Economic and Financial Affairs Council: extracts from the arrivals and doorsteps

Type: News   Reference: 88645   Duration: 00:05:27  Lieu: Luxembourg (town), Luxembourg - Council
End production: 09/10/2012   First transmission: 09/10/2012
The Council, starting at 10.00, will take stock of developments regarding the introduction of a financial transaction tax by enhanced cooperation in a number of member states. It will be informed of the state of negotiations with the European Parliament on bank capital requirements, the so-called "CRD 4 package". It is also expected to modify the conditions underpinning financial assistance to Portugal, granting additional year, until 2014, for correcting its excessive deficit. G-20 finance meetings and preparation of annual IMF and World Bank meetings are amongst other items on the agenda.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Arrival of Miroslav Kalousek, Czech Minister for Finance 00:00:10
00:00:15 Delegation arrival 00:00:16
00:00:31 Arrival of Vassos Shiarly, Minister of Finance of Chypre 00:00:05
00:00:36 SOUNDBITE (in English) by Vassos Shiarly: We are looking forward for a very fruitful a very challenging discussion today, as you know we have a number of subjects on the agenda, we have the EMU, the FTT and the CRD IV. And of course we mustn't forget the European semester. So, a very challenging day ahead of us. 00:00:21
00:00:57 Arrival of Gheorghe Ialomiţianu, Romanian Minister for Finance 00:00:12
00:01:09 Arrival of Margrethe Vestager, Danish Minister for Economics and the Interior 00:00:12
00:01:21 SOUNDBITE (in English) by Margrethe Vestager: We are not expecting any conclusions today. I think is very important that the openness for actually negotiating the proposal to enable non-Europe countries to be part of it in an equal footing, I think is the most important thing of today's discussion. 00:00:18
00:01:39 Margrethe Vestaget 00:00:03
00:01:42 Arrival of Olli Rehn, Member of the EC in charge of Economic, Monetary Affairs and the Euro 00:00:05
00:01:47 SOUNDBITE (in English) by Olli Rehn on the agenda: Try to stick to the timeline was agreed in the Euro area summit. To my mind it is doable and Europe needs an affective and stronger single supervisory mechanism for the Euro area banks. It is important that we will break the link between banks and sovereign debt. 00:00:35
00:02:22 SOUNDBITE (in English) by Anders Borg, Swedish Minister for Finance: We have received the Commission proposal. It is quite clear that we still have a long way to travel before have a solution to this question. There are still severe problems in the compromise proposal when it comes to ECB voting rights, when it comes form the IVA structure, from the EBA mediation, so we can make progress but it is a very difficult situation and the Commission proposal doesn’t takes us really very much far from we where in Cyprus 00:00:23
00:02:45 Arrival of Michael Noonan, Irish Minister for Finance 00:00:03
00:02:48 Arrival of Jan Vincent-Rostowski, Polish Minister for Finance 00:00:09
00:02:57 SOUNDBITE (in English) by Jan Kees de Jager, Dutch Minister for Finance: The Netherlands is not in favour of a financial transactions tax, we are even a little bit reluctant on its introduction in other countries as well. We have seen three independent researches in the Netherlands that showed devastating results by the introduction of a financial transactions tax. So we are againt this. 00:00:39
00:03:36 Arrival of Jürgen Ligi, Estonian Minister of Finance 00:00:13
00:03:49 Arrival of Michel Barnier, Member of the EC in charge of Internal Market and Services 00:00:06
00:03:55 Arrival of Pierre Moscovici, French Minister of Finance 00:00:07
00:04:02 SOUNDBITE (in Spanish) by Luis de Guindos Jurado, Minister of Economy and Competitiveness of Spain: Yesterday we reviewed the results of the stress test, after I explained what our plan of reforms, which was approved by the Government on September 27 and then I made comments on the budget that was submitted to Parliament. I think there was a positive assessment of the three elements of Spanish economic policy based on clean up banking, structural reforms to boost growth, a sensible and sensitive fiscal adjustment to the economic circumstances. 00:00:38
00:04:40 SOUNDBITE (in Spanish) by Luis de Guindos Jurado: The IMF has lowered its economic growth forecast in all areas of the world, which means that there is an economic slowdown relatively synchronized and homogeneous in the different parts of the world economy, which logically is more intense in the Euro zone. There, all I can say is that the Spanish government is working to try to avoid such projections and for that is implementing all economic policy that I mentioned earlier. 00:00:31
00:05:11 Arrival of Jutta Urpilainen, Finnish Minister for Finance 00:00:08
00:05:19 Arrival of Algirdas Šemeta, Member of the EC in charge of Taxation and Customs Union 00:00:08
00:05:27 END 00:00:00
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