Economic and Financial Affairs Council (ECOFIN): extracts from the arrivals and doorsteps
Lieu: Luxembourg (town), Luxembourg - Council
End production: 04/10/2011 First transmission: 04/10/2011
On 4 October, the Economic and Financial Affairs Council is taking place in Luxembourg. It will be called on to agree a general approach on a draft regulation aimed at increasing transparency and reducing risk in the over-the-counter derivatives market.
Arriving at the Council, Didier Reynders, Acting Belgian Deputy Prime Minister and Minister for Finance and Institutional Reforms, reassured customers on the Dexia situation. Dexia has pledged to resolve "structural problems" caused by bad assets it holds after a warning that the Franco-Belgian bank could be downgraded dropped its stock price. The board gave no specifics, but there is speculation the bank could be split up.
The Council is also expected to agree with the text recently voted by the European Parliament on a package of six legislative measures designed to strengthen economic governance in the EU. Amongst the other items on the agenda, the Council is expected to approve an EU position for a meeting of G-20 finance ministers and central bank governors on 13-16 October and to adopt conclusions on climate finance, ahead of the UN conference in Durban, South Africa at the end of November.
Over lunch, ministers will discuss impact assessments of proposals for European legislation.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Michel Barnier, Member of the EC in charge of Internal Market and Services
||Giulio Tremonti, Italian Minister for Economy and Finance
||Anders Borg, Swedish Minister for Finance
||SOUNDBITE (in French) Anders Borg, saying that: It is quite clear that there is an evident risk that the Greek program is off track. We haven't seen the Troika but the off track risk is very high at this stage. So, I think now we have to re-think how we can faster move toward backstops to be able to handle a situation where the program is off track.
||Wolfgang Schäuble, German Federal Minister for Finance
||Jean-Claude Trichet, ECB President
||SOUNDBITE (in English) Didier Reynders, Acting Belgian Deputy Prime Minister and Minister for Finance and Institutional Reforms, saying that: We will see all the proposals coming from the board meeting. But I repeat there is a guarantee for the customers to 100 000 Euros and we have also some possible actions from the two government the Belgium and the French. So, first of all we need to listen to all the proposals coming from the banks but first of all, we will read all the proposals, and not in the newspapers, but in the proposal from the bank.