Extracts from the joint press conference by José Manuel Barroso, Olli Rehn et Michel Barnier on the blueprint for Economic and Monetary Union (EMU)
Type: Summary of press conference
End production: 28/11/2012 First transmission: 28/11/2012
On 28 November 2012 during a press conference in Brussels, José Manuel Barroso, President of the EC, accompanied by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and by Michel Barnier, Member of the EC in charge of Internal Market and Services, presented a Blueprint for a deep and genuine Economic and Monetary Union in Europe.
The document adopted by the European Commission outlines steps and measures to achieve a true banking, fiscal and economic union in Europe that can deliver lasting financial stability, economic prosperity and social welfare in the future.
It identifies necessary tools and instruments to achieve the objectives, and address the legal options to implement them, including, where necessary, through treaty change, while ensuring the necessary democratic legitimacy and accountability which must be part and parcel of this process.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Joint arrival of José Manuel Barroso, President of the EC, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Michel Barnier, Member of the EC in charge of Internal Market and Services
||Soundbite (in ENGLISH) by José Manuel Barroso: There are now still important challenges to the success of the European Union, to the success of the Single Market and to the very existence of the economic and monetary union itself.
We must counter this crisis of confidence by showing that we are ready to move ahead and strengthen cooperation and integration in the financial, fiscal, economic and also in the political field. That is what the Blueprint on a Deep and Genuine EMU seeks to achieve. And I think it is important that we are now announcing this Blueprint. Of course this is a document for the future, the short, the medium and the longer term, but it should be also in parallel with other measures that have been taken.
||General view of the press conference
||Soundbite (in ENGLISH) by José Manuel Barroso: Against many that were betting on the contrary, we will do whatever is necessary to keep Greece in the euro area.
And the Blueprint we are presenting today is the European Commission contribution, is our vision of the EMU, also for the debate that we are going to have in the European Council in December and also as part of the exercise in which I'm also involved as one of the so called "four presidents". The report that has been prepared by the President of the European Council, together with me, and the Presidents of the Central Bank and the Eurogroup.
||Soundbite (in ENGLISH) by Olli Rehn saying that this Blueprint aims at creating not only the final architecture of the EMU but also provides with a credible and realistic building plan for completing the construction. The sequencing of the various steps is an essential aspect of the Blueprint. The Commission has taken into account in a balanced way the theory, the political reality, as well as the legal requirements within treaties and beyond. The proposal firmly leads on the Community method and on the existing institutions.
||Soundbite (in FRENCH) by Michel Barnier on the banking union supervision, saying that at this stage, a political agreement on the Commission's proposal whilst difficult is certainly possible in December. The Commissions' services are working very hard on that, as well as the Coreper and the EcoFin Council. If the political will of the Member States is sufficient, then an agreement will be achieved, regardless of the questions which are still open.
||General views of the press conference (3 shots)