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Economic and Financial Affairs Council: extracts from the joint press conference by Anders Borg, Swedish Minister for Finance and President in office of the Council, and Joaquín Almunia
Anders Borg, Swedish Minister for Finance and President in office of the Council, and Joaquin Almunia, Member of the EC in charge of Economic and Monetary Affairs, held a joint press conference at the end of the Ecofin working session. EU Ministers in charge of Economic Affairs and Finance discussed the economic situation. Some positive signs have recently emerged but the activity remains very weak. They analysed how to speed up the cleaning up of the banks' balance sheets and their recapitalisation to improve financial conditions for both businesses and households. The Ecofin Council also discussed the international financing of climate change, and the implementation of the Stability and Growth Pact to ensure that the budgetary impact is reversed once the crisis subsides and excessive deficits are corrected. Ministers analysed how to mitigate procyclicality and build up buffers to strengthen the solvency of banks. There seems to be a broad consensus on the need to increase the solvency of banks through new counter-cyclical capital buffers and to create the correct incentives by establishing dynamic provisions and appropriate remuneration schemes. SHOTLISTLINK