Economic and Financial Affairs Council: Extracts from the press conference by the Irish Presidency and the European Commission

Type: News   Reference: 91937   Duration: 00:03:28  Lieu: Brussels, Belgium - Council
End production: 22/01/2013   First transmission: 22/01/2013
The Council has been updated as regards the introduction of a financial transaction tax in a number of member states, and was to call on to adopt a decision. It has discussed the Commission's annual growth survey, with a view to adopting conclusions next month. The Irish presidency's work programme and a Commission action plan on tax fraud were amongst the other agenda items.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:06
00:00:11 SOUNDBITE by Michael Noonan, Irish Minister for Finance and President in office of the Council (in English) saying that: The conclusion of that discussion was there was a clear qualified majority for the process preceding and now it is gone on to the next stage where the Commission will hold discussions involving officials and come back with a policy decision. Those that don't want to participate in the ultimate financial transaction txt will be fully involved in the process. 00:00:35
00:00:46 Cutaway of a photographer 00:00:03
00:00:49 SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: We need to support Ireland and Portugal as they move into the concluding phase of their respective programs and prepare to return to full market financing. Today's ECOFIN reconfirmed the growing confidence in both countries prospect for a successful return to market financing. This confidence stems from the determined implementation of the economic reform programs that we have seen in both Ireland and Portugal. 00:00:35
00:01:24 Cutaway 00:00:03
00:01:27 SOUNDBITE by Olli Rehn (In English) saying that: We need to take forward the rebuilding of economic and monetary union with urgency and determination. This means that in the coming weeks we should see the conclusion of negotiations of Single Supervisory Mechanism and new capital requirement rules on the CRD4. 00:00:23
00:01:50 Cutaway of the audience 00:00:03
00:01:53 SOUNDBITE by Olli Rehn (In English) saying that: Work will continue on a technical level on the modalities for direct bank recapitalization by the European Stability Mechanism with a view to reaching agreement as soon as possible in the first half this year, in other words during the Irish Presidency. 00:00:21
00:02:14 General view of the audience 00:00:03
00:02:17 SOUNDBITE by Algirdas Šemeta, Member of the EC in charge of Taxation and Customs Union, Audit and Anti-Fraud (In English) saying that: Today's agreement to allow 11 Member States to move ahead with a harmonised Financial Transaction tax is a major milestone. It is for milestone for EU tax policy, as it paves the way for more ambitious Member States to progress on a tax file, even when unanimity could not be achieved. Those who want to move ahead, and who appreciate the merits of working more closely on taxation at EU-level, can do so. 00:00:35
00:02:52 Cutaway 00:00:03
00:02:55 SOUNDBITE by Algirdas Šemeta (In English) saying that: For the first time ever, the Financial Transaction Tax will be applied at regional level. A block representing around 2/3 of EU GDP will implement this fair tax together, answering the long-time calls of their citizens. And in doing so, they can pave the way for others to do the same 00:00:23
00:03:18 Speakers leaving the press room 00:00:10
00:03:28 End 00:00:00
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