OECD Economic Survey of Euro Area and EU:
extracts from the press conference by Angel GURRIA, OECD Secretary-General and Olli REHN, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro
Première transmission: 27/03/2012
International Institutions , IPC, Brussels
Fin de production: 27/03/2012
The OECD’s latest economic survey of the Euro area and European Union, to be published on Tuesday 27 March 2012, looks at the measures and structural reforms needed to boost growth, rebalance the region’s economies and strengthen governance.
OECD Secretary-General Angel Gurría will present the survey at a news conference at 10.30 a.m. the same day at the International Press Centre (Residence Palace) 155 rue de la Loi, Brussels. Olli Rehn, EU Commissioner for Economic and Monetary Affairs will participate in the news conference and comment on the survey’s findings.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||SOUNDBITE by Angel Gurria, OECD Secretary-General (In English) saying that: Europe needs to step up its efforts to create the conditions for sustainable growth. Progress is on the way but we are still not out of the woods. The improvement in financial conditions in December, the orderly restructuring of Greek debt, these are certainly welcome developments; the longer term refinancing operations of the ECB have already addressed important financial stability risks for the EU banking systems, which is another very good signal.
||SOUNDBITE by Angel Gurria (In English) saying that: It was always said about the structural reforms that they have short term costs and our research proves that the short term costs are first of all not that great but second that short term costs are compensated by the fact that there is a confidence level if communication is good and if people understand what is being attempted, then people will look the medium and the long term and have a confidence so there is a kind of confidence bonus.
||SOUNDBITE by Angel Gurria (In English) saying that: The need for a new cross cutting approach to economic, financial and fiscal governance is obvious. Thus the 'six pack' economic and budgetary governance package and the new fiscal compact are especially welcome. They have substantially upgraded EU and national fiscal institutions. So a new European stability mechanism is coming into place and a vast program of reforms to financial oversight is being undertaken including the creation of a European Supervisory authority, the European systemic risk board. Many of these measures were considered unthinkable before the crisis.
||SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: The Leaders of the EU have committed themselves and their states to take measures to boost growth and jobs in Europe; this cause for a dual strategy of ensuring financial stability and fiscal consolidation together with actions that help boost growth, competitiveness and employment.
||SOUNDBITE by Olli Rehn (In English) saying that: While the single market is one of the greatest achievements and growth drivers in Europe, more work needs clearly to be done to strengthen it further and to complete and deepen the single market and I can inform you that in line with the conclusions of the latest European Council, we will present new initiatives to strengthen governance of the single market and improve its implementation and enforcement at national level.
||Speakers leaving the room