Extracts from the press conference by José Manuel Barroso on communication for the Spring European Council - Driving European recovery to shape a global upturn

Type: Summary of press conference   Reference: I-060757   Duration: 10:34:26  Lieu:
End production: 04/03/2009   First transmission: 04/03/2009
José Manuel Barroso, President of the EC, presented its proposals for the Spring Council of EU heads of state and government. The European Commission is calling on EU leaders to further step up coordinated European action to fight the economic crisis and sets out proposals for building on the extensive support already being given to the real economy and to employment. Commission President José Manuel Barroso says that there is a way out of this crisis because Europe has the unity, the confidence and the determination to win this battle. In relation to financial regulation and supervision, the Commission endorses the key principles set out by the de Larosière Group. The Commission calls for a supervisory system combining much stronger oversight at EU level with maintaining a clear role for national supervisors. Barroso explains that we need to rebuild trust in financial markets and for it is important to have a supervision system where ethics are taken in consideration, where people can be sure that those to whom they have untrusted their money are properly regulated. Regarding tax havens, Barroso sayd that it should be possible to apply penalties to those jurisdictions that refuse to cooperate on tax evasion, prevential information, money laundering and terrorist financing.

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TIME DESCRIPTION DURATION
10:31:25 Title 00:00:04
10:31:30 General views of the press conference room (2 shots) 00:00:11
10:31:41 SOUNDBITE (English) by José Manuel Barroso, President of the EC: We are proposing a European framework for implementation and coordination; the message is clear: there is a serious crisis but there is a way out to this crisis; Europe has the unity, the confidence and the determination to win this battle. 00:00:19
10:32:00 Cutaway 00:00:06
10:32:06 SOUNDBITE (English) by José Manuel Barroso: The crisis is now affecting almost every household; the impact on people's job, mortgage and standards of living are now being felt; the crisis is starting to bite, but we are acting to provide redress and to restore confidence. 00:00:20
10:32:26 Cutaway 00:00:06
10:32:32 SOUNDBITE (English) by José Manuel Barroso: We need to put an end to the uncertainty about the valuation and location of impaired assets; we need transparency and disclosure to ensure a level playing field between banks; cleaning out the banking system is the prerequisite for a return to normal credit conditions; the problem of credit to real economy is indeed being felt all over Europe and also in many of the parts of the world. 00:00:31
10:33:03 Cutaway 00:00:07
10:33:10 SOUNDBITE (English) José Manuel Barroso: We need to rebuild trust in financial markets in general; we have set out a detailed roadmap towards a European system of supervision, a system where ethics are taken into consideration, where people can be sure that those to whom they have entrusted their money are properly regulated; the EC has broadly endorsed the 'de Larosière report' recommendations and sets out how to take them forward. 00:00:30
10:33:40 Cutaway 00:00:06
10:33:46 SOUNDBITE (French) by José Manuel Barroso: In Berlin, we asked for this list as soon as possible in order to be able to take collective actions, and this includes penalties; we should be able to apply penalties to those jurisdictions that refuse to cooperate on tax evasion and prudential information, and also on information in terms of money laundering and terrorism financing. 00:00:40
10:34:26 Cutaway 00:00:06
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