Eurogroup meeting: extracts from the joint press conference by Jean-Claude Juncker, President of the Eurogroup, and Joaquín Almunia
Type: Summary of press conference
End production: 13/05/2008 First transmission: 13/05/2008
Following the Eurogroup meeting, Joaquín Almunia, member of the EC in charge of Economic and Monetary Affairs, Jean-Claude Juncker, President of the Eurogroup, expressed concern about rising inflation and cautioned against wage rises, during a joint press conference.
They acknowledged the impact of soaring oil and food prices on low-income earners, and said that it is up to public budgets to react.
In relation with golden handshakes, Jean-Claude Juncker said that they are a scandalous and added that a solution must be find at European level.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General view of the press conference room
||Jean-Claude Juncker, President of the Eurogroup, saying (in FRENCH) that there is no risk of recession in Europe; that they remain on their gards as regards inflationary developments; that it is too high and they don't think is a good thing; that once again, they invite the social partners to pursuit the policy of wage restraint that they have been applying over the recent years; that they don't want to see second round effect kicking.
||Jean-Claude Juncker saying (in FRENCH) that they feel that it is up to public budgets to react to this lost of purchasing power by taking the necessary measures for the most vulnerable in the society.
||Jean-Claude Juncker saying (in FRENCH) that the excesses of captains of industry that they see in several countries and several sectors of the euro area, are really quite scandalous; that they continue to examine what can be done in terms of professional ethics and in terms of taxation to combat this excesses.
||Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, saying (in ENGLISH) that Goverments should play a role in negotiating public wages, in giving the right orientation for social partners for the negotiations in the private sector; that at the same time, they have responsibilities in pursuing adequate fiscal policies, in not using indirect taxes to increase prices in this moments, and to introduce more competition and improve the functioning of the markets, in particular in the service sector where the quick implementation of the service directive will help a lot to counter inflationary pressures in this sectors protected against external competition.
||Joaquín Almunia saying (in ENGLISH) that the last surveys published regarding economic sentiment or confidence of consumers and investors are not as positive as they wish; that they continue to stick to their central scenario with this profile that will show slide disacelleration of growth after the first quarter and slide recovery at the beginning of next year; that this will be consistent with their figures published few weeks ago.
||Cutaways (2 shots)