Economic and Financial Affairs Council (ECOFIN): extracts from the press conference Margrethe VESTAGER, Danish Minister for Economic Affairs and the Interior, and Olli REHN

Type: News   Reference: 83337   Duration: 00:03:20  Lieu: Brussels, Belgium - Council
End production: 21/02/2012   First transmission: 21/02/2012
The Council has been called on to agree a general approach on two proposals aimed at further improving economic governance in the euro area. It has also held a preliminary discussion on an alert mechanism report, to be presented by the Commission, for the early detection of macroeconomic imbalances. The Council is expected to adopt conclusions providing guidance to the member states, under this year's European Semester, for tackling macroeconomic and fiscal challenges. It is expected to adopt (without discussion) a regulation aimed at harmonising rules for short selling and certain aspects of credit default swaps. Amongst the other items on its agenda, the Council will adopt conclusions on priorities for the EU's 2013 budget and (without discussion) on climate change.

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00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:06
00:00:11 Cutaway 00:00:04
00:00:15 SOUNDBITE by Margrethe Vestager, Danish Minister for Economics and the Interior (In English) saying that: We had a political agreement on the 2 pack in less than 3 month minus 2 days; we have reached this political agreement on those 2 proposals. The first proposal concerns common provision for monitoring and assessing draft budgetary plan and ensuring the correction of excessive deficit of Euro member states. 00:00:25
00:00:40 Cutaway 00:00:06
00:00:46 SOUNDBITE by Margrethe Vestager (In English) saying that:What will happen now is that we will start the trilogue with the European Parliament regarding the draft 'Regulations' and we hope very much that we can reach an agreement with the Parliament and also finalize the 2 proposals during the Danish Presidency. 00:00:18
00:01:04 Cutaway 00:00:15
00:01:19 SOUNDBITE by Margrethe Vestager (In English) saying that: We adopted conclusions for the Council meeting of the 1st and the 2nd of March and I hope very much that the head of states will appreciate what we have done in the Ecofin. The conclusions very much focus not only on consolidation but also on wise consolidation and on growth both at national level and at the EU level. 00:00:19
00:01:38 Cutaway 00:00:07
00:01:45 SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: It is an essential decision to substantially reduce the debt's burden of Greece and it will help to reform the economy and administration of Greece to help the country to return to growth and creating jobs. That is an essential decision for the Greek people and to find stability in Europe as Greece has been the epicentre of the crisis. 00:00:27
00:02:12 Cutaway 00:00:09
00:02:21 SOUNDBITE by Olli Rehn (In English) saying that: The financial sector in undergoing a serious restructuring and the risk of credit crunch in the real economy has receded not least thanks to the very important actions by the European Central Bank in terms of provision of liquidity to European banks. 00:00:21
00:02:42 Cutaway 00:00:07
00:02:49 SOUNDBITE by Olli Rehn (In English) saying that:We are also promoting policies for sustainable growth and employment under the European semester. In fact, long time delayed structural reforms are now moving forward with Spain and Italy setting an example and the progress for Ireland and Portugal are on track. 00:00:27
00:03:16 Speakers leaving the Press room 00:00:04
00:03:20 End 00:00:00
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