Eurogroup meeting: arrivals and round table

Type: Report   Reference: I-057643   Duration: 10:04:23  Lieu:
End production: 02/06/2008   First transmission: 02/06/2008
The Ministers for Finance of the Eurogroup met exceptionally in Frankfurt-on-Main, on 2 June 2008, to mark the 10-year anniversary of the European Central Bank. The meeting started with a presentation of the assessment of the Euro area economy. This was followed by an exchange of views. Eurogroup Ministers also continued their discussion, started in their April and May meetings, on budgetary policies ahead of the preparation of the national budgets for 2009. This exercise, known as the Mid-Term Budgetary Review, is key towards strengthening the coordination of fiscal policies in the Euro area and towards ensuring the appropriate policy mix for the zone as well as speedy progress towards sustainable public finances. The April discussion focused on Member States with an early budgetary preparation, namely Germany and the Netherlands. The May discussion led to the adoption by Eurogroup Ministers of horizontal, i.e. general fiscal policy orientations for 2008 and 2009, including commitments, firstly, to rigorously execute the 2008 budgets, by avoiding in particular expenditure overruns; secondly, to use prudence in the design of fiscal policy plans for 2009 to achieve a benchmark adjustment of 0.5% of GDP in structural terms for countries not yet at the medium-term budgetary objective (MTO); and thirdly, to pursue efforts to increase the quality of public finances. The 2 June discussion focused on national fiscal policies in the remaining Euro area Member States.

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10:00:00 Title 00:00:05
10:00:05 Exterior view of the European Central Bank building in Frankfurt-on-Main (2 shots) 00:00:13
10:00:18 Arrival of Peer Steinbrück, German Federal Minister for Finance; and speaking (in ENGLISH) saying that it is a challenge for the ECB to calm down the markets; (in GERMAN) saying that they should stick with the Manchester declaration; they should not intervene politically; they experienced that doing so was often a mistake in the past; the Euro is one of the biggest successes ever and it is nearly the most important currency in the world 00:01:33
10:01:51 Arrival Jean-Claude Juncker, Luxembourgish Minister for Finance and President of the Eurogroup 00:00:34
10:02:25 Cutaway 00:00:07
10:02:32 Arrival of Wouter Bos, Dutch Minister for Finance; and speaking (in ENGLISH) saying that they have got to get used to a world with high oil prices and they have to make their economies less dependent on that source of fuel and energy; saying that France already has quite a few problems with bringing their budget in order, so lowering taxes will not exactly make it easier for them to achieve the medium term objectives (4 shots) 00:00:58
10:03:30 Roundtable: Jean-Claude Trichet, President of the European Central Bank 00:00:08
10:03:38 Jean-Claude Juncker entering the meeting room 00:00:08
10:03:46 Jean-Claude Trichet 00:00:08
10:03:54 Jean-Claude Juncker 00:00:07
10:04:01 Lucas Papademos, Vice-President of the European Central Bank, and Jean-Claude Trichet 00:00:10
10:04:11 General view (2 shots) 00:00:12
10:04:23 Exterior view of the ECB 00:00:10
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