Joint press conference by José Manuel Barroso and Olli Rehn on "Seizing the moment to boost growth: 9th May message from the College": extracts

Type: Summary of press conference   Reference: I-073268   Duration: 10:03:33  Lieu:
End production: 08/05/2012   First transmission: 08/05/2012
On 8 May 2012, José Manuel Barroso, President of the EC, and Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, gave a press conference entitled "Seizing the moment to boost growth" following the College's meeting held on that day. The speakers outlined the importance to restore stability, reduce debt and deficits in order to build confidence and cut borrowing costs. José Manuel Barroso asked Member States to strengthen structural reforms, reducing taxes on labour to stimulate job creation. José Manuel Barroso added that investments need to be boosted notably through the project bonds. Regarding Greek elections, the speakers told they are waiting for Greek political forces to form a coalition government which will support reforms and the recovery of Greece.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Arrival of José Manuel Barroso, President of the EC, and Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, to the press conference entitled "Seizing the moment to boost growth - 9th May message from the College" (2 shots) 00:00:13
10:00:18 Soundbite by José Manuel Barroso (in ENGLISH); Reducing debt and deficit is essential to build confidence and cut borrowing costs. Every euro spent on interest payment is a euro less for job and investment. Secondly, to regain competitiveness, there must be acceleration in structural reforms. There is work to do, both at European and national level. Members States should reduce taxes on labour to stimulate job creation. This is a theme that we will return to in the country specific recommendations at the end of this month. 00:00:33
10:00:52 Cutaway of a journalist 00:00:05
10:00:57 Soundbite by José Manuel Barroso (in ENGLISH): After stability measures, after structural reforms, we need to step up investment, it is also important. The EU Council following a Commission's proposal has already called for the approval of the project bonds. We will put forward this proposition by June. This is a concrete way of making funds available now while avoiding putting extra pressure on public finances. I am please to see that is on track meaning that a contribution of €230 million from the current EU budget could be used to attract funding of up to €4.6 billion over next two years for key infrastructure projects in transport, energy and digital area. 00:00:51
10:01:49 Cutaway of journalists 00:00:06
10:01:55 Soundbite by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, (in ENGLISH): It this context of course, one has to take into account that the economic problems of Greece have accumulated over a long period of time. And the fiscal deficit and indebtedness started much earlier that the International Monetary Fund (IMF) program was introduced at the request of the Greek government supported by the Greek Parliament. We expect the electoral results and we expect the democracy and we are now waiting for the Greek political forces to form a coalition government supporting reforms and recovery of Greece. 00:00:46
10:02:41 Cutaway of journalists 00:00:06
10:02:47 Soundbite by José Manuel Barroso (in FRENCH) saying that the program adopted for Greece - by the Greek government and by the Greek Parliament, by European and international organisations including the IMF and by the all the Member States of the eurozone - is not only a fiscal consolidation program but also a program of reforms for growth. And the Commission approved a communication with measures for growth. And they remain fully committed in terms of solidarity with Greece, committed to support the Greek authorities in these efforts. 00:00:46
10:03:33 Departure of José Manuel Barroso and Olli Rehn 00:00:06
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