European Council: intermediary press conference by José Manuel BARROSO, President of the EC, Herman VAN ROMPUY, President of the European Council and Helle THORNING-SCHMIDT, Danish Prime Minister
Lieu: Brussels, Belgium - Council
End production: 28/06/2012 First transmission: 28/06/2012
On 28 June, Herman Van Rompuy, President of the European Council, Helle Thorning-Schmidt, Danish Prime Minister and José Manuel Barroso, EC President, announced that European Council Union agreed to devote 120 billion Euros for "immediate growth measure'.
'A 10 billions Euros increase of the capital of the European investment bank will increase the banks overall lending capacity by 60 billions. And this money must flow across Europe not least to the most vulnerable countries and help companies' growth themselves out of the crisis. The other 60 billions from the reallocation of a new structural fund, in particular to small and medium enterprises and youth employments', said Herman Van Rompuy.
In addition, EU leaders announced that they would offer up to 4.5 billion Euros in "project bonds" to fund investments in transport, sustainable energy and digital infrastructure.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Speakers arriving to the press conference (2 shots)
||SOUNDBITE (in English) Herman Van Rompuy, President of the European Council: So what we already agreed is about the growth and job agenda and the key element is that we boost the financing of the economy by mobilize around 120 billion Euros for immediate growth measures. A 10 billions Euros increase of the capital of the European investment bank will increase the banks overall lending capacity by 60 billions. And this money must flow across Europe not least to the most vulnerable countries and help companies' growth themselves out of the crisis. The other 60 billions from the reallocation of a new structural fund, in particular to small and medium enterprises and youth employments. And second from the pilot face of Project bonds that should be launch this summer and will go to the key initiatives in energy, transport and broad band infrastructures.
||Cutaway of the press (2 shots)
||SOUNDBITE (in English) Helle Thorning-Schmidt, Danish Prime Minister: What we are saying now is a clear sign that EU is a clear sign that EU has a firm determination to actually promote new growth and jobs in Europe. We know we have a crisis and we know we have to deal with this crisis but a t the same time we have tried all trough this six month and before as well to promote growth and jobs, and new we are actually create building blocks to of new growth and jobs pack that we will hopefully agree tomorrow.
||Cutaway of the audience (2 shots)
||SOUNDBITE (in English) José Manuel Barroso, EC President: We are now going to launch the project bond pilot faced, immediately, and that will bring additional investment of up to 4.5 billion Euros for pilots projects in key transports energy and broadband infrastructure. Provided that interim report and evaluation of the pilot face are positive the volume of such financial instrument could be developed for in the future including in support to the connecting Euroepe facility. So, this is what we can announce as the consensus in today's discussion.