European Council: extracts from the press conference by José Manuel BARROSO, President of the EC, and Herman VAN ROMPUY, President of the European Council

Type: News   Reference: 86556   Duration: 00:04:30  Lieu: Brussels, Belgium - Council
End production: 29/06/2012   First transmission: 29/06/2012
European Council: extracts from the press conference by José Manuel BARROSO, President of the EC, and Herman VAN ROMPUY, President of the European Council

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Shot of Herman Van Rompuy, President of the European Council, and José Manuel Barroso, President of the European Commission, entering in the press room of the Justus Lipsius building 00:00:07
00:00:12 Soundbite by Herman Van Rompuy, President of the European Council (in English): So, on the report on EMU, we agreed on a procedure to go forward. And the reports to add a genuine, economic and monetary union presented by the President of the European Council in cooperation with the President of the Commission, the Eurogroup and the Central Bank sets out the four essential building blocks for the future of the EMU: an integrated financial framework, an integrated budgetary framework, an integrated economic policy framework and strengthen democratic legitimacy and accountability. 00:00:46
00:00:58 Cutaways 00:00:05
00:01:03 Soundbite by Herman Van Rompuy, President of the European Council (in English): The President of the European Council is invited to develop, in close collaboration with the President of the Commission, the Eurogroup and the ECB specific and time-bound roadmap for the achievement of a genuine economic and monetary union. We will present a first report in October 2012. 00:00:26
00:01:29 Cutaways of journalists in the press room 00:00:05
00:01:34 Soundbite by Herman Van Rompuy, President of the European Council (in English): So, this was the first part of our discussion because it's extremely important that we agreed not on the report itself but on a clear vision about what has to be done working on the four building blocks. And the aim is of course to make the Euro an irreversible project. 00:00:27
00:02:01 Cutaways of journalists in the press room 00:00:05
00:02:06 Soundbite by Herman Van Rompuy, President of the European Council (in English): First, we agreed on something new which is a breakthrough that the banks can be recapitalized directly in certain circumstances and the biggest of the most important condition is that we have to put in place a single supervisory mechanism. And the second decision is that we are opening the possibilities to countries who are well behaving that we are opening the possibilities to make use of financial stability instruments (EFSF, ESM), to order, to reassure markets and to get again some stability around some of the sovereign bonds of our member states. 00:00:58
00:03:04 Cutaways of journalists in the press room 00:00:06
00:03:10 Soundbite by José Manuel Barroso, President of the European Commission (in English): Let me just underline that I believe this is indeed a very important set of conclusions because it shows substantial commitment to further action. As you know, before this European Council and this Euro area Summit, we mentioned that it would be important to have decisions on growth and we have taken those decisions today but also decisions on the future of the European Economic and Monetary Union and if possible also the possibility of some short term stabilization measures.. And indeed, we have achieved that. 00:00:39
00:03:49 Cutaways of a photographer 00:00:04
00:03:53 Soundbite by José Manuel Barroso, President of the European Commission (in English): So, it means that in the not decent future, direct recapitalization of banks will be possible under very strict conditions and also in the other process this conditions have to be applied. So I think it is in fact very ambitious decisions that shows once again the commitment of the member states namely those of the Euro area to the irreversibility of the Euro. And I think, this would be recognized by all. 00:00:37
00:04:30 Shot of Herman Van Rompuy, President of the European Council, and José Manuel Barroso, President of the European Commission, leaving the press room of the Justus Lipsius building 00:00:00
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