Extracts from the Economic Dialogue and exchange of views with:

Type: News   Reference: 88810   Duration: 00:04:54  Lieu: Brussels, Belgium - European Parliament
End production: 03/12/2012   First transmission: 03/12/2012
- Pierre MOSCOVICI, Minister of Finance of France - Wolfgang SCHÄUBLE, Minister of Finance of Germany EP Committee on Economic and Monetary Affairs

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Exterior shot of the European Parliament, Brussels, Belgium, (1 shot) 00:00:05
00:00:10 Interior, Pierre MOSCOVICI, Minister of Finance of France, and Wolfgang SCHÄUBLE, Minister of Finance of Germany are on the way to the meeting room, (1 shot) 00:00:05
00:00:15 Interior, atmosphere and arrival shots, EP Committee on Economic and Monetary Affairs, (5 shots) 00:00:27
00:00:42 SOUNDBITE (German): Wolfgang SCHÄUBLE, Minister of Finance of Germany: (Schäuble on macro economic competition of Greece) - "We must be clear; there are certain structural measures that need to be taken, we need to also reduce the deficit. And these have to be accepted and they will only be accepted if you have necessary pressure for action in place. So the process is under way and we believe that also holds true in fact for another aspect, trust in the financial markets, you know sovereign debt has recognise as a mayor risk due to the Lehmann brother incidence, but obviously in the Eurozone they perceive that risk much higher then elsewhere even though these other countries may have much higher levels of GDP." 00:00:42
00:01:24 SOUNDBITE (German): Wolfgang SCHÄUBLE, Minister of Finance of Germany: "When it comes to banking supervision once it is functional and that will take some time, but once its up and running than there will be a possibility for direct re-capitalisation, but again, you have to meet the requirements, the requirements for payment at the ESM. Obviously that will be supervised, closely watched, so I think it is important to remind you to that, because otherwise you false expectations. Spain of course can't wait that long, within the Eurogoup I hope that we complete that early, than bank capitalisation will be made possible using means the ESM and going via the Spanish State." 00:00:51
00:02:15 SOUNDBITE (German): Wolfgang SCHÄUBLE, Minister of Finance of Germany: "I do think that Greece is working along the right lines if it can make the effort to continue this consistently then it will be successful and with the other member states that is already the case. With Spain the situation is a special one and I think apart from the special problems in the banking sector which we have a solution it is suffering really from the infectious climate in the other countries, rather then having any real economic specific problems itself." 00:00:31
00:02:46 SOUNDBITE (German): Wolfgang SCHÄUBLE, Minister of Finance of Germany: "We should have the respect to the demands on the people in Greece. And we know that during these times where you have demonstration and so on, some of the media will over played and we suffered from this and I mean, seeing Greek people wearing these Nazi Uniforms and so, but I had Greeks thank me as well, the government has to be responsible in saying what should be possible and pointing out that Greece and its people having to make last efforts its the elite in Greece that has failed damming in the past." 00:00:46
00:03:32 SOUNDBITE (Fernch): Pierre MOSCOVICI, Minister of Finance of France: "We suggest a own resource for the euro completely different from the 27 member state budget, which is looked at cyclically, which would allow to finance actions in key areas for example social areas, competitiveness such as providing for unemployed in the eurozone." 00:00:19
00:03:51 SOUNDBITE (Fernch): Pierre MOSCOVICI, Minister of Finance of France: "2ndly the mutualisation of debts in the Eurozone this is something which has to be look at together with budgetary issues, furthermore this needs to go hand in hand with increase in democratic credibility of the Eurozone, we have on the one hand the issue of the National Parliaments, but we have to take a look to the National Parliaments, but also to the 'volet' of the European Parliament, a few days I brought that up as well. Why do we not have a committee of members elected by citizens of Europe, they should be playing a key role, a legislative role looking at the European budget." 00:00:20
00:04:11 SOUNDBITE (Fernch): Pierre MOSCOVICI, Minister of Finance of France: "Structural reforms people are demanding at France, we decided to implement, because apart from the tax credit mentioned we have 35 measures, reforms to improve competitiveness. 00:00:32
00:04:43 cut away shots, (2 shots) 00:00:11
00:04:54 END 00:00:00
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