So, welcome to today's IIEA webinar entitled Combat in Crisis, the EU's response to the COVID-19 pandemic with our speaker, Sean Berrigan, Director General of DGFISMA, the European Commission and the highest ranking Irish civil servant in the Commission. This event is part of our future of the EU 27 supported by the Department of Foreign Affairs and Trade. The webinar is also jointly organised with the European Commission representation in Ireland. We'd encourage attendees to tweet using the handle at IIEA during the event and during the Q&A. The hashtag is hashtag FO EU 27. The address in the Q&A will be on the record. And just before we go, let me give a brief introduction of our speaker. Sean Berrigan was appointed Director General of DGFISMA in March 2020. Before assuming his current role, he served as Deputy Director General and Director for Financial Systems Surveillance and Crisis Management in DGFISMA from 2000 to 2014. He worked in the Director General for Economic and Financial Affairs, first as Head of Unit for Financial Markets and Financial Intermediaries, and then as Director for Financial Stability and Monetary Affairs. Sean, over to you. Thank you. Well, thank you very much, Dan, and good afternoon, ladies and gentlemen. Thanks a lot to the IEA for the invitation to participate in this webinar. I hope everybody online is keeping well in what are, of course, very difficult times. I think it would have been nice to meet you all in person. I have not been to the IEA for a while, but I guess we're all having to adjust to a kind of new way of doing business during this period of confinement. On the other hand, I must say it's very reassuring that even a non-techie like me, I can tell you I'm a truly non-techie, is still able to engage in outreach through the wonders of modern communications. Now, today I want to speak about some economic aspects of COVID-19 crisis. Of course, this is first and foremost a health crisis. Sometimes it seems almost trivial to be discussing GDP figures alongside reports of a sort of human tragedy that's unfolding across the world. But we have to be clear that managing the pandemic will come at a major economic cost, and that there is a potential for very deep and long-lasting scars on the productive capacity of the global economy. And in this regard, I think the EU and indeed the Irish economies are no exceptions. So in my remarks today, I would like to discuss the EU strategy for managing the economic aspects of the COVID-19 crisis. Now, this strategy involves actions, of course, both at national and EU levels. But as you might expect, I will focus mainly on the EU level actions in this strategy. I want to discuss the EU level economic strategy in terms of two distinct phases of the crisis. The first and what I would call the more acute phase of the crisis reflects the economic impact of widespread confinement measures. These are things that we have been experiencing for the past several weeks. But the next phase of the crisis will come as the confinement measures are eased progressively, and that is hopefully without the need for a new introduction later on. And this phase will involve a process of economic repair and recovery, and it could last for several years to come. And then finally, given my own specific responsibilities with the permission, I want to say just a few words about the financial system. And here I'll speak of how the financial system has functioned during the acute phase of the crisis and how it will have a very key role to play in the phase of recovery and repair. But let me begin by discussing the acute phase of the crisis, and which, as I said, has been characterized by widespread confinement measures, or the so-called lockdowns. Now, from an EU perspective and indeed from a global perspective, the economic impact of the COVID-19 pandemic has taken the form of what we would call in economic terms an exogenous symmetric shock. It's exogenous because it can't be traced to specific economic policy areas or errors, I should say, either at national or EU levels. And it's symmetric because it has impacted all the member states in pretty much the same way, albeit with somewhat different timelines. And this exogenous and symmetric nature of the shock makes it very different, I think, from the great financial crisis of 2008 and 2009. That crisis clearly originated in policy errors at national and EU levels in the preceding years, and that crisis evolved very differently across the member states of the union. But these differences don't mean, of course, that there are no lessons we can learn from the great financial crisis. There are many, notably relating to how to act early, how to respond decisively, and how to communicate clearly across the crisis. And many of those lessons apply equally in the crisis today. And I think they have been learned to varying degrees. But I think in other respects, the two crises are different and therefore warrant very different policy responses and some new thinking is required. Now, the Commission has not yet published its spring economic forecast, but the indications aren't that good if we look at the forecasts recently published by other international institutions. It's clear that we face an economic recession of unprecedented severity in more than a century. Not even during the world wars and the depression in the intervening years have we seen such a sharp deceleration in economic activity. If we take the IMF WAO forecasts, they are predicting a decline of about 7.5% in euro area GDP in 2020. And that's in the context of an unprecedented decline of 3% in world output. Now, there's a rebound of 4.7% predicted for 2021 in the euro area GDP. But I think if you read the real texts carefully, they reveal many and indeed only downside risks to this rebound. So this forecast of an unprecedented decline in economic activity and rather uncertain recovery already takes account of the massive public policy responses at least in weeks. And without this response, of course, the economy will be a lot worse. So what exactly has been the strategy underlying this massive public policy response? Well, the underlying strategy at both national and EU levels has been to inject liquidity into the real economy. And the objective of this liquidity injection has been to allow non-financial corporates and households to bridge cash flow problems amid the period of confinement when, of course, economic activity has largely come to a standstill. In the EU, the banking system has played a key role in implementing this liquidity injection strategy. It has this role because the banking system remains the main conduit for channeling credit into the economy. Despite my best efforts in recent years to build the Capital Markets Union, the banking system remains the main channel of liquidity flow to the economy. Fortunately for us, the overhaul of the potential framework for banks after the great financial crisis has left banks in a sufficiently robust condition to play this role. But I think we cannot just take that resilience for granted. And I want to come back to that a little bit later in my final point. But this strategy to inject liquidity into the real economy has had several elements. First, central banks, the ECB for the Euro Area and Ireland, have made available substantial amounts of low-cost liquidity via the long-term refinancing operations and the targeted long-term refinancing operations. At the same time, the ECB has eased strains in the functioning of the wider financial system via a massive new asset purchase program, the Pandemic Emergency Purchase Program of PEP. The PEP is not only large in size, but it has the capacity to respond more flexibly to financial market developments than previous facilities. Secondly, supervisors, the ECB SSM for the Banking Union and for Ireland, have provided capital and operational relief to banks. This relief has created room within the balance sheets of banks and released staff resources so that they can onlend the liquidity that's been provided to them from the central bank. Thirdly, the supervisors and the commission have taken steps to provide regulatory relief to the banks. This regulatory relief involves exploiting flexibility within the existing framework and a limited number of targeted and temporary amendments to the framework. And yesterday, you will have seen that the commission adopted a package of proposals for such amendments to the potential framework for banks. And these proposals will hopefully now be agreed by the Member States and the European Parliament in a swift co-legislation process. Fourthly and very importantly, of course, national governments have taken significant fiscal measures to inject liquidity into the economy. For example, via short-term unemployment payments, tax deferrals, et cetera. In addition to this, the measures have been taken by governments to improve the capacity of bank clients to support additional credit. For example, via debt servicing moratorium and state guarantees. So all of these things have come together to combine in a strategy that injects liquidity into the real economy to get through this period of economic interruption. Now I should, as a commission official, of course, point out that mission has also played a wider role in the secured phase in the crisis. It has escalated the massive fiscal policy action at national level by temporarily relaxing the rules of disability and growth act and the state aid framework. It has mobilized the EU budget and the EIB to provide up to 8 billion of working capital for SMEs and to redirect 37 billion in cohesion funding towards crisis response efforts. It has brought forward a proposal on unemployment and reinsurance from member states, this so-called SURE instrument. And SURE involves up to 100 billion in loans and 25 billion in guarantees. And lastly, the commission has taken a range of other measures from boosting expenditure in the health care field to creating the first ever EU stockpile of medical equipment, co-financing flights to repatriate EU nationals and providing support to partners, countries outside of the EU. So we've been engaged in a full range of activities with the means we have available to us. Now we've been only able to do this because we can rely on long-term budget. Of course, the available resources have been depleted because we are now reaching the end of the 2014-2020 budget period. But let's be clear that without the EU budget, none of the actions by the commission would have been possible. And I want to return to this issue of the budget a little bit later because it is quite important. So this is the acute phase. The phase we're going through now, we're in confinement, whereas a sharp interruption in activity and we're trying to use liquidity to get cash flow businesses, cash flow, cash flow constrained businesses and cash flow constrained households through this gap and into the next phase when we can start to recovery. All these various responses I have listed are now being implemented, implemented now quite swiftly. And I hope that they will limit the worst effects of this confinement period. But when we begin and we are now beginning to think about the post-confinement world, we have to start thinking about the process of economic repair and recovery longer term. We have seen, thankfully, in most parts of Europe now that transmission rates of the virus have begun to moderate. There can, of course, be no complacency here in relation to the pandemic. But as I said, policymakers are now beginning to turn their attention to strategies for existing confinement measures and then beginning this process of repair and recovery. Now, given the depth of the likely economic recession, this process of repair and recovery is going to be challenging. I think the earlier hopes that the economy might somehow spring back from the confinement period, like some kind of coil spring, well, I think they have all long since faded. So we expect the exit from confinement to be gradual. And so the pace of economic repair and recovery will be correspondingly moderate. The pace of recovery, I think, will also reflect the extent to which such a sharp recession induces not only kind of conjunctural pressures, but also structural changes in how the economy functions going forward. And it's hard to imagine, in fact, that deep scarfers and very permanent damage can be avoided. Now, undoubtedly, a further important fiscal effort will be required to push the EU economy back onto its pre-crisis path. This will require additional government assistance for various sectors of the economy. And these measures must address not only the economic, but also the social consequences of the crisis. And for the EU, of course, this repair and recovery phase brings very specific challenges. I said earlier that the crisis has taken the form of a symmetric shock. But the reality is the capacity of member states to respond to that symmetric shock has not been and will not be the same. Indeed, some of the member states hard as hit by the COVID crisis have the least capacity to respond to it. And in that sense, the recovery from the crisis risks being quite asymmetric and could result in distortions of the living playing field and so hampered the effective functioning of the single market going forward. Now, this level playing field dimension to the crisis repair and recovery phase has, of course, ignited a debate about whether and how the union could have a collective fiscal response. This, of course, is not a new debate. We have had debates about mutual bond issuance going back to 2000. I know that because I was there when they started. And typically, that debate has focused on efficiency, typically weighing the permanent pros and cons of common debt issuance for the proper functioning of economic and monetary union. But in the context of the COVID-19 crisis, I think the debate has focused more on equity and the justification for a one-off collective issuance of debt as an act of solidarity among member states. While this is an old debate, and this old debate has acquired a new focus, it remains as complex as ever, I'm afraid. It raises highly sensitive issues about how the EU should function and the trade-offs between what might be justifiable solidarity, but also what is necessarily fiscal discipline. And many of those who would support a common response to the COVID-19 crisis at the same time would worry that such a response could result in a permanent change in how the union functions. Now, all that being said, the risks of the level playing field from an asymmetric economic recovery are indisputable. And with that in mind, important steps towards a collective EU response have already been taken. Many of you will be aware of a Eurogroup report which was presented to heads of state and government last week. And that report lists a series of measures that collectively add up to a possible 500 billion euros. And that collective response is likely to go further. The European Council has mandated the commission to explore design options, excuse me, for an EU recovery fund. This recovery fund should reflect, and I quote the conclusions, a coordinated exit strategy, a comprehensive recovery plan, and unprecedented investment. Now, internal analysis within the commission is ongoing. We have been given this mandate. I know you'll probably be disappointed, but it's a bit too early for me to go into any detail on that now. But I think the Eurogroup has given a clue by concluding that the next EU multi-annual financial framework, which is the EU budget, will play a central role in the economic recovery. The Commission President von der Leyen has also made it clear that the EU will need massive investment in the form of a Marshall Plan for Euro, and that a powerful new EU budget should be at the heart of any such effort. So the commission will therefore propose targeted and ambitious changes to its proposal for the next EU long-term budget. And we're currently studying the different options, and we will come forward with proposals on that quite soon. But I cannot go further than that now, I'm afraid. But before I conclude on this point of repair and recovery, I just want to say a few words about how any recovery plan should fit with the existing policy priorities of the EU. Because not unexpectedly, a debate has started in some quarters, suggesting a potential trade-off between measures to promote short-term economic recovery and longer-term sustainable economic development in the EU. This is a sort of speed versus sustainability discussion. And according to some commentators, responding to the COVID-19 crisis should take priority over all other policy objectives. For these commentators, the EU's other priorities, notably the so-called twin transitions to a sustainable and digitalized economy, should be put on ice. And we focus only on quick recovery from the COVID crisis. Now, we in the Commission don't agree with that. We do not see a trade-off really between the speed and the sustainability of public recovery. Now, I'm sure, like me, many of you get tired of hearing these old cliches that every crisis is not only a challenge, but it's an opportunity. I've lived through three major crises now, and I accept the opportunity, but I also see disadvantages. But the reality is that this crisis not only presents an opportunity to rebuild the economy on a more sustainable and digitalized basis, I think it's actually essential that we do so. Because today, you know, we are required to heed the advice of medical science in handling the catastrophe of the pandemic. I think this is highly appropriate. But in the same way, we must heed the advice of climate science in handling the catastrophe of global warming. And unfortunately, the climate science tells us that 2050 is not a deadline that we can postpone for a year or two or three or four like we can with regulatory deadlines like Basel 3.5, for example. If we don't achieve carbon neutrality by 2050, the scientists tell us that we will be too late to avoid a climate catastrophe, and we're already struggling to keep up with that deadline. So I don't think that is something we can simply postpone for a later day. And similarly, there's one thing that confinement has taught us. It's the power of digitalization. You know, entire financial markets, traders, investors, infrastructures, providers, supervisors, are functioning on a predominantly remote basis today. There's also evidence of a surge in online shopping that I think is likely to accelerate dramatically the previous trend away from physical retail activity for shopping. So I think the direction in terms of digitalization is also pretty clear. But it should be noted that most of the new technologies that we're using, I think perhaps also the technology we're using today, belong to suppliers from outside the EU. So the EU is to be a powerful sovereign economic force in the future. It's essential that we also embrace the opportunities of a new digital era with the same vigor as our main trading partners. So again, we in the commission don't believe that the digitalization agenda is something we can simply postpone while we focus on what are called more important parts of the COVID recovery strategy. So to sum up on this point, if we are to have a strategy for repair and recovery for the EU economy post crisis, why should that should not be smart? That is promoting not only recovery, but also the trend transitions to a sustainable and digitalized economy. So before I conclude my remarks, I have looked at the Q'd phase. I've now looked at what we see as coming forward as a repair phase. I just want to conclude with a few remarks on the role of the financial system amid the crisis. And here again, there are sort of two aspects to consider. The first is how the financial system has been impacted by the Q'd phase of the crisis and how it has responded to that impact. And then secondly, what the role of the financial system will be in the next phase in this repair and recovery phase. Now as I said earlier, clearly the reform of the financial regulatory framework in the years following the great financial crisis has paid off. In particular, the banking sector still the most important part of the EU financial system entered the COVID-19 crisis in much more resilient shape than back in 2008-9. We have bank capital ratios that are higher. We have leverages that is lower. We have reliance on short-term liquidity which is now fully contained. And all of this has allowed the banks to act as an effective conduit for injecting liquidity into the real economy. So as I said, to assist solvent with cash flow constrained companies and households. The wider financial system has experienced, I think, greater stress, to be honest, in this acute phase. I think the precipitous drop in global equity prices captured all the headlines, but there were also historically high activity volumes and volatility in other parts of the market as well. And from our ongoing contacts with market participants, we've been reassured that for the very most part, the financial system which stood the pressure pretty well. Of course, central bank actions were decisive in calming investor sentiment. But again, I think the prudential reforms, the regulatory reforms that we put in place over the last 10 years have paid off here as well. And so all of this allows me to annoy you with another overuse cliche. And that is that this time, the financial system was part of the solution rather than part of the problem. It's an annoying type of cliche, but it is true. And we are clearly not facing a situation today where the financial system is at the epicenter of the crisis. And looking forward, the financial system will play a vital role in the phase of economic repair and recovery, but it will also have challenges of its own in that phase. So as we enter the next phase, EU banks will be expected to play their traditional role of financing viable economic activity. And the targeted amendments that we are making to the prudential framework and have already made will help, I think, in this regard. But we will need to strike an appropriate balance, I think, between using the flexibility within the regulatory framework to support bank lending but not taking unjustifiable risks with the very resilience that the banks have constructed since the last crisis and which has served us well so far in this crisis. Now, EU banks may be more resilient than they were 10 years ago, but they face an economic outlook that is amongst the most challenging in a century, as I've said, and many of these banks face challenges with low profitability and variable asset quality going into the crisis. So this need to preserve resilience in our banking system is one reason why I think we will also need to rely on other parts of the financial market to finance the economic recovery. I should also add that the recovery phase will probably be less about preserving liquidity and more about reinforcing solvency. So this suggests the need for more equity than debt, again pointing to a greater role for non-bank financial states of financing the recovery. At the moment, many of these non-financial bank actors are on the sidelines in so-called risk-off mode, although the recovery in global equity prices has been impressive if not entirely understandable. This risk-off mode is not so surprising, I think, because face such uncertainty about the depth of recession, the pace of lifting confinement measures, and the shape of the economic recovery, its risk aversion is to be expected. But as this uncertainty eases in the coming months, we can expect investors to begin the process of reinvestment. And in this process, they will seek to distinguish among economic sectors and companies within sectors that will have the best chance of recovery. And it's important that their investment decisions are somehow consistent with public policy access in promoting recovery. That's why the Commission has just announced proposals for dialogue with the industry that you saw that in the communication yesterday in the executive vice president announced it in his press conference. And I think given the scale of the task and the finite means of public support, the need for a coordinated public-private response is pretty obvious. So I think I've spoken now for about 25 minutes, so I will close by simply recalling the scale of the crisis and the challenge presented by responding to that crisis. We have not faced such a sharp contraction in activity in any of our lifetimes. Of course, the crisis is primarily a health crisis, as I said, and health considerations must take priority. But managing the economic aspects of the crisis cannot come too far below that list in terms of priorities. So for the EU, managing the economic aspects of the crisis is a major challenge. It's a challenge not only in terms of scale, but also in terms of coordination and, as I said, collective response. Member States have different capacities to respond, and these differences are a potential threat to the economic and social cohesion of the union. Well, the first elements of a coordinated collective response have already been delivered by the Eurogroup, and the commission has been asked, as I said, to develop that collective response for that. So I think we can say more about that going forward, but I think the EU will again rise to the economic challenge of the crisis and hopefully will put the economy back on a path not just of strong, but also of sustainable and digitalized development. So with that down, I think I'll stop here and hand over the questions. Thank you very much for your attention. Thank you. That was great. Just to let the 222 participants here know there are a lot of questions coming in. If you want to get one in, get it in early and use the Q&A function, not the chat function, please. It's just very difficult to follow two sets of questions coming in. Q&A function at the bottom of your screen. So kick off, Sean, Terry Neal, a board member of the Institute, makes a point and asks the question. He heard a Swedish epidemiologist this morning say that Sweden's approach has already been vindicated. Now, we're not here to talk about the medical side of things, but as someone who clearly keeps an eye on all the member state economies, do you see any specifically around Sweden? Do you see it appearing, its economy appearing to do less badly than others and any other observations you might make about how different member states economies are adapting to this shock? Well, as you said, I'm not a medical expert epidemiologist either. And I think what I'm told is we have to wait for a bit longer to see to what extent the various different approaches actually work out in terms of numbers, in terms of effects. I can imagine that because the Swedish economy has had a less lean lockdown than others, it is performing better than others at this time. But that's not so much a function of the virus, but more a function of the differential response to the virus. Most member states have taken more, how would I say, stringent confinement measures. But the issue there is those measures have tended to reflect the extent of the crisis. So you'll see in countries like Italy and Spain, there have been very, very stringent lockdowns. Then as you move up north, you see various levels of approaches. I think when I speak in terms of capacity, it is not so much the capacity to manage confinement. I think the real problem is how you're going to control the economic dimension into confinement. And whether or not on the way out, different countries will have different capacities, particularly in fiscal space to manage the recovery and to promote the recovery. And clearly, although this was a symmetric shock, member states entered the shock in different positions in terms of their fiscal capacities. Not just measured in terms of budget deficits and GDP ratios, but just the size of the state, sophistication of the state, the links of the state to the rest of the economy. So it is clear that some member states will have a greater capacity to publicly promote recovery than others. And that could lead, as I said, to friction within an unknown level playing field in the single market. And so the discussion of a collective response through the Eurogroup, but also through what the commission has been asked to do, is to some extent, to address those differences and make sure that those divergence are limited to an extent where they don't interfere with the functioning of a single market in a sort of durable way. Thank you. A question from Uno Dwyer asks, you probably want to speculate about this, but she asks, what's the probability? What are the chances of a significant increase in the EU budget from 1% of GNI of gross national income? And where were the resources? So she's interested on the tax side. Where do you think is the most likely area for increased resources if there is a decision on a significantly bigger EU budget, wherever they come from? I mean, I really would prefer not to speculate because interesting enough, the closer you get to the final point, the less you can talk about these things.  The financing, I think you've already seen discussions about how it will be financed. I think it will not imply taxation, it would imply issuance. But all of this, as I said, is extremely fresh. We have been asked to think about it. We are thinking about it. We're trying to come up with design options, but really I'm not in a position to say too much about it now today. Okay, good. I'll lose you some. Yeah, no, that's understandable, but we've got to ask the questions anyway. EIB is the European Investment Bank, has been raised by Patrick Honen, former governor of the central bank of Ireland and Paul O'Brien. Not sure you mentioned the EIB. Any? I mentioned, yeah, I mean, they are part. I mentioned them explicitly in terms of what we have done in the last year, but maybe the eight billion available to the EIS, in fact, so the EIBG group, for them to use to online to SMEs. But of course, if you look at the Eurogroup report, you'll see the EIB also has a part to play in terms of a large guarantee program, again, mainly targeted towards helping SMEs get through the, first of all, the confinement phase and then also onward to recovery. So the EIB will be playing an important part in this. And I suppose both of those people who raised it in the context that if some countries decide to give their businesses bigger support, that will clearly have an impact on the level playing field across the single market. And for that reason, it would one go so far as to advocate that all business supports go via a European level, whether it's EIB or elsewhere, to ensure as much as possible that some countries can't seek to gain a competitive advantage. I think in a very pure world, that might be the way to go, but of course, that's not how it's happening. And I think, as I said at the beginning, that the response to the crisis is a bit a combination of European level and national level activity. And in that, in a sense, that's appropriate because a lot of things can be better done at national level than they can be done at European level. It is often better to be close to those receiving the aid than to be far away. So what we're thinking in the European response is not that we would replace national response, but that we would sort of equilibrate the differences between the different capacities for responding at the domestic levels. So in a very idealistic position, you might say, put everything to the European budget and they'll equalize it all. But I mean, that's simply not the way it's going to happen. What will happen is that there will be national responses and then the differences between those national responses will be somehow equilibrated using the EU level. So Peter Gunning, another member of the Institute, raises an issue, a related issue, the tourism sector. It's clearly going to be one of the most affected of all the sectors. State supports, he raises it specifically in the context of Southern European countries. Many of the Southern European countries are particularly reliant on tourism and therefore will be affected most. Widening the question out, do you have thoughts on which sectors may not, maybe that if the resources are limited, some sectors may be first in line for state aid to get them through this. Alternatively, are we looking at a tourism sector that is just going to downsize and therefore difficult decisions have to be made about limiting support to the tourism sector? Is that something that you've given consideration to? Well, I think a lot of people are thinking about this. We are, I mean, we have been asked, as you know, to do a needs assessment as well. I simply ask for a large amount of money. We have to expect where the need will be. So in that context, you have to look at not just the macro but also how those needs will stack up across sectors. This is also something which, by the way, is underway in the private sector. If you speak to private sector participants, they're also trying to work out, as I said, I mentioned a little bit in my remarks. They're trying to identify those sectors which will have different experiences of the crisis. So you'll have various types. So you'll have those that you take an immediate conjuncture on the hit. So you might take the restaurant sector, for example, but could be expected to rebound so long as normally, you know, when situation normalizes. There will be losses along the way, but the sector as a whole is not going to be structurally changed. People are still going to, when we get back to normal, are still going to want to eat out, are still going to want to have evenings and restaurants. Other sectors will not be softened at all. Think of that in initiatives, for example, if you can do it, they may look good. Then there are sectors where, you know, it has been brought to my attention commercial real estate, for example, where you may see structural changes because people have learned to work remotely and we may change their entire working patterns. I know in the commission where we're also thinking of the lessons we're going to draw from what has been an enforced experience of remote working, but actually it has been a not inefficient experience of remote working. So you can see other sectors. Aviation is a sector which will rebound, but the question is, will it rebound in the same way as it did before? So you have to sort of build different scenarios for different sectors. And tourism is one of those sectors which I think will have a big conjunctural impact because it's quite likely that tourism will be badly affected in the short term. But again, I would imagine that as soon as things get back to normal, people will want to again, you know, along the line will want to again to start traveling and go back to, I don't see, and this isn't my personal view, this is a structural change. I think people will want to go back to travel. Of course, it may be more expensive, but I still think tourism will recover, but of course it may take a hit in the short term. Yes. And then when you put all that together, then you'll have to decide from a sort of public policy point of view which of the sectors which are most strategically important in terms of systems, and then try of course to see also those sectors in which the market will come back. Because the market, as I said, will want to reinvest, and it'll be also looking at those sectors, trying to identify the ones that are most profitable going forward. And I think there is a need, not for a tight coordination, but certainly for some in a sort of game theoretical way, it'll be very important for the private sector to know what the public sector is thinking and what the public sector to know what the private sector is thinking as we go forward, if we're to optimize this recovery. And just to follow up on that, as you survey across the member states the extent of government support for business, how big a range of difference do you find there? And just, it seems here in Ireland because of our experience of guaranteeing the banks 12 years ago, that there's a greater reluctance here to give business supports because of the bad experience around that. Just interesting if you have a general view of the surveying across the 27 or the age in Ireland in particular. Yeah, it does differ. In two to X, one in two different sides, some countries have put on the table more in terms of the amount of public support. Another member states have put on as something needs to come about it. What is interesting is that if you take the differences in approach, so for example, the use of state guarantees or the use of legislative moratorium, what has been interesting is that when we introduced these things into the regulatory framework and we thought, how are they going to be treated? The interesting thing is that the regulatory treatment of a moratorium, for example, whether it's public or it's private, is determined not so much whether it's public or private, but whether it's sector-wide. So even though some member states have decided to have state-legislated moratorium, and others have just encouraged the banks to engage in their own private moratorium, so long as they're sector-wide, their treatment is the same. Similarly with public guarantees, the treatment of expected losses brought in the same under the regulation. So there have been different approaches. There have been different scales. They are big in some cases, but that reflects, and it isn't the sort of one-to-one sort of countries who have weak fiscal positions are not doing it, and those with strong fiscal positions are. The Netherlands, for example, has not used state guarantees, has not used state-legislated moratorium, but is fiscally very strong. So it has really been a choice among member states, I guess, reflecting what they think works for them, and the treatment in the regulatory framework has been brought in the same. Two sort of similar type questions, one from Kieran Spelan and another from Angela Black, in terms of citizens' expectations of what the EU can do and whether it may be perceived as too sexual-focused rather than citizen-focused. Do you have any thoughts on how this could be perceived, that there could be an over-embrace, and which I think has already happened in some countries, that there has been an expectation that the EU would do more than it could possibly do, given that health and welfare are the main levers so far, and they're at a national level rather than EU level? Well, I mean, this is an excuse for me to moment a bit, but I do see times the EU is held to higher standards than is justifiable, a lot of things. I will come back to your questions on citizenship, but I mean, if you think about, you know, the sort of criticism that has been made of the lack of coordination in Europe, if you look then across to the United States or even if you look at the United Kingdom where you have different behavior at the bone levels of government, these are much tighter unions than us. I think all of these more federalized structures, perhaps with the exception of Germany, have had their difficulties in managing the process in a coordinated way. I also think, I often think the EU is held to, you know, a really much higher standard than, and perhaps is justifiable. Similarly here, in terms of the citizens, I mean, this is a fair point. I think the idea in looking sexually will not be to look at the industry, but will be to look at things like employment, for example. And I guess employment is important to the citizens. So the idea will be to have a recovery which is as job-rich as possible. I think although the focus may be on identifying those sectors that can deliver the jobs, the ultimate benefit will be to the job holder and therefore to the citizens. So I think, you know, there's no inconsistency in looking at sectors and having a citizen-based approach. It's not for me anyway. Okay, Michael Tutty, again, a member of the Institute, wonders whether the stability pact is effectively suspended for good or what sort of timeframe do you see? No, it's not suspended for good. And as you know, there's always been this general escape clause inside the pact. It's been there for quite some time since the last crisis. We did not trigger it in the last crisis. But this time it was considered, the shock was considered of such a scale and such a sort of generalized nature that it was justified to use it. Similarly, we have suspended a lot of the state aid rules in the forms of temporary framework. But the understanding of the member states in doing that, because as you can imagine, some member states had some reluctance around exactly the point Michael raises. But if we do it, can we get it back? But the understanding is that it will come back. And that even though we have this general escape clause, it's all the other parts, all the other parts of the SGP will continue to apply. We'll continue to go through the procedures. We'll continue to use all the instruments, the country-specific reports, the EU semester, et cetera, to still manage the public finances. All that we have done essentially is we have removed this one. What will it become? I think artificial constraints because the member states are being forced even to the ordinary stabilizers through some of these numbers, pro temp. But I wouldn't argue strongly that the SGP is not gone though. Okay. One from Pat Laudner from the funds industry, investors balance considerations of risk-returnal liquidity in the expectation of a persistent low interest rate environment and higher risks. How do you see the commission's role in the process of encouraging investors to get off the sidelines? Well, we have an experience in this. We already have some instruments like the investee, EU, et cetera, where we have worked with the private sector to help to de-risk certain sectors. So you can see this will essentially be the sort of logic which is to use the public money in a way that also encourages the private sector to come in. Absolutely right that the environment will be difficult for investors in the immediate post-crisis phase. It's also right to say that the amount of public money will not be unlimited. So I think it's very important that there is a sort of strategy which both the private sector and the public sector understand that strategy. And in that way through a sort of coordinated game or I don't use it with coordinated because it goes further than I mean. But by having dialogue and by understanding each other's concerns, I would hope that the public and private sector could work together sort of pull the economy out of the crisis and into recovery. And that's why, as I said that the vice president Don Broschus announced yesterday that he would want to have some dialogue with the industry just to understand their concerns and that they could understand ours as well. Okay. But I fully agree it's not going to be a great investment environment post-crisis and there will be a need for some jurisdiction. Okay. Kieran McGovern asks in a personal capacity about airlines and whether they may become like banks in the past, different regulatory requirements and hold different levels of capital. She puts, is that a possibility for the future of the airline industry? We, I won't speculate now. I mean, we have to see what happens. I'm not an expert in the airline industry. I would say I'm on the financial side. Clearly it's an industry which is being extremely happy now. And I think it's one of those industries where it's difficult to predict with accuracy the balance between what is a conjunctural effect and what is a structural effect. Sure. I mean, certainly if you ask people today, they will tell you they intend to travel less. But I am not sure in a year or two is time if you ask the same question, people will answer the same way. So this is one of the uncertainties and this is an uncertainty which exists for lots of seconds. Sulanya Maitra asks about the EU budget for research funding, research development and also the international aid budget. How do you think this is going to impact both of those? I think they are both priorities which will be a certain, the commission will want to preserve both of them. Research and development, obviously as I said, it fits into the EU priorities. We have argued all along that before COVID that the EU needed to become much more present in this field of top technology. It's a field where we're falling behind in fact when you compare to the United States or Asia. So that has to remain a priority and cannot be, in our view, cannot be somehow parked for four or five years while we focus on something else. So we have to keep that. And as for aid to our third country, so one of the interesting things about this is that the EU has increased its aid and has refocused its aid to its neighbouring countries and to the third world, emerging markets, et cetera, simply because we understand that you cannot solve the COVID crisis in Europe alone not in the United States and Europe. The only solution to the COVID crisis has to be global and in many other countries outside of Europe are in even much less favourable position, have much less capacity to address it than even we have in Europe. So again, this focus on helping our neighbours, helping the third countries remains very high. We've got another one from Peter McGuigan of the Banking and Payments Federation. He says, given the real prospect that EU banks will increase non-performing loans after payment moratoriums and the impact this could have on capital and interest rate perspective, would the commission be open to exploring, adopting a contemporary framework to deal with these MPLs? I think we'll have to see how the world evolves. I think we are conscious that there will be an increase in MPLs. I mean, some of those MPLs will have been, in some member states, will be covered by guarantees and will only be taken care of, but in other places, and even in those countries, there will be an increase in MPLs. And we are conscious of that. We have in the past worked on strategies for managing MPLs, as you know. Some of them were recently leaked in newspapers. But we will have to face that a little bit down the line. I think we are not yet in a point where we're working out how we're going to handle. And until we see what the extent of the problem is, then we will wait to discuss strategies there, I think. Okay, the drilling has started on the other side of the wall in my neighbour. So sorry if the noise comes through, I'll mute myself most of the time. Tom Ferris and Brian Daley of KPMG both asked about Brexit and whether or not we're faced with a double whammy or a second whammy at the end of the year, beginning of next year. Well, I think there, I could only refer you to public statements. I think the UK side has made it clear they don't want to deviate from the end of the year deadline for the kind of formal end of the transition period. So we can only operate within that. These negotiations, as you know, are continuing. They're continuing in remote form. So Mr. Barnier and Mr. Frost are continuing to have negotiations at the second round last week. You will have heard Mr. Barnier's comments after that. I think, yes, I am not one of those people who believes that's because we have this interruption now in the functioning of the single market that somehow that's going to make hard Brexit easier to accept. I don't think anybody really wants to accept the current situation as a permanent state of being. So we do want to get back to something that is more normal, that involves more cross-border activity both in terms of goods and services and people. So I think, yes, a cliff edge or another serious hard Brexit at the end of this year probably will come at a time that is not ideal. But as I said, I can only refer you to the public statements and the UK style, they show the general indication of wanting to move away from the end of the year as their date for any transition. Okay, and again, kind of one like for myself, I could, the word strategic autonomy have been used quite a bit recently. Those, some of the countries using that term have tended to have more protectionism use anyway in historically. Is there a risk that Europe will become more protectionist as a result of this, perhaps justifiably in some areas? I think we have to be careful of terminology and I fully agree with you that there's a clear risk of overstepping the mark of strategic autonomy and going to something that is very different. But I think this discussion of strategic autonomy is something that's going to take place all around the world. It will not just be a European conversation you hear already in the United States. I think there will be certain value chains which may well be declared strategic, which were not declared strategic before. And it will not be that the European would close its borders but may seek to have more control or more of the value chain or more of the supply within its own boundaries. And you can even imagine what I'm talking about in terms of medical equipment, et cetera. So this, that's a conversation which I think, again, this is the story of Europe being held to higher standards because of course Europe is a free trading, most open trade region in the world within the European Union and there is a concern that we certainly become less open. But I said, this is not a conversation to just take place in Europe. This is a conversation which I think all countries, all over the world are going to think about that if you are reliant, very reliant on an external supply of a strategically important product as we've just seen, this can leave you extremely vulnerable. And so you may need to think of a re-balancing of that but that's a very different conversation than saying you are moving to a protectionist stance. Because I think it'll only be in those areas where you can justify such a strategic discussion that that will happen. But again, as I said, it's a conversation which will be worldwide and not just in Europe. Angela Muni asks around digital finance, maybe the FinTech, do you think this would accelerate changes in financial services, delivery of financial services? I hope so. I mean, we have been a strong supporter of digital finance. As you know, it's one of the priorities of my own DG and of the Vice President Don Groskis. So we would hope yes. I think it's quite likely yes. In fact, I think in general, remote living has been demonstrated to be as I said, efficient. And many of the sort of, I wouldn't even say taboos, but much of the inertia which existed around the shift from field to remote and digital finance have been removed. So it's not about taboos, it's more just about inertia. I think many people now who simply haven't thought about digital finance as the way forward will think about digital finance as the way forward. And I think that is a big change. And I think it's in the right direction and we will certainly encourage it. And a final one. Do you have any thoughts on suspending dividend payments? No, it was clear. We were, let's go back to the strategy. The strategy was to create capacity in banks to onlend to the real economy. So we gave the banks additional liquidity. We created space in their balance sheet by the supervisors, by relaxing some of the capital requirements. We gave them operational relief, the union regulatory relief. And the idea was that they would use all their available capital above their regulatory requirements to onlend to the economy. I think we felt it was not appropriate at that time that they would take a large block of that. We were talking about a lot of billions of euro of capital and distribute them out of the system, which would, of course, reduce their capacity to onlend. So it was not that we, and we didn't ban it. We simply recommended they shouldn't do it. We didn't recommend they will never pay these dividends. Of course, we're delaying the payment dividends. But we thought it was appropriate that the bank should retain that capital and use it to maintain their capacity to the end, to the economy as part of what is a sort of mutually beneficial strategy for everybody concerned, including the unfortunate people who didn't get their dividends. Okay, so many thanks to you, Sean, for taking the time and joining us and sharing so many thoughts on such a broad range of issues. I think it was very useful. Just before wrapping up, we'd like to say that at this day next week, Phil Hogan, the commissioner for trade will be doing a webinar with us similar format. And that is also free, open to all commerce members and non-members. We've arranged a lot of events going on, exclusively for members as members who are watching now will know. So with that, thank you for attending. And above all, thanks to Sean for giving us his time and thoughts this afternoon. Thank you.


Personal Finance PowerPoint Presentation, lease part number one, get ready to get financially fit by practicing personal finance. Most of this information can be found at Investopedia, leaseee by the Investopedia team updated December 12, 2021 so you can go there for more references and resources continuing your research from that point in prior presentations. We've been talking about the decision-making process for larger purchase items, those that are going to impact multiple periods into the future. Remembering that when we're thinking about finance in general, we can usually think about those short-term types of decisions where we can train our gut so we can trust our gut using tinkering, using trial and error, and those long-term decisions where we can't train our gut to trust our gut because the one decision is going to have an impact for multiple periods into the future and therefore we put in place a more formal type of decision-making process. We then talked about the home purchase versus leasing or versus renting and now we're focusing more on the renting side of things as opposed to the home purchase. We'll talk more about the home purchase decision in future presentation. The leasing decision is kind of in the middle. It's not a short-term decision because it's not one you make from day to day. You can't totally train your gut to trust your gut but instead it's somewhere in the middle, at least a month by month, to a year lock-in on the lease. So you want to go through at least a more formal process to decide where you want to be with regards to the lease and possibly at least think about what your more long-term plans will be with regards to your living conditions. When you're going into the rental process then of course you've got the leaseee and you've got the lease that you're going to have to be dealing with which is going to be a form of contract that will lock you in to at least some degrees. So you want to have some ideas of that contract of the contractual agreement and what it is and what you might want to look for within it. So what is a leaseee? A leaseee is a person who rents land or property from a leaser. These two terms can often get confused when you're talking about a rental type of situation meaning when you say the leaseee are you talking about the person who's doing the renting, the rental company, the person doing the renting or are you talking about the person who is renting the place that's going to be paying the rent? When we're talking about the leaseee we're talking about the person that's paying the rent not the leasor. The leasor is going to be the one that is giving the property, the one that's going to be receiving the rent. So, once again, a leaseee is a person who rents land or property from a leaseeer. The leasee is also known as the tenant and must uphold specific obligations as defined in the lease agreement and by law. So, we're considering here, we're in a leasee perspective, we're looking for rental property that we are going to be renting from the leaseeer. So, the leasee is a legally binding document and if the leasee violates its terms, they could be evicted. So, when we think about what's involved within the lease, if we violate the lease, which means, for example, we don't pay, for example, that would be the most clear cut kind of violation, then action could be taken in accordance with the contract that has been put in place, which could of course include possibly the eviction. Understanding the leasee. Leasees who rent a property may be required to follow certain restrictions and guidelines and the use of the property or real estate they are paying to access and use. So, you want to make sure that when you're paying for the access and use that you understand what those restrictions are so that you can make sure that they are going to suit your needs and that you can work within them. So, if the property is a vehicle under a lease, the leasee may need to keep their usage within certain mileage limits. So, we have seen that in the car situation, if you were to lease a car, they might have restrictions in terms of how long or how many miles you can drive the car because usually the lease is in terms of years of time. But clearly, when you talk about something like a car, then the usage is going to have a big impact in terms of the value of the car at the end. So, you could have limitations and you want to know what those limitations are. The leasee could be subject to paying additional fees in the event that the mileage use of the leased vehicle exceeds the agreed upon limits. Leased vehicles must also be maintained by the leasee with regular service and upkeep through the term of the agreement. These conditions must be met because the vehicle will be returned to the auto dealer at the end of the lease of the vehicle would then go to a market as a used car for sale. So, clearly, at the end of the lease, whatever we are leasing, it's going to be returned to the lease or so then it needs to be returned in the condition expected or defined under the terms of the lease. It is possible that a leasee might want to seek full ownership of the vehicle at the end of the lease in such an option is made available. So, at the end of the leasing term, then the question is what are we going to do at that point in time? If it was a vehicle, we might have a purchase decision, we might be able to rent it again, rental type of situation for a place, a home, then we might want to update the lease for another year or possibly go on to another kind of agreement such as a month by month type of agreement. Rights of the leases, a leasee who is a tenant of a commercial or residential property may space different types of restrictions on their use of the space. A commercial leasee could be granted certain rights to remodel the property to better suit the business that will use the space. So, when you have the property, then, of course, the question is what can you do with the property? You don't have as much leeway to do with what's with the property that you would, you would think if you owned the property, there's going to be certain restrictions involved and if you are the type of person that likes to do a lot of personal remodeling, likes to do your own thing in your home and put your own time into remodels and fixing things and so on, then you might feel more restricted on a leasing situation than a purchase situation because, of course, there might be limitations on those types of activities in a lease situation. This can include repainting of walls, adding the signage associated with the company's brand, or installing equipment that will be used during the course of a business. So, if you're talking, you know, about business property, then the question is what can I do with regards to the branding and a sign and so on? If you're talking about residential property, possibly you're doing business in the property as well as your home, question is what can you do with regards to that property on your business as well? You can't you can't treat, you know, you got to be within the guidelines if it's residential or business property. A commercial lease will also specify if the property must be returned to its original state when the tendency ends. So, if you make substantial changes to it, what does it need to look like when the lease is over? You got to change it back to what it was before or not. Rights of the leases, residential leases may be limited to the choices for or are barred from repainting the space they occupy as tenants. So, if you're the type of person that likes to do your own kind of thing and repairs and whatnot, usually if you're renting, those types of things are done by the the rentor and so the question is how much leeway might you have to do those kind of things if you so choose to do those kind of things. They might be allowed to add non-permanent decorations to the property. So, when you're adding decorations, clearly they're going to have an impact on the property. Are they going to be permanent type of things that are going to be added or not? The leases rights include the right to privacy, the right to basic standards of habitability such as water, electricity and heat, the right to live in a space that complies with local building codes, rights of the leasor. So, the leasor remember is the person that is you know renting the property as opposed to the leasee that is using the property. In other words, the leasor is going to be receiving the rent the lease and the leasee is the one that's going to be paying it. The right to screen potential tenants, this is the leasor's rights, the right to know and approve of occupants of the leased unit. So, they get the ability to screen who's going to be using the property and make those types of decisions on who's going to be using their property which would make sense given the fact that they own the property. The right to use part or all of the tenant's security deposit to repair any damage caused to the property by the leasee. So, clearly you got that security deposit type of situation designed as a safeguard in the event that there's damage to the property that the person leasing the property has coverage over it. The leasor's responsibility include complying with health and safety codes, making necessary repairs, returning a fair amount of the tenant's security deposit when the lease is terminated and provided advance notice to the tenant if it will be necessary to enter the unit.


first some Python on hardware. All right, this week, the newsletter, it's big, it's beefy, it has a ton of projects. So it's going back, people are getting back into doing electronics. Yeah. They can get boards, they're like, oh, I have this idea. Yeah. And so thanks to everyone who sends in news every week. And is the editor of this, it's, I think, the biggest, best resource for Python on hardware, but we also cover a lot of stuff. So Hacktober Fest is going on. We celebrate this is a 10th anniversary of Hacktober Fest. So basically, there's virtual and in-person events. You can learn new skills, you can check out what's going on in other programming languages. We happen to, you know, like doing a lot of Python. Circuit Python is participating in Hacktober Fest, making simple requests is Hacktober eligible. So keep an eye on our blog for details and more. And the reward system is shifting from t-shirts to virtual rewards. So you can check out their rewards and more. You also have the award of feeling good about contributing to open source software. Yeah. You know, great way to get started. Yeah.   There's ones that bring people together and Hacktober Fest is a really good one because it has a beginning, middle and end. And you just get to choose, oh, here's stuff I want to do. You can pick an open source project and you can do something that's useful for it. This is like really wholesome and really good. This is, yeah. You know, part of, part of our job, we have to like wade through a lot of stuff. Some of it's not great. And some of the things that are online, isn't that fun to look at? But this is, so, you know, since 2014, they have 147,000 participants. If you want to feel good about technology, because sometimes it's not so fun. This is one to, to look at. And we have community members that will help you with your first PR. There's a lot, there's something for everything.  Good for you to get your feet wet. First, good first issues, lots of them. Like I said, we cover lots of things. So here's an interview with MN, Raspberry Pi founder. You know, lots of things you can imagine has been going on in the world of Raspberry Pi, lots ahead too. But if you want to get caught up and like, do they have Raspberry Pi's now? What's ahead? What's going on? What are they doing with Beco? We're switching gears a little bit. We're getting all of our pieces ready for version nine. That just means a lot of merging with MicroPython and CircuitPython and kind of keep an eye on our progress and more. There's like expressive stuff we got to do. And then there's MicroPython 1.20 things to do. So we want to get the latest, yeah, we want to get the latest stuff in there. You can check out the EuroPython talks and videos. And then just tons and tons of projects. This one was just on Hackaday. You know, one button press keyboard. And you could check out just Friday projects. Seeing some clock projects, lots of clocks. I love this clock. It's beautiful. Inspired. Yeah. A brand. So if you want to like, oh cool, like I have some hardware. I know I can run some stuff on it. If you want to get ideas for projects, we have a good smattering. Of this with a lot of Python focused. If that's your jam. But we also cover a lot of other stuff. Sometimes if we see like, oh, there's a scripting language for a microcontroller. Yeah, it's good. Like this is more than just yeah. Big tent.  So that's our newsletter this week. You can get this delivered every single week. Go to Adaforddaily.com. It's a separate website. We do that.  We don't like spam even more than you.


What's up Mopar fam? All right, we got a new New truck coming to the as you can see We got a Dodge Dakota sport. It's a 2000 model And she's got a little old four banger in her not for long baby not for long Truck coming to the channel Just picked it up about to load it up on the trailer My son just bought it there. He is right there We gonna do with that truck there guy He don't even know yet So we got a 2000 Dodge Dakota guys this thing's got a little four-cylinder in it for now That dude's coming out. I don't know what we're gonna do with this thing yet.  We just bought it for 700 bucks Not running currently We the guy believes it's got a head gasket blown Little five speed in it inside the truck is real straight. It's still pretty clean Body straight no frame damage. It's never been right clean title Got a couple dings and bruises here and there, but uh Hell yeah, she's going on the trailer Frostbite holler behind it. We're about to winch it up and This is gonna be my son's project guys. So this should be fun this is gonna be his first car ever and He's been working all summer at the shop to save up some money So he saved up some money. We just bought this truck off of this fellow over here By the now we're drive from the house We just got it for $700. So that's where we're at with it right now 700 bucks into it and it's definitely gonna be a v8 swap of some sort and Hell yeah Lots of modifications about to go down on this on this truck.  My son loves nitrous. He's all about the nitrous and He's wanting nitrous so Wherever we go with this thing is probably gonna have a little spray on it He wants to get into racing. So we're gonna Get this old truck running for him.  So Heck yeah, man, I'm happy for it for $700 dude to frame straight never been whacked anywhere got a couple dings, but uh, I Mean it's got all original Still got all the original parts in it original paint everything is still pretty decent clear coats coming off of it It's got a crack window Hell yeah, hell cat swap not gonna lie. We was thinking about it. It's all about my son I told him he's got to make money.  So whatever he can save up Is what's gonna happen with this truck guys, so we will see how it goes That's for sure But just wanted to share that with you guys before I made a good our actual real video with it So you guys see it?  It's hot I just wanted to share the new project with you guys and As always guys, I appreciate all the support out there.  We'll see you on the next one. Peace


In this presentation, we will record a transaction related to paying payroll taxes. In other words, within our practice problem, we're going to say that payroll has been processed for the month of January. We withheld taxes on that payroll and we have our employer payroll taxes. We're imagining the process is being helped by a third party to help us process the payroll, such as an ADP or a Paychex. Now we're going to be paying off those payroll taxes. It's time to engage with SAGE. Here we are in our Get Great Guitars file. We're currently in the Customer and Sales section. We're going to go on down to the Employee and Payroll section. So note that in our practice problem, we're not actually processing the payroll through SAGE. We talked about the options to do so. It typically would be an add-on type of feature and we want to keep this so that we don't have to pay for the add-on features if you wanted to follow through with it. However, we are assuming in our practice problem that we have payroll processed and it's going to be helped to do so with like a third party like a Paychex or an ADP and then we took their report, entered that into our system. So if we go then to our reports here, this is going to be like a really kind of simple report that you could think about what you would get from an ADP or Paychex and we have our two employees and you'll recall last time that we took this report, we entered this into our system. The idea being that we want ADP or Paychex to be able to provide the detailed information, which is going to include the gross pay and the withholdings for every check, for every employee on a check-by-check basis as well as a year-to-date basis. What we want in our system for financial reporting purposes is we need the financial statements to be right, which you could enter into our system with just basically one journal entry kind of assuming as if you had one giant employee that was making all the payroll so that the financial statement balances would be right so that we can have our financial statements correct and then go to ADP or Paychex or whatever third-party payroll process that we're using for the more detailed information check-by-checks employee by employee. However way you want to look at it, whether it be run through Sage or whether it be done by a third party, we are going to have to take these withholdings. So these withholdings because the government makes us. So we're going to have to take these out, the federal income tax withholdings, which include the Social Security Medicare income, this is going to be what's been taken out of the employee checks here and so and we had to put them into a payable account. So we say we're going to owe those. This is this is the amount that was earned by our two employees Adam and Erica like in theory again this is in economic terms this is you know obviously changes the negotiation but if you're this is what in theory has been earned by them and we took from them because we're forced to for the federal taxes and that's what now is in the payable account then we had to pay over and above our employer taxes of the 307 and the 77 which is the 384 so that means we owe to the Fed at this point this and this which is the 1598 which should be reflected in a payable account in our system. Now note that same kind of issue with the payable account for the for the payroll payable as with the sales tax it's there's a question as terms of how often do you have to pay it in other words the more employees you have same kind of thing the more money that's going to be going through the system the more likely the IRS is going to say I want my money sooner right I want my money sooner but and also if you have different payroll periods we're going to be paying monthly here if you pay weekly then you may have to you may have to make you know payments more often to the government if you pay semi monthly or or bi weekly then again you'll have to see what the terms are depending on how much your payroll is and how often you have to pay. We're going to say here that we make we pay payroll monthly so we've only may have had one payroll for January and now we're going to have to pay it sometime in the end of February so that's just going to be how our system is going to work so we've run payroll for January we haven't run payroll for February yet we have a payable now because we withheld money and we have our payable and now we owe that to the government and we're only processing the federal government if you had a state government that'll change states to state the federal government has breaks the money that they take for payroll taxes into these categories of Social Security Medicare and the federal income tax so that's what we have now let's take a look at our reports then our financial statement let's go to the reports drop down and go on down to the financial statements over here and then open up the old balance sheets let's open up the old balance sheet as of February so we want to take a look at the month of February February and then go down to the liabilities so there's what we owe so there's the 1598 now that's all for for for the month of January because we haven't run February payroll yet and we only do the payroll once a month in our system here we only we only pay people once a month our employees would like to get paid more often we've been discussing it with them whether we should pay them by week anyway so we've got the 1598 so we're gonna be paying that to them now we're just gonna write a check and I'm gonna I'm just gonna write a check to the Fed on it so let's go back over I'm gonna go back to the first tab here so I'm gonna write checks to do this I'm actually gonna write three checks just so you can see I'm gonna go back up to the vendor and purchase this section so you can see kind of a breakout so I'm gonna write a check for Social Security Medicare and federal income tax even though it's all going to the same place and that's just going to the IRS just so you can see that breakout for the three components or types of taxes so I'm gonna go to the right to check it's also gonna help us with our bank reconciliation because I want to have some more items for the bank wreck so we're gonna go to the new check so we're gonna be writing a new check we're gonna add a new vendor up top so I'm gonna say a new vendor so let's put a new vendor here because we haven't we haven't written any any checks for the payroll as of yet and then let's put the ID is gonna be just I'll just put the IRS here IRS and then it's gonna be the name I'll put the full name here internal revenue service you have to say it with like a menacing voice because they're kind of scary so that's gonna be that and then the expense account is going to be will pick up the actually the liability account here so I'm gonna go back up top I'm looking in the liability accounts federal payroll tax payable that's the one we want that's gonna be the default and then that looks good so I'm gonna save that and then close this back up so close this back up and then we're gonna put in the IID the IRS and then I'm gonna tap through this here and number I'll just put a number up top for a practice problem and then I'm gonna make this on the 29th and then the dollar amount is gonna be I'm gonna break this out like and I'm gonna say okay social security it's gonna be the employee portion and the employee or portion so that comes out to the 614 of the 614 614 614 614 614 so I'm gonna put that 614 here and there we have this is gonna be the social security payroll tax and the other side is gonna be going to this here so the split it's going to the federal taxes payable so there is that so we're gonna say that looks good let's save it so we're gonna save that and let's do it again we're gonna make another one to the IRS and it's gonna be for let's make this 729 and then let's make this for the Medicare portion so that's gonna include the Medicare that we took from the employees because they made us and then our portion that we had to match the 154 the 154 so that's gonna be the amount here the 154 154 and this is gonna be Medicare Medicare payroll tax so that's gonna decrease the the account I have the checking account right yeah so it's going out of the right account and the other side is gonna be decreasing the payable so let's do one more so we're gonna say one more and this is going to be going to the IRS as well and this is gonna be for the amount of just the federal income tax now this is only the employee portion this isn't our tax we have to pay because we had to pay federal income tax to as the company but this is what's what they have to pay for the employee federal income tax and there's no matching on our side for their federal income tax we pay our federal income tax on the in on our net income so that's gonna be the 830 so that's gonna be 830 830 and this is gonna be the FIT federal income tax payroll tax and that's gonna be that that looks good let's save it let's go ahead and save that and then let's close this back out gonna close this back out we're gonna go back on over to our balance sheet and see what happens on what's going on over there on the balance sheet and then if we go down we're gonna say that the federal taxes has disappeared because there we paid them now so if we want to see that and drill down on it we can go to the little cog up top and I'm gonna say hey I'd like to see the zero numbers so I can use the zoom feature so I want to see the zero numbers and say okay and then we're gonna go back up and you're gonna see that now we have the federal taxes pay of the run the assets section up here we have the federal taxes payable here I'm gonna double click on that zero and so there we have it so we have our three checks that we paid off now if I open this up and just take a look at it for January and February for the two month time period and then say okay so now we have the the Adam and Erica so right this is the amount we took from Adam this is the amount we took from Erica for their payroll in January this is our portion that we had to pay that we had to incur that increased the liability and then this is our payment so we paid them off and we paid them off grouping them together by Social Security Medicare and FIT federal income tax now bringing the balance back down to zero and then we're gonna we haven't processed payroll for February yet so when we process payroll for February we will once again have a liability for our two employees in our portion of the federal payroll taxes which we will then pay to the government in March but that'll be a beyond our problems so we won't get to see that for that part so that's gonna be it for now let's get out of here


You guys are all seem hungry, I know it's not the place you want to be, but for you, what's the move by doing this? Like Ryan said, we're definitely hungry to get back to work and try to get better today. That's the most important thing is to get better today. And we have another opportunity in front of us, we have a great team we're going to play. It's going to give us some challenges, but it's a great opportunity. How big is it to kind of keep this team, this offense on the field as long as you can, because obviously this Chief's offense can score. And when you get into the red zone, how important is it for you to get those touchdowns? It's very important. Every time we're on the field, try to make these drives last a little bit. You know, take advantage because they got a lot of weapons on the offense, you know, they can score at any time. So we don't really want it to be a shootout. So I mean, we just got to take care of the ball and move the ball and tip over when we want to. Do you feel like this is a game that there can be or there might be that big game to play, whether it be on offense or defense? I do, I do. Like I said, it's a great opportunity against these guys and come out and just hound our bees. What do you see from this Chief's defense? Maybe a one in their secondary? They put a lot of different coverages. They play hard. I can testify on that, watch the film. All guys play hard and they run to the ball. And then they just try to disguise coverages and mix things up. What have you seen from Tar and Matthew? I'm not too worried about Tar and Matthew because he's not my guy. That's some Adam Humphreys course. But he's a great player. He's going to show up.


Today, I am making our top three casseroles from Six Sisters. Now some of you may not have known that we're not just a YouTube channel. We actually started as a website and on that website we have thousands of recipes that we've been making since 2011. Now with those thousands of recipes come millions and millions of views and people making their recipes. So I'm so excited to share them with you today. Now the first recipe is our chicken taco casserole. This was voted my kids favorite out of the three casseroles. Now I want to show you how easy this is.  Then you're just going to mix that all together. Then in a separate bowl go ahead and crunch up some tortilla chips. You're going to layer those on a nine by 13, add your chicken, add some cheese, then layer again. Chips, chicken, and then cheese. Then you're going to bake it at 350 degrees for about 30 minutes until everything. Well the cheese is a nice and melted. Now the best part about this is the toppings. I love some tomatoes. You can also add some green onions. It just adds so much flavor. The next recipe is our chicken cordon blue casserole. Now this one was my husband's favorite. He loves chicken cordon blue. Again so easy to throw together. First you're going to take some water and some butter and you're going to boil that together. Once it's all mixed you're going to add your box stuffing. Mix it all in and then cover for a few minutes. Now in a separate bowl you're going to add cream of chicken soup and the genre mustard. Mix that together.  Again mix it till it's well combined. Now put that mixture in the bottom of a 9x9 pan. Add some swiss cheese. Then you're stuffing and you're going to bake it. When it's all done it is gooey, delicious. I love the cheese pull there. Yeah that's my favorite part. Now the last recipe is my favorite because I grew up with this. It's my mom's chicken de van casserole. Now you're going to start by steaming your broccoli. Then you're going to put that in the bottom of a 9x13 pan. There you're going to add cooked chicken. You're going to mix in a separate bowl, cream of chicken soup, mayonnaise, lemon and a little bit of curry powder. Mix that all together. That's your sauce. Put that right on top of your chicken. Add just a little bit of cheese. Now this is my favorite part. You get some bread that you cut up into small pieces. Add a little bit of butter. Mix that all together. Then you're going to go ahead and put that right on top of your cheese and bake it just like that. Oh when it's done those little breadcrumbs that are buttery are probably my favorite part of this whole recipe. Now if you want to make these recipes make sure you save this video or you can even share it with a friend so they can make easy casseroles too. All right guys if you want more casseroles don't worry plenty for you right up there. Okay I'll see you next time. Bye!


Next one you could do is an inside touch, but again, is that realistic?  And I should be making mistakes every so often just like that because if I'm not, I will send the better in one day soccer blueprint to anyone who comments hashtag soccer on this video. Then I'm not challenging myself. You could do the same, but a double touch. You know I do like this one because it's a touch I use all the time. He's lunging for the ball, I take it away from him. If you like this content, check out the Soccer Success Planner. You can download it for free. There's a link in the description below. And for advanced training, check out the Online Soccer Academy.


This is stock number 10132. We are here at Summit Automotive in Fond du Lac, Wisconsin, your new and used sports car headquarters. Today we are checking out this super clean 2010 Chevy Corvette LT2. This vehicle has a 6.2 liter LS3 V8 motor which pumps out 430 horsepower. From this HD video, you will be able to tell that this car is extremely clean for the age miles on it. It has the HID headlamps. Black is the color. We shoot all of our videos in 1080p, so if you have HD capabilities on your computer tablet or smartphone device turn them on right now because it is like you're right here looking at the car with me and definitely your best way to check out the car before actually seeing it in person. It has the 18 inch chromed alloy rims. No scuffs or scrapes on that rim. It has Michelin Pilot Supersport 245-40ZR18 tires. These tires have a good amount of tread left on them. Didn't see any denser dings on that front fender. Front bumper, no major cracks on it. The only thing I saw was one tiny little scuff on the front there. Other than that, very, very nice. Passenger side fender. Very clean as well. And the passenger side rim, no scuffs or scrapes on that. Very, very clean. As you go down this side of the car, you can see just how clean the body is, how reflective and mirror-like that paint is. We take these HD videos so if you are far away or even if you're close by and just cannot make a trip down, you can still see the car, hear the car, and have confidence in the vehicle that you're looking at before you even get here. Very clean down this side of the vehicle. Back rim is in excellent condition as well. No scuffs or scrapes on that. Of course four-wheel disc brakes. The back has 285-35ZR 19 tires. So it has 19 inch rims in the back and they have a lot of good tread left on those as well. As we come around to the back of the vehicle, rear bumpers in pretty nice condition. It does have some great sounding Corsa performance exhaust on it. The rear bumper is in really nice condition as is the deck lid. Passenger side quarter is in nice shape as well. And for full disclosure, this back rim, no scuffs or scrapes on that. Inside the LT2 package gives you the black leather interior. There are no rips, there are no tears on the seat. It has side curtain airbags, power driver seat, factory floor mats throughout, power windows, power locks, and power mirrors. And as we hop inside here, you can see that this car has 27,911 miles. Instrument cluster is nice and clean. The leather wrapped steering wheel is in excellent shape. You got Bluetooth controls on the left, audio controls on the right, has that CD player. I believe it's a CD changer, six disc CD changer, dual climate control, have AM, FM, and Sirius XM radio capabilities. You have the six speed manual transmission, dual climate control, kind of the carbon fiberish trim, and the passenger seat. And carpeting is very clean as well. This one does have the compass in the mirror as well as the on-star capabilities. And we'll take a quick look in the trunk here so I can show you the hard top piece. So it does have the painted hard top piece that's in pretty nice condition. One tiny little nick on the top there other than that really nice condition. And the back carpeting and storage area is very clean as well. Kind of hooks in to the back here, these little spots and then snaps in. We'll put that back on before we park it. I'd personally like to thank you for checking out the video today. Hopefully from this HD video you will have been able to tell just how clean this car is all the way around inside and out. Under the hood we have the 6.2 liter V8 LS3 motor. Humps of 430 horsepower engine bay is very clean, runs very smooth. This car has been fully safety and inspected by our service shop. Has a fresh oil and filter change. All the fluids have been checked and topped off. And this car is 100% ready to go. And to see more pictures of this car, one of our other 430, 450 new and used cars, trucks, SUVs, minivans, Wranglers, you name it we got it. Go to our website www.summitauto.com. Full pictures and descriptions of every single vehicle from two locations all at summitauto.com. And if you'd like to check out more HD videos you can go to youtube.com slash summit auto. Remember to like, subscribe and share on this video and all the videos that you see there. In fact in a second you will see a link to subscribe to our YouTube channel on your left. A link to more sports car videos like this one on your right. If you have not been to our website on the bottom link to this vehicle on our website click those check us out. We really look forward to helping you with this super clean 2010 Chevy Corvette LT2. Thanks again.


Next question is from, I am your man's 666 wet dream. Wow. Holy cow. It's a bold name. That's confident. Yeah. What do you think about bench pressing with feet off the floor? I would say dumb until Sal started telling people to do it. No. You do not, no do not bench press with your feet off the floor unless you're going to do a what's called a guillotine press variation in which case you have to have good shoulder mobility, good stability, it's an advanced exercise and there's a reason for that. It brings the chest down, elbows flare out, you get more upper chest activation.  You've created a brand new exercise and it's not a good idea. Your stability comes from your lower body when you're bench pressing, taking the feet off the floor. That started by the way back in the day. I know I did it back in the day.   So that's not why I did it. When I was a trainer and I will admit this, I taught this, it was terrible. It was in the height of the core movement, you know. It was all about- Incorporate the core. Yes. So that was it. I'm bench press and I was all about, you know, incorporating more core work into all my other movements. And so anytime that I can challenge instability in an exercise, in my eyes as a trainer back then, it was a superior movement. Not only are we working the chest, but now we're challenging that core. And I used to have this pitch that the, you know, you have two, the most important muscle in your body is your heart. Without it, you're dead. The next most important muscle is your core. So everything is about the core and trying to challenge that in every movement. So the thought process for me stemmed from that early on as a trainer pushing the core all the time. It's a terrible idea. I remember when you brought up on the podcast talking about the guillotine press, I'm like, oh God, Sal, if you share this now, we're going to have people going and doing this. And most people doing it just, they have no business doing it. There's no reason for you to try and do that movement. Super novelty exercise. Yeah. And you got, you need to have been trained for a very, very long time like Sal. Understand biomechanically well, got great form and have already done all the other exercises that are superior to that movement before playing with it. If you're an advanced lifter, you get all that by all means have fun, you know, and there's lots of exercises you can play with. But I would never teach a client today of putting your feet up on the bench because of the simple fact of what you just said, you put your feet up and it flattens the back. When it flattens the back, it also naturally starts to attract people's shoulders forward, which everybody, Plus you lose all your ground forces. Yeah. For lifting for power and stuff like that, that makes sense. But I'm talking about just for even just a louder signal, like, like if it's a true compound lift, you know, you got to incorporate your whole body. Sure. Sure. But that's not even the number one reason why most people don't feel it in their chest when they press.   Yeah. Yeah. Almost every client that I ever did a bench press with at least 80% of them did not feel it in their chest when we first started doing it. They fill in their shoulders and their arms. And that is because they do not know how to retract, depress the shoulders, keep them in that position while they bench press in order to machine. I guess is my point. Like if that's your focus, like go do a machine press.  So now I can actually load, you know, substantially more weight because I'm incorporating the fact that my entire core and my legs are driving, you know, in, in, in implementing that into the press. So it's, it's a lot more going on, you know, than it just looks like I'm pressing this weight off my chest. You're actually making the bench press less effective. Yeah. When you take your feet off the floor. Unless again, you're doing a variation, a specific novelty, you know, very strange variation in which case you really need to know what you're doing. But otherwise it just makes the bench press less effective. So you take your feet up. Okay. You've reduced the effectiveness of a great exercise. You know, congratulations. That's basically what you've done. Well, yeah, then it becomes like I was doing, which was not a good idea is it now becomes a better core exercise and it becomes a better chest exercise. So that, I mean, and that was the thought process for me, which was silly and not a good idea. But I really think that just press on a physical ball. Yeah. I mean, I think Justin's point is right, but I don't think that's the main argument to make here. The main argument to make is that most people have a hard time using their chest when they bench press. Taking your feet up off the ground is only going to make that harder. It's not going to make it easier or more effective. Yeah.