Brussels Economic Forum 2011: extracts from Session I with the participation of Vítor CONSTANCIO, Vice-President, European Central Bank (ECB) and Klaus REGLING, Chief Executive Officer, European Financial Stability Facility (EFSF)
Première transmission: 18/05/2011
Brussels, Belgium - Charlemagne
Fin de production: 18/05/2011
The Brussels Economic Forum is the European Union’s premier platform for debate on economic issues. It is an opportunity to meet decision-makers, opinion leaders and other key players from government authorities, international organisations, European institutions, financial institutions, social partners, academia and the media.
This year, the time has come for Europe to adopt and implement the full, reformed economic governance framework – from the first European Semester to a robust surveillance of fiscal and macroeconomic policies. Its successful implementation will represent a major overhaul of economic policy coordination in Europe.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||General view of the conference
||Vítor Constancio, Vice-President, European Central Bank, saying that: First, greater automaticity is needed in all surveillance procedure, including the new macro-economic surveillance framework. The Council should have less room for holding or suspending procedures against Member States. Strict deadlines to avoid lengthy procedures will also contribute to automaticity. This is critical to ensure the credibility of the new framework and address spill overs in a timely manner.
||Cutaway of the audience
||Vítor Constancio, saying that: We hope that the ongoing negotiations over the legislative package will permit the text to be significantly improved along these lines. There are also some important areas in which the text should not be weakened. And I had just mentioned two, in particular, in what regards the softening of the stability and growth pack by increasing the so-called relevant factors that can justify deviations to comply with targets or introduce further exceptions or treatment in a special way of specific expenditure items.
||Cutaway of the audience
||Klaus Regling, Chief Executive Officer, European Financial Stability Facility, saying that: And then, we will have a better system. We will have a better governance system in merging Union and I am convinced that this will help to make merge a Union function better in the future than in the past. However there will be crisis from time to time and that is why we need to think about the possibilities of crisis management also and not only crisis prevention but crisis prevention must be the main focus, that is why a lot is happening in this area.
||General view of the meeting