Economic and Financial Affairs Council: arrivals

Type: Report   Reference: I-056160   Duration: 10:32:56  Lieu:
End production: 22/01/2008   First transmission: 22/01/2008
As recession worried hit stock markets worldwide, the 27 EU Ministers for Finance started their monthly talks in Brussels. As he entered the Council building, Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, said the current economic threat is the danger of a US recession rather than a global downturn. When financial markets act irrationally, and are driven by herd behaviour, when stock markets demonstrate short-termism, there is no reason for Finance Ministers to do the same, declared Jean-Claude Juncker, Luxembourgish Minister for Finance and President of the Eurogroup.

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TIME DESCRIPTION DURATION
10:29:30 Title 00:00:04
10:29:35 Exterior view of the Council building 00:00:06
10:29:41 Arrival of Varujan Vosganian, Romanian Minister for Economy and Finance 00:00:08
10:29:49 Cutaway of a cameraman 00:00:05
10:29:54 Arrival of Andrej Bajuk, Slovenian Minister for Finance and President in office of the Council (2 shots) 00:00:13
10:30:07 Arrival of Pedro Solbes Mira, Spanish Minister for Economy and Finance (2 shots) 00:00:15
10:30:22 Arrival of Christoph Matznetter, State Secretary in the Austrian Federal Ministry of Finance 00:00:04
10:30:26 Arrival of Tommaso Padoa-Schioppa, Italian Minister for Economy and Finance 00:00:04
10:30:30 Jean-Claude Juncker, Luxembourgish Minister for Finance and President of the Eurogroup, (in GERMAN) saying that when financial markets act irrationally and are driven by herd behaviour, when stock markets demonstrate short-termism, there is no reason for Finance Ministers to do the same 00:00:40
10:31:10 Arrival of Fernando Teixeira dos Santos, Portuguese Minister for Finance 00:00:09
10:31:19 Arrival of Christine Lagarde, French Minister for Economy, Finance and Employment 00:00:11
10:31:30 Arrival of Philippe Maystadt, President of the European Investment Bank 00:00:05
10:31:35 Arrival of Jean-Claude Trichet, President of the European Central Bank 00:00:10
10:31:45 Arrival of Didier Reynders, Belgian Minister for Finance; and speaking (in FRENCH) saying that they must follow closely the situation; this is a crisis which affects mostly the financial sector; the Finance Ministers must pursue budgetary consolidation and maybe accelerate a certain number of structural reforms in Europe; Europe has maybe better capacity to resist than the United States; on the question of European economic slowdown, saying that there is a risk; they had already told this last autumn; this will probably be reflected in the coming weeks; they are waiting for the European Commission's forecast 00:00:47
10:32:32 Arrival of Wouter Bos, Dutch Minister for Finance; and speaking (in ENGLISH) saying that everybody is concerned, but more than that, everybody is uncertain; they must wait to see whether the American government interventions will prove to be effective or not 00:00:24
10:32:56 Arrival of Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs; and speaking (in ENGLISH) saying that it is not about global recession, it is about the risks of US recession that are creating this situation in the markets; the question is how the United States will avoid recession; the US authirities are announcing some measures; the executive branch has announced a fiscal stimulus; the Fed President has announced he would probably adopt some decisions; he hopes they will be able to avoid recession and that calm will come back on the markets 00:01:04
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