Extracts from the press conference by Olli Rehn on the OECD economic surveys on the euro area and the EU
Type: Summary of press conference
End production: 27/03/2012 First transmission: 27/03/2012
On 27 March 2012, the results of the OECD’s latest economic survey of the Euro area and European Union were published.
On this occasion, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Angel Gurría, Secretary General of the Organisation for Economic Co-operation and Development (OECD), participated in a press conference at the International Press Centre, in Brussels, to comment the survey’s findings and discuss the measures and structural reforms needed to boost growth, rebalance the region’s economies and strengthen governance.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Angel Gurría, Secretary General of the Organisation for Economic Co-operation and Development (OECD), at the International Press Centre, in Brussels
||Cutaway of the speakers
||Soundbite by Angel Gurria (in ENGLISH): 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 European Central Bank (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): It was always said about the structural reforms that they have short term costs and our research, again, proves that the short term costs are, first of all, not that great but, second, 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): 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 the European Union 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 (in ENGLISH): The Leaders of the EU have committed themselves and their states to take measures to boost growth and jobs in Europe; 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): 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. 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