Eurogroup meeting: arrivals
End production: 06/12/2010 First transmission: 06/12/2010
The Ministers for Finance of the Eurogroup met on 6 December 2010 in Brussels.
Following the bailouts of Ireland and Greece, the Eurogroup, composed of the Member States whose currency is the euro, agreed on details of the European Stability Mechanism, the rescue mechanism to help Eurozone Members.
Jean-Claude Juncker, Prime Minister of Luxembourg and President of the Eurogroup, and Giulio Tremonti, Italian Minister for Economy and Finance, called for the creation of pan-European bonds to boost confidence in the euro, while Germany rejected the idea.
The increase of the Eurozone rescue fund was also discussed.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Didier Reynders, acting Belgian Minister for Finance and Institutional Reforms and President in office of the Council
||SOUNDBITE by Didier Reynders (in FRENCH) saying that they are going to review the Irish situation because they should approve the plan which has been decided for Ireland; furthermore, they will analyse the situation in the whole Eurozone and perhaps set up the means for the permanent crisis mechanism that they already agreed; they now need to put it on track;
on whether the Ministers are going to discuss the size of the provisional mechanism: saying that they will have to discuss the size of the permanent crisis mechanism and if they agree on that, they could talk about the provisional one as well.
||SOUNDBITE by Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs, (in ENGLISH): there has been a long debate over decades on the euro bonds; I find the idea intellectually attractive; however, the Commission made a proposal in May on a community instrument for a European financial stability mechanism which was based on Members States' bond guarantees that was then rejected in the Council by the Members States, once the European Financial Facility was created and as far as I understand that is the state of the debate for the moment; having said that, of course, we always study very carefully all proposals made by the Members States.
||Arrival of Jean-Claude Trichet, President of the European Central Bank (ECB)
||Arrival of Jean-Claude Juncker, Prime Minister of Luxembourg and President of the Eurogroup
||Arrival of Elena Salgado Méndez, Spanish Minister for Economy and Finance (2 shots)
||Arrival of Wolfgang Schäuble, German Federal Minister for Finance
||SOUNDBITE by Wolfgang Schäuble (in GERMAN) on the launch of euro bonds: saying that they are not going to hold new debates; they have already taken clear decisions; they don't have to disturb the markets because of their endless discussions; they have prepared the essential and they are going to take a decision following this discussion; they have to give a chance to the markets to recover before starting new discussion; they have to implement the conclusions before going back to discussions; that is why they have to focus on what they have decided.
||Arrival of George Papaconstantinou, Greek Minister for Finance
||Arrival of Dominique Strauss-Kahn, President of the International Monetary Fund (IMF)
||Arrival of Giulio Tremonti, Italian Minister for Economy and Finance
||Arrival of Luc Frieden, Minister for Finance of Luxembourg
||Arrival of Tonio Fenech, Maltese Minister for Finance, the Economy and Investment