Economic and Financial Affairs Council (ECOFIN): extracts from the arrivals and doorsteps

Type: News   Reference: 90540   Duration: 00:07:02  Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 04/12/2012   First transmission: 04/12/2012
The Council, will be called on to agree proposals on bank supervision and take stock of negotiations with the Parliament on bank capital requirements ("CRD 4"). The Council is also expected to approve a compromise reached with the Parliament on strengthened economic governance ("two-pack"). It will also be informed of a political agreement reached with the Parliament on legislation amending the EU's rules on credit rating agencies. Over lunch, Erkki Liikanen, governor of the Bank of Finland, will present a report on reforming the structure of the EU banking sector. Ministers will discuss the report, which was prepared by an expert group. The excessive deficit procedures for Greece and Malta, enhanced cooperation on the financial transaction tax, the 2013 annual growth survey and VAT fraud are amongst the other items to be covered.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Arrival of Margrethe Vestager, Minister for Economics and the Interior of Denmark 00:00:05
00:00:10 SOUNDBITE (English) Margrethe Vestager, Minister for Economics and the Interior of Denmark: It is important to stabilise the Eurozone and this is one of the things that we need. I thing it will be strengh if no-Euro countries can participate on equal footing because that will be just another element in keeping the EU of 27 more together. 00:00:33
00:00:43 Arrival of Miroslav Kalousek, Czech Minister for Finance 00:00:14
00:00:57 Arrival of Jeroen Dijsselbloem, Dutch Minister for Finance 00:00:08
00:01:05 Arrival of Janez Šušteršič, Slovenian Minister for Finance 00:00:11
00:01:16 Arrival of Pierre Moscovici, French Minister for Economic Affairs and Finance 00:00:04
00:01:20 SOUNDBITE (French) Pierre Moscovici, Minister of Economy, Finance and Foreign Trade of France: As far as today's meeting is concerned, it is important to put through an agreement on banking supervision, it is a fundamental text for the European Union and the Eurozone in particular. France wants the inclusion of all European banks into the supervisory mechanism, under the responsibility of the ECB. 00:00:31
00:01:51 Arrival and SOUNDBITE (in German) by Luc Frieden, Minister for Finance of Luxembourg: The banking supervisory mechanism is and must be connected with the recapitalization of banks through European instruments. Therefore I believe that our goal must be that if we recapitalize banks on European level, there must also be a European supervisory mechanism. 00:00:22
00:02:13 Arrival of Jan Vincent-Rostowski, Polish Minister for Finance 00:00:05
00:02:18 Arrival of Luis De Guindos Jurado, Spanish Minister for Economic Affairs and Competitiveness 00:00:08
00:02:26 SOUNDBITE (Spanish) Luis De Guindos, Minister of Economic Affairs and Competitiveness of Spain: We've analised the budget of Spain that is according to its compromises. Yesterday we had a good day, we closed the first capital injection for the banks and then we recognised the important effort of Spain with its budgetary consolidation and economic reforms 00:00:45
00:03:11 SOUNDBITE (English) by Anders Borg, Minister for Finance of Sweden: We think that there should be equal treatment to all members of the European Union that want to join the supervisory board. Secondly, there must be safeguards and we must be able to set our own higher requirements for the recapitalization of banks. There could be a compromise today but there is quite a long way to travel, there is a lot of time until Christmas and we can have additional ECOFINs to reach an agreement. 00:00:32
00:03:43 Arrival of Maria Fekter, Austrian Minister for Finance 00:00:04
00:03:47 SOUNDBITE (in German) Maria Fekter, Federal Minister for Finance of Austria: We have to find to right mix so that on the one hand national supervisory mechanisms have capacities perform their function, on the other this new institution must provide the general guidelines. We are going to create an hierarchical structure according to guidelines that will draw operationally on the capacities of the national mechanisms. 00:00:32
00:04:19 Arrival of Jürgen Ligi, Estonian Minister for Finance 00:00:11
00:04:30 Arrival and SOUNDBITE (in French) by Michel Barnier, Member of the EC in charge of Internal Market and Services: Inside the same monetary zone we have an interdependence and a stronger solidarity between states and banks, this means that when there is a problem in a country or a bank, there are immediately problems for the rest. We need this stability tool, the supervision authority that was decided by the heads of state and government. We have worked a lot since 12 September when the Commission has made the proposal. We are making progress so that the countries that are not part of the Eurozone but want to joint the supervisory mechanism can work on equal terms within the supervisory board. We are also paying attention to the countries that do not want to participate in the supervision but they have to be respected as well. We have worked a lot and I am confident we will reach today an agreement on the creation of the banking supervisory mechanism before the end of the year as the heads of state and government have asked. 00:01:15
00:05:45 Arrival and SOUNDBITE (in Ducht) by Steven Vanackere, Belgian Deputy Prime Minister and Minister for Finance and Sustainable Development on the most difficult discussion points of today 00:01:17
00:07:02 END 00:00:00
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