Economic and Financial Affairs Council: extracts from the joint press conference by Christine Lagarde, French Minister for Economy, Industry and Employment, and Joaquín Almunia

Type: Summary of press conference   Reference: I-059402   Duration: 10:23:30  Lieu:
End production: 04/11/2008   First transmission: 04/11/2008
As the European Ministers for Finance ended their talks meant to prepare the ground for a meeting of EU leaders on 7th November 2008, and the European position at the G-20 on 15-16/11/2008, Christine Lagarde, French Minister for Economic Affairs, Industry and Employment and President in office of the Council of the EU, and Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, gave a joint press conference. Christine Lagarde told journalists that the EU was able to reach agreement on enhanced supervision, on the fundamental principles and values that need to apply in this global financial turmoil. France, which holds the EU presidency, wanted the Washington meeting to commit to regulation of multinational finance groups through more supervision of credit rating agencies and financial risk-taking.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
10:19:44 Title 00:00:04
10:19:49 Exterior view of the Council building. 00:00:06
10:19:55 General view of the press conference. 00:00:08
10:20:03 Christine Lagarde, French Minister for Economic Affairs, Industry and Employment and President in office of the Council, saying (in FRENCH) that Europe is pursuing its determined and coordinated effort in dealing with the financial crisis and also with the economic crisis their economies are now faced with. 00:00:13
10:20:16 Cutaway of press 00:00:05
10:20:21 Christine Lagarde saying (in FRENCH) that they want to maintain the effort that they have started to strengthen the financing circuit and the credit circuit. They have worked together in a coordinated way in the recent months and they need to press on with that with great determination. She would like to thank the ECB and the Commission for the coordination works they have done in examining all the documents and formats used to recapitalise banks and to provide these guarantee mechanisms. 00:00:41
10:21:02 Cutaway 00:00:06
10:21:08 Christine Lagarde saying (in FRENCH) that on the European message to the G-20 meeting, they have been able to reach agreement on enhanced supervision, on the fundamental principles and values which need to apply here. They committed to not going down protectionist road and allowing the market rules to apply. Taking appropriate measures so that no products, no territories and no actors would be left out when it comes to regulation. 00:00:34
10:21:42 Cutaway 00:00:06
10:21:48 Joaquín Almunia saying (in FRENCH) that the EcoFin Council debated a response to the difficult economic situation. He thinks the response has been of high level. There was total consensus on how they apply the Stability and Growth Pact. Rules of the pact will be respected. They must understand what role the budgetary and fiscal policy will be in sustaining demand. But there are limits to budget policy. They have experience of poor use of fiscal and budgetary instruments in the past. Nevertheless they need to use the appropriate degree of flexibility introduced into the pact three years ago. 00:01:06
10:22:54 Cutaway 00:00:07
10:23:01 Christine Lagarde saying (in ENGLISH) that better regulation is something that will be taken up in due course. At the moment, clearly there is urgency and there is a demand that they have move ahead. They have in mind, and that was discussed this morning, the fact that they should not over-regulate, not over-shoot. But clearly, they also want to make sure that they do not leave loopholes, or dark holes, in the regulations where either products or players, or territories would be left completely without such regulation. 00:00:29
10:23:30 Cutaway 00:00:07
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