Extracts from the press conference by Olli Rehn on the spring economic forecasts

Type: Summary of press conference   Reference: I-073317   Duration: 10:02:42  Lieu:
End production: 11/05/2012   First transmission: 11/05/2012
On 11 May 2012, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference on the spring economic forecasts, at the European Commission, in Brussels. On this occasion, he spoke about a subdued recovery and the major challenges in this crisis context.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Arrival of Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, to the press conference on Spring Economic Forecasts, held at the European Commission, in Brussels 00:00:07
10:00:12 General view of the press conference 00:00:04
10:00:17 Soundbite by Olli Rehn (in ENGLISH): The European economy is estimated to be currently in a mild but short-lived recession. And then subsequently a slow and subdued recovery is forecast to begin from the second half of the current year onwards and continue over the forecast horizon of this year and the next year. However, GDP growth will remain as I said subdued and inherent because Member States and the same goes for employment or unemployment with some Member States in full employment while some others are suffering from a rising unemployment and a very high level of youth unemployment. 00:01:01
10:01:19 Cutaway of the audience (2 shots) 00:00:11
10:01:30 Soundbite by Olli Rehn (in ENGLISH): For next year 2013, economic activity is projected to increase by 1 % in the euro area and by 1.3 % in the whole Union. 00:00:15
10:01:45 Cutaway of Olli Rehn 00:00:04
10:01:49 Soundbite by Olli Rehn (in ENGLISH): Major challenges in this context and our crisis response has to be firm. First, we must strike a balance between the necessary stabilisation and horizon consensus about growth. Second, in order to support the rebalancing and more sustainable economic policies, we need structural reforms to be continued in the Member States. We will assist this on the 30th of May 2012 in our assessment of fiscal and economic policies and we will make specific recommendations. And third, structural reforms should be supplemented and supported by targeted investment to boost sustainable growth and job creation. 00:00:53
10:02:42 General view of the press conference 00:00:08
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