Economic and Financial Affairs Council:
Extracts from the press conference
Lieu: Luxembourg (town), Luxembourg - Council
End production: 09/10/2012 First transmission: 09/10/2012
The Council took stock of developments regarding the introduction of a financial transaction tax by enhanced cooperation in a number of member states. It has been informed of the state of negotiations with the European Parliament on bank capital requirements, the so-called "CRD 4 package". It was 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.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||SOUNDBITE by Vasos Shiarly, Cyprus Minister of Finance and President in office of the Councim (In English) saying that: We informed the Ministers today about the stage of negotiations with the European Parliament on bank capital requirements, the so called "CRD4 package". The package is aimed at transposing into EU law the Basel III agreement approved by the G20 in November 2012. It will form an essential element of the single rule book and it is important to have it adopted before the single supervisor mechanism enters into force.
||SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: I welcome the approval by the ECOFIN of the conclusions of the 5th review mission. The Portuguese program remains on track in spite of a less favourable external environment. Competitiveness is being restored in Portugal resulting to increasing exports. I want again to encourage countries and political forces to work together with the constructive spirit that has until recently characterized and contributed to, the success of Portuguese program.
||Cutaway of the audience
||SOUNDBITE by Olli Rehn (In English) saying that: The key to strengthening confidence remains the consistent and firm implementation of our crisis resolution strategy. That means the pursuit of fiscal consolidation and ambitious structural reforms for growth and employment but it also means pressing forward boldly with the rebuilding of economic and monetary union and the first step in proving our seriousness in this point will be to make good of the commitment on the Euro area summit of the 29th of June namely to do what it takes to break the vicious circle between banks and sovereign risks.
||SOUNDBITE by Michel Barnier, Member of the EC in charge of Internal Market and Services (In French) saying that: Obviously the ECB will not be daily monitoring 6000 banks; it is important for credibility to have a single and undivided responsibility. But I think the daily implementation will be largely dependant on the work of national supervisors while the Central Bank will retain the final decision making parts and authorities.
||Cutaway of a photographer
||SOUNDBITE by Algirdas Semeta, Member of the EC in charge of Taxation and Customs Union, Audit, Anti-Fraud (In English) saying that: (On Financial Transactions Tax)
So now it is the time for swift progress. I already have seven letters – from Germany, France, Belgium, Austria, Slovenia, Portugal and Greece.
And today we got clear assurances that Italy, Spain, Estonia and Slovakia will send theirs very soon.
I am ready to do everything possible to deliver a draft Decision to the November ECOFIN, in order to facilitate very quick progress on this file"
||Speakers leaving the press room