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Extracts from the press conference by José Manuel Barroso on communication for the Spring European Council - Driving European recovery to shape a global upturn

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José Manuel Barroso, President of the EC, presented its proposals for the Spring Council of EU heads of state and government. The European Commission is calling on EU leaders to further step up coordinated European action to fight the economic crisis and sets out proposals for building on the extensive support already being given to the real economy and to employment. Commission President José Manuel Barroso says that there is a way out of this crisis because Europe has the unity, the confidence and the determination to win this battle. In relation to financial regulation and supervision, the Commission endorses the key principles set out by the de Larosière Group. The Commission calls for a supervisory system combining much stronger oversight at EU level with maintaining a clear role for national supervisors. Barroso explains that we need to rebuild trust in financial markets and for it is important to have a supervision system where ethics are taken in consideration, where people can be sure that those to whom they have untrusted their money are properly regulated. Regarding tax havens, Barroso sayd that it should be possible to apply penalties to those jurisdictions that refuse to cooperate on tax evasion, prevential information, money laundering and terrorist financing.
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Type: EbS   Reference: 62341   Date: 04/03/2009   Duration: 00:03:07
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