"Advantages and Benefits of the Euro - Time for Assessment" Conference: extracts from the press conference by Joaquín Almunia
Type: Summary of press conference
End production: 15/04/2008 First transmission: 15/04/2008
At a press conference on 15 April 2008 in Brussels, Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, said that the Eurozone was suffering a slowdown, but that this should be less pronounced than in the United States. He told journalists thtat he would publish new forecast on 28 April, that he could not anticipate the figure (of growth) but that it would be lower than the one he presented in November 2007. Commenting on Silvio Berlusconi's Italian election victory, Joaquín Almunia said that the next government would have clear parliamentary support which would facilitate pursuing the reforms which are needed. He called on the incoming Italian government to continue this consolidation and build on these positive results of 2007 so as to achieve a balanced position for Italian public finances. He added that he had no doubt that the abrogation of the excessive deficit procedure against Italy would be adopted.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Exterior view of the European Economic and Social Committee (EESC) building
||Arrival of Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, at the press conference - general view (2 shots)
||Joaquín Almunia (in ENGLISH) on the Italian elections;
saying that with the results of the Italian elections, the next government will have a clear parliamentary support; this will facilitate the task of pursuing the consolidation that is needed given the situation of the Italian public finances; given the results of 2007, the very good consolidation that took place in 2007, the abrogation of the excessive deficit will be adopted; he has no doubts about this point; this is the first step; the second step should be to continue this consolidation and to step up the efforts building on these positive results of 2007 for the achievement of the Medium-Term Objectives, a balanced position in structural terms for the Italian public finances
||Cutaways (2 shots)
||Joaquín Almunia (in ENGLISH) still on the Italian elections;
saying that we are living in an uncertain period, not only with less growth than expected, but also with an environment where threats are increasing, where the debt service will increase because of these higher interest rates; so prudence is of the essence; in this uncertain moment, the best recipe is to strenghten efforts for the consolidation of the public finances
||Joaquín Almunia (in ENGLISH) on the financial turmoil;
saying that we are suffering the consequences of this turmoil, not only in the financial sector with some financial institutions showing bad results, but we are also suffering a slowdown not as pronounced as in the United States; he will publish new forecast on 28 April; he cannot anticipate the figure but this figure will be lower than the figure he presented in November 2007
||Cutaways (4 shots)