Economic Dialogue and exchange of views with Vittorio GRILLI, Italian Minister of Economy and Finance:

Type: News   Reference: 90167   Duration: 00:04:33  Lieu: Brussels, Belgium - European Parliament
End production: 21/01/2013   First transmission: 21/01/2013
- MEPs debate EP Committee on Economic and Monetary Affairs From 15.00-16.30 Italian finance minister Vittorio Grilli had been in the economics committee to discuss latest developments in responding to the crisis, as part of the ongoing 'Economic Dialogue' between MEPs and ministers.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Exterior shot of the European Parliament, Brussels, Beligum, (1 shot) 00:00:05
00:00:10 Interior, Arrival of Vittorio GRILLI, Italian Minister of Economy and Finance, shake hands, opening shots, (3 shots) 00:00:08
00:00:18 Jean-Paul Gauzes (EPP, France), in FRENCH: "How is it possible that in such a short time, while none of the measures under discussion has been implemented, how come that all of a sudden in your opinion markets have been turned around and after having said for years that we're on the brink of ruin in the Eurozone.. people's assessment of the Eurozone has changed so much?" 00:00:31
00:00:49 Vittorio GRILLI, Italian Minister of Economy and Finances, in ITALIAN: "In my opinion, to a great extent the crisis was first a crisis of confidence in Europe in general, in Europe's ability to respond to the crisis, it is a question of the expectations that markets had of individual countries in Europe and Europe as a whole, and the Eurozone in particular and their ability to respond to the crisis. The decision-making process has changed and now we see the markets having faith in the individual countries and Europe's ability to respond to the crisis". 00:00:42
00:01:31 Philippe LAMBERTS (Greens/EFA, Belgium), in ENGLISH: "We had Jean-Claude JUNCKER the other day here and he reflected on the general nature of the policy mix that has been imposed to all European Member States since the beginning of the Euro crisis and he was saying that basically he was not sure we got this right.. and in that sense it's austerity, austerity.. fast and hard, and we realise that macro-economically it is counter productive and it is the weakest who end up paying.. " 00:00:35
00:02:06 Vittorio GRILLI, Italian Minister of Economy and Finances, in ENGLISH: "Given the depth of the crisis my own judgement is that certain very tough fiscal adjustments were simply unavoidable." 00:00:13
00:02:19 Vittorio GRILLI, Italian Minister of Economy and Finances, in ITALIAN: "Austerity is not an end in itself it is a means to an end and the end is growth" 00:00:07
00:02:26 Astrid LULLING (EPP, Luxembourg), in FRENCH: "The essential is to know whether the austerity measures are being effective or not?" 00:00:07
00:02:33 Vittorio GRILLI, Italian Minister of Economy and Finances, in ITALIAN: "As I said earlier, it varies from one country to another, some countries had a little more room for choice than others, and Italy had very little choice because it is impossible to have a credible growth strategy without a stabilised financial market so it was like trying to build a house on sand. So the first the fire we had to put out was to restore the market's confidence in Italy as a debtor country so our first priority was to make Italy stable again and therefore a credible debtor". 00:01:00
00:03:33 Derk Jan EPPINK (ECR, Belgium), in ENGLISH: "The problem of your government apparently is how to cut government spending?" 00:00:05
00:03:38 Vittorio GRILLI, Italian Minister of Economy and Finances, in ITALIAN: "The need to consolidate our public accounts had to be done in such a short time frame that we had to use taxation more than we ourselves would have liked. That doesn't mean that we don't believe quite the opposite had to be done, I mentioned before that in my opinion one very important issue is to downsize the public sector to allow a reduction in taxation" 00:00:39
00:04:17 Cutaways (4 shots) 00:00:16
00:04:33 END 00:00:00
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