Economic and Financial Affairs Council: - extracts from the press conference

Type: News   Reference: 78247   Duration: 00:02:47  Lieu: Luxembourg (town), Luxembourg - Council
End production: 20/06/2011   First transmission: 20/06/2011
EU Ministers in charge of Economy and Finances mmet in Luxembourg to update its general approach on economic governance, so as to enable negotiations with the European Parliament to be concluded by the end of the week. The Council will hold a policy debate on a draft regulation aimed at setting clearing and reporting requirements for over-the-counter derivatives. Concluding this year's European Semester, which is being implemented for the first time, it is also due to adopt recommendations on the member states' national reform programmes and budgetary policies. Deposit guarantee schemes and the EIB's lending mandate in third countries are amongst the other items on the agenda. ministers also discussed backstop support schemes in the banking sector, with a view to the publication in early July of the results of this year's stress tests.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Soundbite in English Gyorgy Matolcsy, Hungarian Minister for Economic Affairs and President-in-office of the Council: "It is my understanding that the EU, with the help of the economic governance package and also with the success of the European semester and with all the new regulations of the financial sector, we can send out the right signals to the international money market and also we can make the right noses meaning that, yes, we managed to strengthen the EU, we managed to defend the Eurozone and we managed to prove the old saying 'United we stand' and there is no other way out of the trap, so united we stand". 00:00:49
00:00:54 Soundbite in English Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs: "Concerning the substance of the recommendations, all member states are asked to consolidate their public finances and also, it is important to underline this, for several of them we conclude the urgency to step up efforts to safe care the stability of financial sector and all of the housing market; and in many cases, we point to the need to enhance liberal market reforms or to strengthen competition in the services sector". 00:00:36
00:01:30 cutaway, general view 00:00:07
00:01:37 Soundbite in English Olli Rehn, Member of the EC in charge of Economic and Monetary Affairs: "It is a very solid set of tools to prevent the mistakes of the past and, I should say, once adopted this week by the European Parliament it will prove the EU ability to take decisive actions to strengthen Europe economic governors and to protect ourselves against the kind of crisis we have experienced over the past years. Both crisis related to fiscal imprudence or to macro economic imbalances". 00:00:38
00:02:15 Soundbite in French Michel Barnier, Member of the EC in charge of Internal Market and Services: "I'm convinced that we can't deal with systemic shocks if we have national supervision only; we've got to rely on national supervision of course but we've got to coordinate it and we've got to work together at the European level, we need this big radar screen, we need to be strong and determined and on the topic of derivative we also said that we need to converge, we need to work together with the United States". 00:00:32
00:02:47 End 00:00:00
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