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Speaker 1: Ross was not in hand, Jackson Brown was not in hand. But Maria today, I was playing careful attention when we heard from the Cattle On Leader today as well as Katy Colin from the Brooking Institution. Real, let me start with you and get us get us the news from what we got to that speech, obviously, it seems like they tapped the brakes at least a little bit on this exit. Absolutely, and you can tell whether the market feels a sense of relief because we didn't get that feard unilateral declaration even attended. Essentially, what we got was the cattle and Regional President Carlos pitched him on saying the referend and that took place again the fanantic sire key illegal referend and that took plate we think was actually valid and we accept the mandate. However, we're going to suspend the process that would create an independent cattle in republic. So he definitely backtracked on it. It wasn't that Beard, you in a lateral declaration that would take place in forty eight hours, and essentially it just takes us back to square one. This is a referendum of independence that nobody except for the Catalan administration recognizes its valid and the question now is what is Madrid gonna do? It's It will all depend on Madrid because essentially what we got here was put someone to backtrack and stepping back from the brink. I'm not going to pronounce an independent Catalan republic. I'm just gonna say the vote was valid, I accept the mandate, and I'm going to suspend anything that could take us to that republic to have talks with Madrid. Katie Colin, I want to bring you in over Brooking Institution, the Foreign policy program there on the phone from the nation's capital. Um. When you look at your Catalonian's kind of independence movement, where does this fit in? Is this just another step as they try to get more and more independent overall? Well? Catalonia, how have been trying to get more and more autonomy within spane Um for over ten years now, and Um, while this seems like we were on track for a unilateral declaration, as Maria was just saying, UM, I'm glad to see that they have steps back from that more forceful course and they're using this referendum the way they should be, which is to call for dialogue and call for negotiation. I'm really hopeful that the speech that we're waiting on tomorrow from Prime Minister of ahoy um response in kind, I think the ball is really in the Drid court now, Maria. Do we expect that there's have been some sort of negotiations behind the scenes here that's sort of allowing Madrid a little bit of wiggle room here to try to make to get this done. And and and Catalonia's basically saying, hey, well we're gonna work, We're not gonna make it look bad so we can get it done. Or or is there or is this are we? Is everything happening right in front of us? Okay, well two things for why will be in Congress tomorrow morning um well too more afternoon and actually for PM to kind of give his side as view of what he thinks it's happened here. But if you think this is enough to actually maybe lead to a referend and that's actually agreed on both sides, that's just not going to be the case. This government, the PP government under a WHOI, will never do that because they know that it will completely a leenate. It's conservative voters, so that's not going to happen. It will all depend on whether Madrid says, look, this is just unacceptable again. You know the government, what we're hearing now is that they think just the fact that he said, I've accepted this mandate, then we'll enact it. I'm just going to suspend it for a while we're talking. It's just taking it way too much over over the lines they the REACTU will obviously depend in Madrid. Within Madrid will seats as a start point to negotiations. It's very difficult to see how there's any room for any negotiations ever. Holy stays in power and put them on stays in power, because what we get is two leaders who completely disagree on everything. In Madrid will tell you to start up with this referendum was illegal, there's no mandate, it's not valid. Just get it through your head. This is not how we can do things. And just drop all of this now, right. But you know what's key here, it's it's what what is the study to put them on the coalition before we're getting down bar As alone is a lot of frustration from his heartliners and the base that really wanted a unilateral decoration of independence. Today, there's a lot of frustration here in Barcelona. You know, Katie, there are, though, um many people who in Catalonia who want to remain within Spain. Yet there were many who voted to succeed. So the tension that's got to be within that region, how is it best managed going forward? So I think there's only two paths going forward, and one of the negotiation. Any other is this continued amplification of these the force on both sides, um. And when I stay forth on the Catalan side, I mean really putting Madrid into a corner politically. And when I stay forth on the side, we're not talking. We're not talking about the Bosque region of the e t A. It's not going to come to that. Yeah, well, yeah, exactly exactly. Although I've been shocked at the force that Madrid used in Catalonia during the referendum. UM I would note that I think there are some positive signs. I think the speech by Switch the month today was very positive. There's a parliamentary study group that's been established in the Federal Parliament that I think is a possible way forward, and I'm hoping that the European Union is acting behind the scenes to move this along. UM. I agree with Maria that the joy and his party really come to power on the back of denying Catalonia independence and they have been one of the cause of the polarization we've seen in Catinoma. I would you know, we actually have to leave it there, but this is a conversation, no doubt will continue in the future. Are Maria today, oh reporter Bloomberg News on the phone from Barcelona, Katie Colin or thanks to her as well, postdoctoral fellow at Brookings Institution Foreign Policy Program. On the phone from the nation's capital. You're listening to Bloomberg Markets on this Tuesday. Carol Masster, Corey Johnson, and this is Bloomberg Radio.
Speaker 1: Ross was not in hand, Jackson Brown was not in hand. But Maria today, I was playing careful attention when we heard from the Cattle On Leader today as well as Katy Colin from the Brooking Institution. Real, let me start with you and get us get us the news from what we got to that speech, obviously, it seems like they tapped the brakes at least a little bit on this exit. Absolutely, and you can tell whether the market feels a sense of relief because we didn't get that feard unilateral declaration even attended. Essentially, what we got was the cattle and Regional President Carlos pitched him on saying the referend and that took place again the fanantic sire key illegal referend and that took plate we think was actually valid and we accept the mandate. However, we're going to suspend the process that would create an independent cattle in republic. So he definitely backtracked on it. It wasn't that Beard, you in a lateral declaration that would take place in forty eight hours, and essentially it just takes us back to square one. This is a referendum of independence that nobody except for the Catalan administration recognizes its valid and the question now is what is Madrid gonna do? It's It will all depend on Madrid because essentially what we got here was put someone to backtrack and stepping back from the brink. I'm not going to pronounce an independent Catalan republic. I'm just gonna say the vote was valid, I accept the mandate, and I'm going to suspend anything that could take us to that republic to have talks with Madrid. Katie Colin, I want to bring you in over Brooking Institution, the Foreign policy program there on the phone from the nation's capital. Um. When you look at your Catalonian's kind of independence movement, where does this fit in? Is this just another step as they try to get more and more independent overall? Well? Catalonia, how have been trying to get more and more autonomy within spane Um for over ten years now, and Um, while this seems like we were on track for a unilateral declaration, as Maria was just saying, UM, I'm glad to see that they have steps back from that more forceful course and they're using this referendum the way they should be, which is to call for dialogue and call for negotiation. I'm really hopeful that the speech that we're waiting on tomorrow from Prime Minister of ahoy um response in kind, I think the ball is really in the Drid court now, Maria. Do we expect that there's have been some sort of negotiations behind the scenes here that's sort of allowing Madrid a little bit of wiggle room here to try to make to get this done. And and and Catalonia's basically saying, hey, well we're gonna work, We're not gonna make it look bad so we can get it done. Or or is there or is this are we? Is everything happening right in front of us? Okay, well two things for why will be in Congress tomorrow morning um well too more afternoon and actually for PM to kind of give his side as view of what he thinks it's happened here. But if you think this is enough to actually maybe lead to a referend and that's actually agreed on both sides, that's just not going to be the case. This government, the PP government under a WHOI, will never do that because they know that it will completely a leenate. It's conservative voters, so that's not going to happen. It will all depend on whether Madrid says, look, this is just unacceptable again. You know the government, what we're hearing now is that they think just the fact that he said, I've accepted this mandate, then we'll enact it. I'm just going to suspend it for a while we're talking. It's just taking it way too much over over the lines they the REACTU will obviously depend in Madrid. Within Madrid will seats as a start point to negotiations. It's very difficult to see how there's any room for any negotiations ever. Holy stays in power and put them on stays in power, because what we get is two leaders who completely disagree on everything. In Madrid will tell you to start up with this referendum was illegal, there's no mandate, it's not valid. Just get it through your head. This is not how we can do things. And just drop all of this now, right. But you know what's key here, it's it's what what is the study to put them on the coalition before we're getting down bar As alone is a lot of frustration from his heartliners and the base that really wanted a unilateral decoration of independence. Today, there's a lot of frustration here in Barcelona. You know, Katie, there are, though, um many people who in Catalonia who want to remain within Spain. Yet there were many who voted to succeed. So the tension that's got to be within that region, how is it best managed going forward? So I think there's only two paths going forward, and one of the negotiation. Any other is this continued amplification of these the force on both sides, um. And when I stay forth on the Catalan side, I mean really putting Madrid into a corner politically. And when I stay forth on the side, we're not talking. We're not talking about the Bosque region of the e t A. It's not going to come to that. Yeah, well, yeah, exactly exactly. Although I've been shocked at the force that Madrid used in Catalonia during the referendum. UM I would note that I think there are some positive signs. I think the speech by Switch the month today was very positive. There's a parliamentary study group that's been established in the Federal Parliament that I think is a possible way forward, and I'm hoping that the European Union is acting behind the scenes to move this along. UM. I agree with Maria that the joy and his party really come to power on the back of denying Catalonia independence and they have been one of the cause of the polarization we've seen in Catinoma. I would you know, we actually have to leave it there, but this is a conversation, no doubt will continue in the future. Are Maria today, oh reporter Bloomberg News on the phone from Barcelona, Katie Colin or thanks to her as well, postdoctoral fellow at Brookings Institution Foreign Policy Program. On the phone from the nation's capital. You're listening to Bloomberg Markets on this Tuesday. Carol Masster, Corey Johnson, and this is Bloomberg Radio.
