European Central Bank Annual Report for 2012: - extracts from the exchange of views with Vitor CONSTANCIO, ECB Vice-President EP Committee on Economic and Monetary Affairs

Type: News   Reference: 93751   Duration: 00:04:26  Lieu: European Parliament, Brussels
End production: 24/04/2013   First transmission: 24/04/2013
MEP's debated with European Central Bank (ECB) Vice-President, Vitor CONSTÂNCIO, following his presentation of the ECB Annual Report for 2012.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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TIME DESCRIPTION DURATION
00:00:00 TITLE 00:00:05
00:00:05 External shot of European Parliament 00:00:05
00:00:10 Cutaways (5 shots) 00:00:26
00:00:36 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB :"Last year were faced with a very challenging environment for monetary policy in the euro area". 00:00:07
00:00:43 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Towards the middle of last year, unfounded fears of the reversibility of the euro led to a sharp increase in sovereign bond and bank lending rates in some countries and these impairment of the transmission mechanism led the ECB to decide to create a new initiative of outright monetary transaction, and the announcement, and all the details of OMTs has proven to be an effective backstop against unfounded fears of that reversibility" 00:00:40
00:01:23 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Since 2010, a number of euro area governments have had to embark on a determined consolidation path of fiscal policy. As a result, government deficit ratios declined significantly from their peak levels" 00:00:17
00:01:40 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Fiscal adjustment has benn particularly strong in countries under market pressure 00:00:04
00:01:44 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "The latest commission economic forecast indicates that for 2013 all stressed countries will have an external surplus with the exception of Greece with a deficit of 2 % of GDP well below previous results". 00:00:16
00:02:00 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "The recent agreement in the trilogue on the single supervisory mechanism represents a very important step". 00:00:09
00:02:09 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Another priority is the establishment of the single resolution mechanism. This is a necessary complement to the SSM and a fundamental to the creation of a banking union". 00:00:11
00:02:20 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Therefore, the establishment of the SSM, the possible use if direct European recapitalisation and the creation of a single resolution mechanism will decisively contribute to the desirable separation of banks and sovereigns". 00:00:16
00:02:36 SOUNDBITE (Hungarian), Ildikó GALL-PELCZ (PPE , Hu) : "Is that high rate to cover risk justified? Is it necessary to put the markets at ease or is it something overboard? Thank you". 00:00:13
00:02:49 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "Since the announcement, I will say even from 29 of july, from the speech of President Draghi and then the immediate decision by the Governing Council on the 5th of August, this has had a huge impact in interest rates all over the Euro area. In particular in countries under pressure we saw a marked reduction of sovereign bond which then, translate themselves into banking costs and the interest rates to the economy". 00:00:37
00:03:26 SOUNDBITE (Italian), Gianni Pittella (S&D, IT), Rapporteur : "I think it is probably necessary to split off the OMT program from some of the other policies initiatives in the area of austerity" 00:00:11
00:03:37 SOUNDBITE (English), Vitor CONSTANCIO, Vice-President of the ECB : "There is no common fiscal policy in the treaty. It's not foreseen. So there is no mandatory coordination of fiscal policies. There is the Stability Pact that puts some limits and breaks to certain developments but no global coordination of that policy". 00:00:21
00:03:58 Cutaways (8 shots) 00:00:28
00:04:26 END 00:00:00
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