiscal policy in order to allow the fiscal policy we've seen on this occasion very large deficits you need in if you like in normal times uh to rebuild that capacity so so you know i think in your very general question uh as you can see from my answer there's quite a lot underneath that as opposed to a simple perfect um if i could just jump in there for a second do you philip believe that ireland and europe has positive prospects for economic growth following this pandemic we're informed of high household savings and big corporate savings in ireland so do you think consumer spending will rebound rebound strongly and have a business spending doing business investment without revenue as so i think um that's mostly true so with a pandemic

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_32>the the cause of the recession has been the the virus and once we contain the virus through vaccinations and other medical solutions um there should be a fairly strong bounce back in the economy</transcript><transcript><audio_33>but what what is true is whether you get a 100 full recovery uh depends on on confidence and that you know it's it's not so clear it remains a debate</transcript><transcript><audio_34>for consumers about when will they be fully confident and in the european context when we've had a very large period of stagnation after the global financial crisis the narrative which is probably already</transcript><transcript><audio_35>in the u.s of a strong recovery may take time for for that to happen on business investment let me make it two-parter there one of course arden there's a lot of multinational firms and a lot of these firms are in sectors which have been doing well</transcript> the the cause of the recession has been the the virus and once we contain the virus through vaccinations and other medical solutions um there should be a fairly strong bounce back in the economy but what what is true is whether you get a 100 full recovery uh depends on on confidence and that you know it's it's not so clear it remains a debate for consumers about when will they be fully confident and in the european context when we've had a very large period of stagnation after the global financial crisis the narrative which is probably already in the u.s of a strong recovery may take time for for that to happen on business investment let me make it two-parter there one of course arden there's a lot of multinational firms and a lot of these firms are in sectors which have been doing well

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_36>like pharmaceuticals and technology so you know i think there will continue to strongly and then uh after that for those of you studying economics investment uh is very much driven by the overall economy to the investment</transcript><transcript><audio_37>accelerator view so in other words uh investment is not really a separate kind of a dimension if the household spending comes back if there's a strong</transcript><transcript><audio_38>consumption demand then that will be reinforced by investment equally if the consumer does not come back uh the case for investment in the domestic economy uh will also be weak so in the end i think uh</transcript><transcript><audio_39>the debate is about whether the recovery will be 100 or 95 so most you know it's but but those 5 percentage points make a big difference and maybe the other point is</transcript><transcript><audio_40>uh one with with what we've seen now at uh with working from home there will be questions about different sectors of the economy so whether the same demand for city center office blocks will be there</transcript> like pharmaceuticals and technology so you know i think there will continue to strongly and then uh after that for those of you studying economics investment uh is very much driven by the overall economy to the investment accelerator view so in other words uh investment is not really a separate kind of a dimension if the household spending comes back if there's a strong consumption demand then that will be reinforced by investment equally if the consumer does not come back uh the case for investment in the domestic economy uh will also be weak so in the end i think uh the debate is about whether the recovery will be 100 or 95 so most you know it's but but those 5 percentage points make a big difference and maybe the other point is uh one with with what we've seen now at uh with working from home there will be questions about different sectors of the economy so whether the same demand for city center office blocks will be there

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_41>but onto the hand for for investment in suburban locations in working from home technology may be reinforced and then the other uh issue which is a coincidence of timing is uh the the carbon agenda the climate</transcript><transcript><audio_42>change agenda is increasingly strong and uh as you know with a lot of the european uh recovery plans it's centered on accelerating investment in in a green recovery that needed to happen anyway</transcript><transcript><audio_43>but maybe that will also provide another engine for for investment so we might see more public investment than normal until the private investment as sector</transcript><transcript><audio_44>okay unreal yeah two very insightful answers there phillip thanks so much so moving on to more towards the role of the ecb how can it uh what is the role of the ecb in funding member states is recovery</transcript> but onto the hand for for investment in suburban locations in working from home technology may be reinforced and then the other uh issue which is a coincidence of timing is uh the the carbon agenda the climate change agenda is increasingly strong and uh as you know with a lot of the european uh recovery plans it's centered on accelerating investment in in a green recovery that needed to happen anyway but maybe that will also provide another engine for for investment so we might see more public investment than normal until the private investment as sector okay unreal yeah two very insightful answers there phillip thanks so much so moving on to more towards the role of the ecb how can it uh what is the role of the ecb in funding member states is recovery

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_45>from the pandemic so i i mean i've used the phrase confidence a couple of times there and in fact you know here we are basically nearly exactly one year uh since we had to intervene in a big</transcript><transcript><audio_46>way with with the pep program the pandemic emergency purchase program and at that time it was natural that many investors were quite nervous what would be the impact of this pandemic</transcript><transcript><audio_47>so we had a private investors uh you know around the world look the dash for cash so looking basically to avoid holding any kind of long-dated asset so the first step of the ecb was this to basically</transcript><transcript><audio_48>by saying look we are here we can be uh provide a lot of liquidity to the market that had a big stabilizing effect so um through that kind of a stabilizing effect</transcript> from the pandemic so i i mean i've used the phrase confidence a couple of times there and in fact you know here we are basically nearly exactly one year uh since we had to intervene in a big way with with the pep program the pandemic emergency purchase program and at that time it was natural that many investors were quite nervous what would be the impact of this pandemic so we had a private investors uh you know around the world look the dash for cash so looking basically to avoid holding any kind of long-dated asset so the first step of the ecb was this to basically by saying look we are here we can be uh provide a lot of liquidity to the market that had a big stabilizing effect so um through that kind of a stabilizing effect

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_49>and that that's to me the dominant role is if the world knows we are here uh we are a backstop then then you as an individual investor can return to to the bond market because the kind of instability has been ruled out</transcript><transcript><audio_50>now on top of that we had already been doing qe and now we've been doing more qe um and uh essentially when we uh take bonds out of the market and put them into our balance sheets</transcript><transcript><audio_51>um how does that work it means it drives down interest rates and by driving down interest rates all types of borrower so whether it's households looking for mortgage firms needing to fund</transcript> and that that's to me the dominant role is if the world knows we are here uh we are a backstop then then you as an individual investor can return to to the bond market because the kind of instability has been ruled out now on top of that we had already been doing qe and now we've been doing more qe um and uh essentially when we uh take bonds out of the market and put them into our balance sheets um how does that work it means it drives down interest rates and by driving down interest rates all types of borrower so whether it's households looking for mortgage firms needing to fund

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_52>their working capital or longer term investment or governments as you say can find it easier to do that let me make a important point is that this time by and large government deficits have</transcript><transcript><audio_53>been financed essentially by by the household sector whereas as you know uh in the global financial crisis the big problem was when countries like ireland or greece or spain uh owed a lot of money to foreign</transcript><transcript><audio_54>investors so uh and that's not part of what's happened this time and so what we have now is essentially within the same economy i want to say the same economy i mean the euro-area economy</transcript><transcript><audio_55>it's in the internal transaction it's not and from that point of view it's much less a macroeconomic concern</transcript><caption><image_56>The image is a screenshot from a video call. It shows a young man with his eyes closed and his head tilted back, as if he is deep in thought. He is wearing a white t-shirt and appears to be in a bedroom with a bed and a dresser in the background. There is a painting hanging on the wall and a door on the right side of the image.</caption><transcript><audio_57>brilliant you know you talked about quantitative easing there i i wondered how fast you think we can bounce back from in ireland against our current structural deficit which is a 22 percent of gdp and what tax regime do you think will be deployed</transcript> their working capital or longer term investment or governments as you say can find it easier to do that let me make a important point is that this time by and large government deficits have been financed essentially by by the household sector whereas as you know uh in the global financial crisis the big problem was when countries like ireland or greece or spain uh owed a lot of money to foreign investors so uh and that's not part of what's happened this time and so what we have now is essentially within the same economy i want to say the same economy i mean the euro-area economy it's in the internal transaction it's not and from that point of view it's much less a macroeconomic concern brilliant you know you talked about quantitative easing there i i wondered how fast you think we can bounce back from in ireland against our current structural deficit which is a 22 percent of gdp and what tax regime do you think will be deployed

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_58>over the coming years in ireland and i suppose more generally in europe as well and once the recovery begins and again it begins from the pandemic now it's an interesting uh point so we think uh</transcript><transcript><audio_59>most fish will just be kind of automatic so so the i mean right now the measurement of what what is a structural deficit versus what is a cyclical deficit it is kind of a bit complicated because there's all sorts of</transcript> over the coming years in ireland and i suppose more generally in europe as well and once the recovery begins and again it begins from the pandemic now it's an interesting uh point so we think uh most fish will just be kind of automatic so so the i mean right now the measurement of what what is a structural deficit versus what is a cyclical deficit it is kind of a bit complicated because there's all sorts of

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_60>special schemes like the uh the pandemic unemployment payment at the supports to to firms so that they are if you like structural they're not automatic stabilizers but equally you know the government will be able to</transcript><transcript><audio_61>at which autos or cancel those when the economy improves and the pandemic is controlled so a lot of the measures will automatically go into reverse uh when the pandemic is contained</transcript><transcript><audio_62>and you know what is left at that point in a couple of years from now goes back to what i highlighted earlier on you know we will have a higher debt ratio across the world and um the big question is is it</transcript> special schemes like the uh the pandemic unemployment payment at the supports to to firms so that they are if you like structural they're not automatic stabilizers but equally you know the government will be able to at which autos or cancel those when the economy improves and the pandemic is controlled so a lot of the measures will automatically go into reverse uh when the pandemic is contained and you know what is left at that point in a couple of years from now goes back to what i highlighted earlier on you know we will have a higher debt ratio across the world and um the big question is is it

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_63>is it okay to leave these debt ratios at a high level or should you run uh some kind of modified fiscal policy including um as you say maybe some uh new taxes and to bring that levels down to a lower</transcript><transcript><audio_64>level um and you know i think um it's important to emphasize is that it's again it's not like uh before i mean before here and elsewhere</transcript> is it okay to leave these debt ratios at a high level or should you run uh some kind of modified fiscal policy including um as you say maybe some uh new taxes and to bring that levels down to a lower level um and you know i think um it's important to emphasize is that it's again it's not like uh before i mean before here and elsewhere

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_65>there was a kind of gap to close new taxes were needed or spending cuts were were needed right on this occasion the deficit gap will close by itself but what will will remain is a high debt level</transcript><transcript><audio_66>and it will be a big political issue about uh how much and what kind of measures to take to get that that ratio down um but but that's you know i think uh in the medium term distance it's not an</transcript><transcript><audio_67>very good okay thanks mill phillip so um following on from that question more towards the brexit side of things and we just have a couple questions for you in respect of both prices repercussions on benefits we can expect to see over the coming years so</transcript><transcript><audio_68>in your opinion philip how is ireland positioned to benefit from brexit at all or do you think any sectors will boom over the coming years so collectively of course when we introduce</transcript> there was a kind of gap to close new taxes were needed or spending cuts were were needed right on this occasion the deficit gap will close by itself but what will will remain is a high debt level and it will be a big political issue about uh how much and what kind of measures to take to get that that ratio down um but but that's you know i think uh in the medium term distance it's not an very good okay thanks mill phillip so um following on from that question more towards the brexit side of things and we just have a couple questions for you in respect of both prices repercussions on benefits we can expect to see over the coming years so in your opinion philip how is ireland positioned to benefit from brexit at all or do you think any sectors will boom over the coming years so collectively of course when we introduce

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_69>a more difficult uh trading relationship with the uk that's collectively is is bad news you know so there's no getting away from that now having said that uh there will be</transcript><transcript><audio_70>uh differentiated effects so for many small businesses in ireland if they are if they were exporters primarily they were exporting to the uk and that door is going to be a lot more difficult even</transcript><transcript><audio_71>under a free trade agreement um but you know in terms of reorganizing reshaping the irish economy as you can read every day there's a reorientation of logistics so having more shipping direct from the</transcript><transcript><audio_72>continent into ireland to avoid the uk to be reorientation of uh what's interesting maybe with retail is maybe more willingness to use at local retailers because of the headaches and admin</transcript><transcript><audio_73>head headaches are trying to buy something from a uk website now so there might be some um local winners and then i've seen financial services uh of course over the last year or two there has been a degree of relocation</transcript><transcript><audio_74>towards dublin from the uk to provide financial services in the eu but but i i would say um it's definitely um ireland that</transcript><transcript><audio_75>is uniquely uh shaped uh by this but again made from the point of view of you and your your uh student colleagues what's very important is ireland is unique in retaining the the common common labor market so the fact that</transcript> a more difficult uh trading relationship with the uk that's collectively is is bad news you know so there's no getting away from that now having said that uh there will be uh differentiated effects so for many small businesses in ireland if they are if they were exporters primarily they were exporting to the uk and that door is going to be a lot more difficult even under a free trade agreement um but you know in terms of reorganizing reshaping the irish economy as you can read every day there's a reorientation of logistics so having more shipping direct from the continent into ireland to avoid the uk to be reorientation of uh what's interesting maybe with retail is maybe more willingness to use at local retailers because of the headaches and admin head headaches are trying to buy something from a uk website now so there might be some um local winners and then i've seen financial services uh of course over the last year or two there has been a degree of relocation towards dublin from the uk to provide financial services in the eu but but i i would say um it's definitely um ireland that is uniquely uh shaped uh by this but again made from the point of view of you and your your uh student colleagues what's very important is ireland is unique in retaining the the common common labor market so the fact that

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_76>uh irish irish people still have access to the uk labor market is very different to the situation on continental perfect and we have one last</transcript><transcript><audio_77>optional topic which is uh which is actually james's question zoid i i think i've learned it's his baby so i think i'll let him ask it but do you have do you have time philip is that okay yeah yeah that's right yeah go ahead you perfect okay well i think this is</transcript><transcript><audio_78>actually quite a good question so i'll read it off so james is no doubt a lot of our student members watching this interview are deliberating over what career routes per se to pursue after they finish their college stream colleges are always places always place great bias on encouraging students to</transcript><transcript><audio_79>complete master's degrees or phds however some students prefer taking a gap year or doing an internship and going straight into the workforce i myself plan on doing an internship next year if all goes well in the interview process however i am completely unsure of what to do in the future</transcript><transcript><audio_80>so my question to you philip is do you think there is much benefit to be taken from pursuing a master's degree or a phd and furthermore where do you see good employment opportunities nowadays for business and economic students okay</transcript> uh irish irish people still have access to the uk labor market is very different to the situation on continental perfect and we have one last optional topic which is uh which is actually james's question zoid i i think i've learned it's his baby so i think i'll let him ask it but do you have do you have time philip is that okay yeah yeah that's right yeah go ahead you perfect okay well i think this is actually quite a good question so i'll read it off so james is no doubt a lot of our student members watching this interview are deliberating over what career routes per se to pursue after they finish their college stream colleges are always places always place great bias on encouraging students to complete master's degrees or phds however some students prefer taking a gap year or doing an internship and going straight into the workforce i myself plan on doing an internship next year if all goes well in the interview process however i am completely unsure of what to do in the future so my question to you philip is do you think there is much benefit to be taken from pursuing a master's degree or a phd and furthermore where do you see good employment opportunities nowadays for business and economic students okay

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_81>so that's uh an interesting question and of course in my time in trinity i would have tried to answer that question many times to students who might come and see me and ask a similar question so you know of course that as you might guess</transcript><transcript><audio_82>uh in the end your individual circumstances your own ambitions at what will dominate everything else but let me make a few points uh one is um uh you have to think about your whole</transcript> so that's uh an interesting question and of course in my time in trinity i would have tried to answer that question many times to students who might come and see me and ask a similar question so you know of course that as you might guess uh in the end your individual circumstances your own ambitions at what will dominate everything else but let me make a few points uh one is um uh you have to think about your whole

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_83>lifelong career not just that you know one one step i i will say you know 20 years from now 25 years from now as you become more senior in different organizations depending on the organization having a master's degree</transcript><transcript><audio_84>will make it often makes a difference it often makes a difference that you it's a one way to kind of filter out does this person have the kind of range and breadth of experience and education needed for the most senior levels</transcript><transcript><audio_85>now what that doesn't answer is whether you should do it immediately or whether you because often and of course the universities have many part-time options for doing a master's degree side by side with your career</transcript><transcript><audio_86>so i would say if you don't take one on immediately and keep in mind that many employers will help you and provide a study leave and even help with fees at some point uh i would say as you get older you know your learning capacity does diminish</transcript><transcript><audio_87>over time the brain cells start to erode so so there is a case for for for doing it sooner rather than later and of course at the same time i mean if you get a very good job offer you know you know work experience is also uh</transcript> lifelong career not just that you know one one step i i will say you know 20 years from now 25 years from now as you become more senior in different organizations depending on the organization having a master's degree will make it often makes a difference it often makes a difference that you it's a one way to kind of filter out does this person have the kind of range and breadth of experience and education needed for the most senior levels now what that doesn't answer is whether you should do it immediately or whether you because often and of course the universities have many part-time options for doing a master's degree side by side with your career so i would say if you don't take one on immediately and keep in mind that many employers will help you and provide a study leave and even help with fees at some point uh i would say as you get older you know your learning capacity does diminish over time the brain cells start to erode so so there is a case for for for doing it sooner rather than later and of course at the same time i mean if you get a very good job offer you know you know work experience is also uh

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_88>super important so you know i think there's no one answer on that keep your options open i mean i i would say in terms of economics so again you're the economic society so i focus on economics uh what's uh two points to make one is</transcript><transcript><audio_89>mostly to be a professional economist it is a phd so so that that that is uh but again it's possible and the arctic universities are customized for that uh to do it part-time side-by-side with the job in the future</transcript><transcript><audio_90>and maybe the big big differentiator compared to maybe 20 years ago now is any big data firm loves economists for two reasons one is if you've studied econometrics and statistics and you've you know studied some coding</transcript> super important so you know i think there's no one answer on that keep your options open i mean i i would say in terms of economics so again you're the economic society so i focus on economics uh what's uh two points to make one is mostly to be a professional economist it is a phd so so that that that is uh but again it's possible and the arctic universities are customized for that uh to do it part-time side-by-side with the job in the future and maybe the big big differentiator compared to maybe 20 years ago now is any big data firm loves economists for two reasons one is if you've studied econometrics and statistics and you've you know studied some coding

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_91>along the way that's basically the foundation for a lot of what any big data firm does so whether it's amazon google facebook they all hire a lot of economists these days and then second also the actual microeconomics</transcript><transcript><audio_92>working out pricing demand and supply is very important for coding you know uh algorithms of different types you know so so the kind of big data world economics is a very good entry point into that um so i would say you know if you are studying economics</transcript><transcript><audio_93>at undergrad or postgrad level in terms of uh the combination of that with data skills and learning to uh code is is very useful i would say in economics whether undergrad or postgrad</transcript><transcript><audio_94>there's such a huge range of what people end up doing i mean from my time uh many years ago now like 30 years ago actually this 91 we graduated 30 years ago my my kind of student colleagues are all over the world doing all sorts of</transcript><transcript><audio_95>different uh occupations so it really uh has many pathways and then of course going back to further education there's also different professional qualifications of course many people with an economic background might</transcript><transcript><audio_96>go into accountancy or or another interesting one is law so the combination of economics and law can be very powerful as well so david i don't know if that answers your your question i would say for phd</transcript> along the way that's basically the foundation for a lot of what any big data firm does so whether it's amazon google facebook they all hire a lot of economists these days and then second also the actual microeconomics working out pricing demand and supply is very important for coding you know uh algorithms of different types you know so so the kind of big data world economics is a very good entry point into that um so i would say you know if you are studying economics at undergrad or postgrad level in terms of uh the combination of that with data skills and learning to uh code is is very useful i would say in economics whether undergrad or postgrad there's such a huge range of what people end up doing i mean from my time uh many years ago now like 30 years ago actually this 91 we graduated 30 years ago my my kind of student colleagues are all over the world doing all sorts of different uh occupations so it really uh has many pathways and then of course going back to further education there's also different professional qualifications of course many people with an economic background might go into accountancy or or another interesting one is law so the combination of economics and law can be very powerful as well so david i don't know if that answers your your question i would say for phd

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_97>um it takes a while so you really want to love the subject so see you need to have a vocational uh love for for your subject whereas for a master's degree it can be more calculated because the extent only takes a year</transcript><transcript><audio_98>or two years depending on the course um um i do know the global data show a master's degree has a high rate return um going from a master's degree to a phd that's not so clear see you'd want to love actually the</transcript><transcript><audio_99>knowledge and the kind of sense of satisfaction from doing a phd as opposed to trying to think it's going to maximize your your monetary income um and then maybe that point is with all of these</transcript> um it takes a while so you really want to love the subject so see you need to have a vocational uh love for for your subject whereas for a master's degree it can be more calculated because the extent only takes a year or two years depending on the course um um i do know the global data show a master's degree has a high rate return um going from a master's degree to a phd that's not so clear see you'd want to love actually the knowledge and the kind of sense of satisfaction from doing a phd as opposed to trying to think it's going to maximize your your monetary income um and then maybe that point is with all of these

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_100>uh if the opportunity comes up to do your masters overseas having that especially if coming from a small country like ireland again not so much immediately but 10 years from now 20 years from now having international experience of some</transcript><transcript><audio_101>sort is extremely helpful especially uh when uh we where we live in a very small country so so i hope that answers to something to some extent yeah it certainly does thank you that</transcript> uh if the opportunity comes up to do your masters overseas having that especially if coming from a small country like ireland again not so much immediately but 10 years from now 20 years from now having international experience of some sort is extremely helpful especially uh when uh we where we live in a very small country so so i hope that answers to something to some extent yeah it certainly does thank you that

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_102>there's a certainly a return on investment for a master's degree anyways is it it's how it's leading right okay that's that's perfect that's all our questions and i think we're kind of wrapping up perfectly just just good so i mean again it's a pity</transcript><transcript><audio_103>but of course that's the world we're in at that we couldn't do this in person but but exactly um thank you so much yeah if we get the opportunity next year we'll we'd love to have you in even just to physically present you the</transcript><transcript><audio_104>award yeah yeah okay we can do that yeah yeah hopefully james do you want tuna take it away uh yeah i was just gonna exactly say what david was mentioning there obviously we would love to have you in and presented in front of the student domain but</transcript> there's a certainly a return on investment for a master's degree anyways is it it's how it's leading right okay that's that's perfect that's all our questions and i think we're kind of wrapping up perfectly just just good so i mean again it's a pity but of course that's the world we're in at that we couldn't do this in person but but exactly um thank you so much yeah if we get the opportunity next year we'll we'd love to have you in even just to physically present you the award yeah yeah okay we can do that yeah yeah hopefully james do you want tuna take it away uh yeah i was just gonna exactly say what david was mentioning there obviously we would love to have you in and presented in front of the student domain but

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_105>clearly we're still all glued to our laptops at home so nothing's changed in the past year but hopefully anyway we can get it presented to you next year or hopefully sooner anyway but thanks so much for joining us today philip um we really appreciate your time</transcript><transcript><audio_106>okay thank you so much okay good morning</transcript> clearly we're still all glued to our laptops at home so nothing's changed in the past year but hopefully anyway we can get it presented to you next year or hopefully sooner anyway but thanks so much for joining us today philip um we really appreciate your time okay thank you so much okay good morning

Introduction

Will austerity make a comeback

Will consumer spending rebound strongly

Role of ECB in funding member states

Irelands structural deficit

Brexit

Jamess question


<transcript><audio_0> ¡Muy bien!</transcript><caption><image_1>The image shows a man standing on a stage with a microphone in front of him. He is wearing a black suit and tie and appears to be speaking into the microphone. The background is black and there is a spotlight shining on him. On the left side of the image, there is text that reads "2015" and on the right side, there are two smaller images. The text on the image reads "Un tango a l'arte, raphaelisant et acide à la foie france culture".</caption> what else [Music]


<transcript><audio_4> Yep.</transcript> kisses [Music]


<caption><image_6>The image is a screenshot from a video. It shows a young woman with shoulder-length dark hair and bangs, wearing a black t-shirt. She is standing in a room with a window and a table in the background. The woman is looking directly at the camera with a surprised or shocked expression on her face. The text on the image reads "when writing a tango".</caption> thanks a subscription but [Applause] [Music] [Applause]


<caption><image_10>The image is a screenshot from a video interview. It shows a man with curly hair and glasses sitting in a living room. He is wearing a blue sweater and a white collared shirt. He has a serious expression on his face and is looking directly at the camera. In the background, there is a fireplace with a mirror above it and a vase with red flowers on the mantle. The text on the image reads "On the one hand, il pilene."</caption> of height the ticket does not wake him up [Music]


<video>
<image_12>The image is a portrait of an elderly man with white hair and glasses. He is standing in a room with a large window in the background. The man is wearing a black jacket and appears to be in his late 60s or early 70s. He has a serious expression on his face and is looking directly at the camera. The text on the image reads "Qui existe depuis 6 ou 7 ans, they've been together for 6 or 7 years." The text is in French and is attributed to Daniel Binelli.

<image_13>The image shows a man in a recording studio, wearing a pair of headphones and singing into a microphone. He appears to be in the middle of a song, with his mouth open and his eyes closed. The microphone is on the left side of the image, and the background is blurred. The man is wearing a black t-shirt and has short, dark hair. The text on the image reads "et qui interprete tres bienzo lago, they play tango very well".
</video>
<image_14>The image shows an elderly man with white hair and glasses standing in a modern office lobby. He is wearing a black jacket and appears to be in his 60s or 70s. He has a serious expression on his face and is looking directly at the camera. Behind him, there is a large window with a view of a city skyline. On the right side of the image, there are two red chairs and a desk with a computer monitor and other office supplies. The text on the image reads "ainisi que le répertoire qu'il's abordent: and the reporter they play as well."

<image_15>The image shows a group of people in a recording studio. There are three people in the image, two men and a woman, standing in front of a large screen with music notes on it. The woman is playing an accordion and the man on the right is wearing a white shirt. They appear to be engaged in a conversation. The background is blurred, but it seems like they are in a large room with a high ceiling and a large window. The image also has a caption that reads "et d'autres composéurs, don't cerritiques, and other composers, even a great musical composer."
 this is really a huge satisfaction to be able to listen to this new whistling group that is six or seven years old and that plays tango very well and with great respect for the music of  Argentina I think this group is excellent and the repertoire it covers is not only traditional but there is music by Piazzolla and other composers, so I think that even some classical composers will have a lot of success [Music]


<caption><image_17>The image shows a man wearing black headphones in a recording studio. He is standing in front of a large metal speaker with a microphone attached to it. The man appears to be in the middle of a recording session, as he is looking towards the right side of the image. He has dark hair and is wearing a black t-shirt. The background shows a window and a white wall.</caption> the people are like that  guitar that once knew how to cheer up my sad hours [Music]


<video>
<image_19>The image shows a young woman playing the violin on a stage. She is wearing a red tank top and has long curly hair. The background is black and there is a microphone stand on the left side of the image. The woman is holding the violin with her right hand and her left hand is resting on the bow. She appears to be focused on playing the instrument. The image is accompanied by text that reads "Johann Sebastian Bach and unique research on our music".

<image_20>The image is a screenshot from a video interview. It shows a man, who appears to be in his late 40s or early 50s, with dark hair and a serious expression on his face. He is standing on a street at night, with buildings and streetlights visible in the background. The man is wearing a black jacket and a white shirt, and he is looking directly at the camera with a slight smile on his lips. The text on the image reads "And unique research on our music."
</video>
<image_21>The image is a screenshot from a video interview. It shows a man standing on a street at night, with a city street in the background. The man is wearing a black jacket and has dark hair. He is looking directly at the camera with a serious expression on his face. The text on the image reads "It's a shared joy to be a part of this adventure."
 the gestures whistling Sanskrit sent me an original business personal of north music ramon de jong kyun total is match Music] to [Music] [


<transcript><audio_0> बच्चों का फेवरेट गालिक ब्रेड की रेसिपी आपको बिदाउड इस्त बताओंगी कि हम कैसे बना सकते हैं और ये बहुत ही अच्छा बनता है और बहुत ही टेस्टी होता है</transcript><video>
<image_1>The image shows a loaf of bread on a white cutting board. The bread appears to be freshly baked and has a golden brown crust with small flecks of herbs and spices scattered throughout. The edges of the bread are slightly curled, indicating that it has been cut in half. The background is plain white, making the bread the focal point of the image. The text on the image reads "Made with KINEMASTER".

<image_2>The image shows a close-up of a freshly baked loaf of bread. The bread appears to be golden brown in color and has a slightly crumbly texture. The top of the bread is covered in a layer of black sesame seeds, which are visible on the surface. A person's hand is visible in the top right corner of the image, holding the bread and pressing down on it. The background is white, making the bread stand out.

<image_3>The image shows a close-up of a freshly baked bread roll. The bread roll is golden brown in color and appears to be soft and fluffy. It is cut in half, revealing the filling inside. The filling is a creamy white color and is oozing out of the sides of the roll. There are small bits of herbs and spices scattered throughout the roll, adding a pop of color. The roll is resting on a white surface, and there is a person's hand visible in the top right corner of the image.
</video>
<image_4>The image shows a round, golden-brown bread on a blue and white plate with a floral pattern. The bread appears to be freshly baked and has a crumbly texture. It is resting on a wooden cutting board with a knife and fork on the right side of the plate. The background is blurred, but it seems to be a kitchen countertop.
<transcript><audio_5> पुष्पलता किचन को सब्सक्राइब</transcript>
<image_6>The image is a close-up of a woman's face. She appears to be in her late 30s or early 40s, with dark hair and pink lipstick. She is wearing a blue blouse with a floral pattern and a necklace. The background is a pink wall with a mural of princesses and unicorns. The woman is looking off to the side with a serious expression on her face.
<transcript><audio_7> आपको सबसे पहले मिले जब भी मैं कोई न्यू रेसिपी डालूं और जो वीडियो के नीचे लाइक का बटन होता है उसको जरूर क्लिक किया करें और चैनल को सब्सक्राइब करना बिल्कुल</transcript>
<image_8>The image shows a yellow plastic bowl with a green spoon in it. Inside the bowl, there is a white substance, which appears to be a mixture of milk and sugar. The person's hand is visible on the right side of the image, holding the spoon. The background is dark, making the yellow bowl and the green spoon stand out. The text on the image reads "Made with KINEMASTER".
<transcript><audio_9> बालिक ब्रेड बनाने के लिए यहां पर हमें लेना है कर्ड कर्ड हम थ्री स्पून लेंगे और स्पून आप कोई भी यूज कर सकते हैं और यहां पर मैंने लिया है यह बेकिंग सोडा और बेकिंग पाउडर यहां पर मैंने लिया है और बन और हाफ लिया</transcript> Hello friends, today I am going to share with you the recipe of children's favorite garlic bread and I will tell you without saying how we can make it and it turns out very good and is very tasty and is a very favorite of children.  It is a favorite of children or adults also, everyone likes it very much and now we have long gowns so we cannot go out, so you can make Ghalib plate and feed it to your children at home, so let me tell you how to make it. Friends welcome.  Back to my channel, do subscribe so that you get the notification first of all, there is a like button below the recipe and video. Do do that and do not forget to subscribe to the channel. So, let's make today's recipe here, we will fry and some  You can also use and here I have taken this baking soda and baking powder, here I have taken and one and half,