European Council of Brussels, 28-29/06/2012

Type: Best-of   Référence: I073899   Durée: 49:37  Lieu: Brussels - Council/Justus Lipsius
The EU Heads of State or Government gathered in Brussels on 28 and 29 June 2012 for a European Council meeting.The EU leaders reaffirmed their commitment to preserve the Economic and Monetary Union (EMU) and put it on a more solid basis for the future. That is why they decided on a "Compact for Growth and Jobs", encompassing action to be taken by the Member States and the European Union with the aim of relaunching growth, investment and employment as well as making Europe more competitive. They also endorsed the country-specific recommendations to guide Member States' policies and budgets.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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00:00:00 Title 00:00:20
00:00:20 Credits and title 00:00:05
00:00:25 Arrival of François Hollande, President of the French Republic (3 shots) 00:00:13
00:00:38 SOUNDBITE by François Hollande (in FRENCH) saying that growth cannot simply be written in the final conclusions; the EU needs a real growth pact, translated into acts, with concrete numbers: 1% of European GNP, 120 to 130 billion euro that should be spent rapidly and usefully, for example in investments which will create jobs. 00:00:44
00:01:22 François Hollande entering the Council building (2 shots) 00:00:06
00:01:29 SOUNDBITE by Mark Rutte, Dutch Prime Minister, (in DUTCH) saying that there is no need for new instruments; there are many instruments that already exist with strict conditions and that can be used to stabilize the euro. 00:00:27
00:01:56 Mark Rutte entering the Council building 00:00:06
00:02:02 Arrival of Dalia Grybauskaitė, President of Lithuania, and SOUNDBITE (in ENGLISH) on euro bonds: saying that it is too early to speak about it; in a very far future it could be implemented but with a lot of conditions and obligations for Member States; it can not be lent free of charge. 00:00:22
00:02:24 Dalia Grybauskaitė entering the Council building (2 shots) 00:00:06
00:02:31 Arrival of Elio Di Rupo, Belgian Prime Minister (3 shots) 00:00:17
00:02:48 SOUNDBITE by Elio Di Rupo (in FRENCH) saying that at his first EU Council he had already asked for a recovery plan along with the austerity measures; today, it is on the table, they will discuss it; it is important, especially for the young people, who need to be helped to find jobs, traineeships; there are also important measures to take in order to help countries like Spain, Portugal, Italy, Greece, Cyprus, because if these countries are not helped it could be devastating for everybody in Europe. 00:00:59
00:03:47 Arrival of Mario Draghi, President of the European Central Bank (ECB) (3 shots) 00:00:18
00:04:06 SOUNDBITE by Fredrik Reinfeldt, Swedish Prime Minister, (in ENGLISH) saying that the markets' reactions are due to the fact that they do not believe that they have all the answers on what kind of potential losses we are looking at in southern Europe and who is paying; there is still, in a part of Europe, a financial crisis that hasn't been solved and, in addition, it has become a debt crisis with unsustainable public finances; Europe needs a reform with the support of EU mechanisms; many of the mechanisms put forward during the latest years are very effective if put into use. 00:01:03
00:05:09 Arrival of Jean-Claude Juncker, Luxembourgish Prime Minister 00:00:07
00:05:16 SOUNDBITE by David Cameron, British Prime Minister, (in ENGLISH) saying that he completely understands, and in many ways share, people's concerns about Brussels getting too much power; that is why his government legislated to put in place an absolute lock so that the governments can not pass powers from Britain to Brussels without asking people first in a referendum; the euro zone countries need to do more things together to strengthen their currency and make sense of their currency, but Britain is going to stay out of that; they want Europe to work for them as a single market, as a place where they trade, as a place where they cooperate. 00:00:47
00:06:03 SOUNDBITE by Zoran Milanović, Croatian Prime Minister, (in ENGLISH) saying that it is not possible to have a monetary union without strong fiscal bonds. (2 shots) 00:00:22
00:06:25 Arrival of Angela Merkel, German Federal Chancellor (2 shots) 00:00:10
00:06:35 SOUNDBITE by Angela Merkel (in GERMAN) saying that during the first day of the European Council they are going to discuss the growth and employment pact; they have worked on a good programme, especially concerning future investments and also employment for young people; they need to show that they want fiscal stability on the one hand, but also growth on the other hand; 20% of young people in Europe are unemployed; if the EU leaders want to convince the European citizens, they have to do everything possible to increase employment rates. 00:01:07
00:07:42 Angela Merkel and Jyrki Katainen, Finnish Prime Minister, entering the Council building (2 shots) 00:00:09
00:07:51 Cutaways of arrivals (2 shots) 00:00:09
00:08:00 Arrival of Eamon Gilmore, Irish Deputy Prime Minister and Minister for Foreign Affairs and Trade 00:00:05
00:08:05 Arrival of Karolos Papoulias, President of Greece (3 shots) 00:00:21
00:08:26 Arrival of José Maunel Barroso, President of the European Commission (3 shots) 00:00:19
00:08:44 Arrival of Robert Fico, Slovak Prime Minister (2 shots) 00:00:15
00:08:59 Arrival of Donald Tusk, Polish Prime Minister (4 shots) 00:00:19
00:09:18 Arrival of Viktor Orbán, Hungarian Prime Minister (4 shots) 00:00:23
00:09:40 Arrival of Martin Schulz, President of the European Parliament (3 shots) 00:00:13
00:09:53 SOUNDBITE by Martin Schulz (in FRENCH) saying that the discussion on the structure of the European Union will take several years, but the sovereign debt crisis and interest rates for some Member States like Italy are on the agenda today; so they have to differentiate the medium and long term objectives. 00:00:42
00:10:36 Arrival of Demetris Christofias, President of Cyprus 00:00:03
00:10:38 Arrival of Victor Ponta, Romanian Prime Minister 00:00:09
00:10:48 SOUNDBITE by Victor Ponta (in ROMANIAN) on his feelings about his first European Council: saying that it is important for him to be there because they will discuss issues which are of great importance for the future of Romania; he will try to represent his country's interests as best as he can and, of course, upon his return to Romania, he will inform both the President and the Parliament about the decisions taken in Brussels. (2 shots) 00:00:29
00:11:16 Arrival of Herman van Rompuy , President of the European Council (4 shots) 00:00:17
00:11:33 Arrival of Pedro Passos Coelho, Portuguese Prime Minister (5 shots) 00:00:16
00:11:49 Arrival of Helle Thorning-Schmidt, Danish Prime Minister (7 shots) 00:00:27
00:12:16 SOUNDBITE by Helle Thorning-Schmidt (in DANISH) on the patent court: saying that it is written in the conclusions that they will adopt the decision but she must be honest and say that it is not completed yet; she has agreed with José Manuel Barosso and Herman van Rompuy that they will try to get a solution and they will work on that to the very end of the Danish Presidency. (3 shots) 00:00:39
00:12:55 Arrival of Catherine Ashton, High Representative of the Union for Foreign Affairs and Security Policy and Vice-President of the EC (5 shots) 00:00:19
00:13:14 Arrival of Boyko Borissov, Bulgarian Prime Minister (2 shots) 00:00:13
00:13:27 Arrival of Enda Kenny, Irish Prime Minister (3 shots) 00:00:17
00:13:44 Arrival of Janez Janša, Slovenian Prime Minister 00:00:04
00:13:48 SOUNDBITE by Janez Janša (in ENGLISH) saying that we need more solidarity in Europe but solidarity can not go against the reforms, against the commitments taken by the Member States during the last years when they took some common steps to solve the crisis; so solidarity is not under question, the problem is the money for financing the solidarity. 00:00:32
00:14:20 Arrival of Lawrence Gonzi, Maltese Prime Minister 00:00:09
00:14:29 Arrival of Mariano Rajoy Brey, Spanish Prime Minister (2 shots) 00:00:09
00:14:38 Arrival of Andrus Ansip, Estonian Prime Minister 00:00:10
00:14:48 Arrival of Petr Nečas, Czech Prime Minister (2 shots) 00:00:11
00:14:59 SOUNDBITE by Petr Nečas (in CZECH) on the debate on a fiscal and banking union. 00:00:59
00:15:58 Petr Nečas entrering the Council building 00:00:05
00:16:03 Arrival of Valdis Dombrovskis, Latvian Prime Minister (2 shots) 00:00:15
00:16:18 Arrival of Werner Faymann, Austrian Federal Chancellor (2 shots) 00:00:10
00:16:28 SOUNDBITE by Werner Faymann (in GERMAN) saying that the proposal of the four presidents is positive and going in the right direction; if there is discipline and the general conditions are respected, then they can work on debt mutualisation; there are solutions but discipline is necessary for the sustainable stabilisation of the euro area. 00:00:37
00:17:05 Title 00:00:05
2. ROUND TABLE 28/06/2012
00:17:10 Catherine Ashton and Victor Ponta 00:00:04
00:17:13 Herman van Rompuy and Janez Janša 00:00:03
00:17:16 Cutaway of photographers 00:00:05
00:17:21 Petr Nečas 00:00:05
00:17:26 Cutaway of cameramen 00:00:04
00:17:30 Herman van Rompuy and Martin Schulz 00:00:04
00:17:34 Zoran Milanović 00:00:04
00:17:38 Cutaway of cameramen 00:00:03
00:17:41 Herman van Rompuy and Dalia Grybauskaitė 00:00:04
00:17:46 Catherine Ashton and Dalia Grybauskaitė 00:00:03
00:17:49 Jyrki Katainen 00:00:04
00:17:53 Herman van Rompuy and Viktor Orbán 00:00:04
00:17:57 Herman van Rompuy, Viktor Orbán, Donald Tusk, Jyrki Katainen and Victor Ponta 00:00:07
00:18:03 Robert Fico and Victor Ponta 00:00:04
00:18:07 Herman van Rompuy and Andrus Ansip 00:00:04
00:18:11 François Hollande and Helle Thorning-Schmidt 00:00:05
00:18:16 Herman van Rompuy, François Hollande and Helle Thorning-Schmidt 00:00:09
00:18:25 François Hollande, Herman van Rompuy and Jean-Claude Juncker 00:00:06
00:18:31 François Hollande and Jean-Claude Juncker 00:00:04
00:18:35 Mark Rutte and David Cameron 00:00:06
00:18:41 Victor Orbán, Helle Thorning-Schmidt and Jyrki Katainen 00:00:03
00:18:43 Herman van Rompuy and Elio Di Rupo 00:00:04
00:18:48 Herman van Rompuy and Karolos Papoulias 00:00:05
00:18:53 Herman van Rompuy and Boyko Borissov 00:00:06
00:18:59 Martin Schulz, François Hollande, Elio Di Rupo and Jean-Claude Juncker 00:00:04
00:19:03 Fredrik Reinfeldt 00:00:04
00:19:06 Mariano Rajoy Brey 00:00:04
00:19:10 Werner Faymann and Herman van Rompuy 00:00:04
00:19:14 Angela Merkel and Pedro Passos Coelho 00:00:05
00:19:18 Elio Di Rupo, François Hollande, Victor Ponta and Mariano Rajoy Brey 00:00:03
00:19:22 Herman van Rompuy, Lawrence Gonzi and Demetris Christofias 00:00:10
00:19:32 Enda Kenny 00:00:04
00:19:36 Herman van Rompuy and Angela Merkel 00:00:09
00:19:45 Angela Merkel and Enda Kenny 00:00:06
00:19:51 François Hollande, David Cameron and Pedro Passos Coelho 00:00:03
00:19:55 General view of the round table 00:00:04
00:19:59 Mario Monti, Italian Prime Minister, and Karolos Papoulias 00:00:08
00:20:07 Angela Merkel and Mariano Rajoy Brey 00:00:03
00:20:10 Karolos Papoulias 00:00:04
00:20:14 Herman van Rompuy 00:00:04
00:20:18 General view of the round table 00:00:02
00:20:20 Title 00:00:05
00:20:25 Mario Monti and Angela Merkel walking 00:00:16
00:20:41 François Hollande walking 00:00:05
00:20:45 Various shots of the group photo (12 shots)from left to right,in the 1st row: Catherine Ashton, Mark Rutte, Valdis Dombrovskis, José Manuel Barroso, François Hollande, Dalia Grybauskaitė, Helle Thorning-Schmidt, Herman van Rompuy, Demetris Christofias, Karolos Papoulias, Martin Schulz, Enda Kenny, Mario Monti, Jean-Claude Juncker, Robert Fico, and Uwe Corsepius, Secretary General of the Council of the EU,in the 2nd row: Zoran Milanović, Donald Tusk, Viktor Orbán, Elio Di Rupo, Mariano Rajoy Brey, Fredrik Reinfeldt, Petr Nečas, Janez Janša, Pedro Passos Coelho, Angela Merkel, Jyrki Katainen, Victor Ponta, Werner Faymann, Boyko Borissov, Andrus Ansip, David Cameron, and Lawrence Gonzi. 00:01:42
00:22:27 Herman van Rompuy walking back to the meeting room, followed by the Heads of State or Government 00:00:38
00:23:05 Title 00:00:05
00:23:10 Speakers arriving to the press conference (2 shots) 00:00:19
00:23:30 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that what they already agreed is about the growth and jobs agenda; the key element is that they decided to boost the financing of the economy by mobilizing around 120 billion euro for immediate growth measures; a 10 billion euro increase of the capital of the European Investment Bank will increase the bank's overall lending capacity by 60 billions, and this money must flow across Europe not least to the most vulnerable countries and help companies to grow themselves out of the crisis; the other 60 billions from the reallocation of a new structural fund, in particular to small and medium-sized enterprises and youth employment, and from the pilot phase of project bonds, will go to key initiatives in energy, transport and broad band infrastructures. 00:01:10
00:24:40 Cutaway of the press (2 shots) 00:00:06
00:24:46 SOUNDBITE by Helle Thorning-Schmidt (in ENGLISH) saying that the EU has a firm determination to promote new growth and jobs in Europe; the Danish Presidency has tried, through these six month and before as well, to promote growth and jobs; they have actually created the building blocks of a new growth and jobs pack that will hopefully be agreed by the Council. 00:00:30
00:25:16 Cutaway of the audience (2 shots) 00:00:10
00:25:26 SOUNDBITE José Manuel Barroso (in ENGLISH) saying that the project bond pilot phase will be launched immediately, and that will bring additional investments of up to 4.5 billion euro for pilot projects in key transport, energy and broadband infrastructure; provided that interim report and evaluation of the pilot phase are positive, the volume of such financial instruments could be developed further in the future, including in support to the Connecting Europe Facility; that is the consensus achieved by the Council. 00:00:41
00:26:06 Speakers leaving 00:00:11
00:26:18 Herman van Rompuy and José Manuel Barroso entering the press room of the Justus Lipsius building 00:00:07
00:26:25 SOUNDBITE by Herman van Rompuy (in ENGLISH) on the report on the Economic and Monetary Union (EMU): saying that the Council agreed on a procedure to go forward; the report towards a genuine EMU presented by the President of the European Council in cooperation with the President of the Commission, the Eurogroup and the Central Bank, sets out the four essential building blocks for the future of the EMU: an integrated financial framework, an integrated budgetary framework, an integrated economic policy framework, and strengthened democratic legitimacy and accountability. 00:00:46
00:27:11 Cutaway 00:00:04
00:27:16 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that the President of the European Council is invited to develop, in close collaboration with the President of the Commission, the Eurogroup and the ECB, a specific and time-bound roadmap for the achievement of a genuine Economic and Monetary Union; they will present a first report in October 2012. 00:00:00
00:27:16 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that the President of the European Council is invited to develop, in close collaboration with the President of the Commission, the Eurogroup and the ECB, a specific and time-bound roadmap for the achievement of a genuine Economic and Monetary Union; they will present a first report in October 2012. 00:00:26
00:27:42 Cutaways of journalists in the press room 00:00:05
00:27:47 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that it is extremely important that the Council agreed on a clear vision about what has to be done concerning the four building blocks; the aim is of course to make the euro an irreversible project. 00:00:27
00:28:14 Cutaway 00:00:04
00:28:18 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that the first decision is that the banks can be recapitalized directly in certain circumstances; the most important condition is that a single supervisory mechanism has to be put in place; the second decision is that the possibility is opened to countries which are well behaving to make use of financial stability instruments (EFSF, ESM) in order to reassure the markets and to regain some stability around the sovereign bonds of EU Member States. 00:00:59
00:29:17 Cutaways of journalists in the press room 00:00:06
00:29:23 SOUNDBITE by José Manuel Barroso (in ENGLISH) saying that this is a very important set of conclusions because it shows substantial commitment to further action; before this European Council and this euro area Summit, it was mentioned that it would be important to have decisions on growth; the Council has taken those decisions but also decisions on the future of the European Economic and Monetary Union. 00:00:39
00:30:02 Cutaway of a photographer 00:00:04
00:30:06 SOUNDBITE by José Manuel Barroso (in ENGLISH) saying that in a not distant future, direct recapitalization of banks will be possible under very strict conditions; so these are very ambitious decisions that show once again the commitment of the Member States, namely those of the euro area, to the irreversibility of the euro. 00:00:37
00:30:43 Herman van Rompuy and José Manuel Barroso leaving the press room of the Justus Lipsius building 00:00:09
00:30:52 Title 00:00:04
00:30:56 SOUNDBITE by Dalia Grybauskaitė (in ENGLISH) saying that in the future the EU will need very general supervisory bodies to monitor the financial sector and the banking sector more carefully and more responsibly; she hopes that the euro area leaders will be able to find the concrete mechanisms to control not very well behaving banks and to help them;On direct recapitalization of banks: saying that it is not yet decided but at least the chance for recapitalization has been agreed by the Council;On how to you keep the EU citizens on board in supporting these changes: saying that Europe needs to get off the crisis, that's a necessity for everyone.(3 shots) 00:01:05
00:32:02 SOUNDBITE by Dalia Grybauskaitė (in ENGLISH) on Syria: saying that Catherine Ashton is going to attend a meeting on the matter the following day; everybody wants to find a solution as soon as possible but the situation is very sensitive; she hopes that EU Member States and countries outside Europe, like Russia and the United States, will be able to find the least painful solution. 00:00:42
00:32:44 Cutaway 00:00:03
00:32:47 SOUNDBITE by Angela Merkel (in GERMAN) saying that the Council decided that if countries want to use ESM and EFSF instruments, conditionality will apply; there will be a report by the Commission, whose content will be set by a memorandum of understanding; the Troika will monitor the fulfilment of the EFSF conditions; the Council also put forward an application for the recapitalisation of Spanish banks to be included in the EFSF; when the ESM is ready, the application will be transferred almost automatically but the seniority of the bonds will not be changed; thirdly, a central European authority was decided; the Commission will make a proposal and the ECB will play a role regarding the banks supervision authority; if a bank needs recapitalization, there will be an application in the country and then the ECB with the supervising authority will discuss which instruments are necessary and find the appropriate ones directly with the banks; but for that to happen there must be firstly unanimity in the Council concerning the supervision authority, and then there must be unanimity in the ESM for the direct recapitalization of a bank to be possible; that way the Council stays true to its schema on performance, reward, conditionality and control. 00:02:29
00:35:16 SOUNDBITE by François Hollande (in FRENCH) saying that there has been progress in important areas; first of all concerning growth; he wanted fast measures to be taken; there have been three steps forward: first of all about bank recapitalization with bank supervision and a schedule, secondly, the possibility for Spain to get facilitation solutions in the short term; and finally the full use of instrument like EFSF and ESM to allow Member States to get necessary protection when it comes to interest rates. (3 shots) 00:01:01
00:36:16 SOUNDBITE by François Hollande (in FRENCH) saying that the Council has defined growth measures - which was the indispensable first step - then acted in the short term, found solutions to create liquidities, protection and facilities, and at the same time found a short and medium term overview on banking supervision. 00:00:42
00:36:58 Cutaway 00:00:03
00:37:01 SOUNDBITE by Zoran Milanović (in ENGLISH) on the European position about Syria. 00:00:12
00:37:13 SOUNDBITE by Victor Ponta (in ROMANIAN) saying that he is very happy that there is a consensus and an agreement on the growth pact; it was absolutely necessary for a country such as Romania to receive a positive feedback at European level on an issue such as economic growth and employment; Romania has applied all the austerity measures and complies with everything it has negotiated with the international financial institutions; moreover, for Romania it is important that the allocation of European funds remains the same. 00:00:47
00:38:00 SOUNDBITE by Werner Faymann (in GERMAN) saying that he is very happy that the Council has been able to strengthen the stability mechanism; this decision is important and shows a common will for a stable euro area. 00:00:37
00:38:36 SOUNDBITE by Jean-Claude Juncker (in LUXEMBOURGISH) saying that they met together in order to take a coherent decision to reassure the financial markets. 00:00:22
00:38:59 SOUNDBITE by Helle Thorning-Schmidt (in ENGLISH) saying that important agreements have been achieved: the agreement on the euro and the agreement on the growth and jobs pact. 00:00:47
00:39:46 SOUNDBITE by Elio Di Rupo (in FRENCH) saying that a major step has been taken about the consolidation of the euro; it is important for the trust put in the euro; there is a growth and jobs pact; the solution asked for by Spain and Italy has been found; the euro area members also decided to create a European banking supervisor; so the Council worked with the will to protect the euro, with national budgets under control and also with long term perspectives. 00:01:02
00:40:48 Arrival of Karolos Papoulias (3 shots) 00:00:30
00:41:18 Title 00:00:05
6. ROUND TABLE 29/06/2012
00:41:23 José Manuel Barroso and Valdis Dombrovskis 00:00:05
00:41:28 Mario Monti and François Hollande 00:00:04
00:41:32 Helle Thorning-Schmidt and Herman van Rompuy 00:00:04
00:41:36 Mario Draghi and François Hollande 00:00:05
00:41:41 José Manuel Barroso and Elio Di Rupo 00:00:05
00:41:46 François Hollande, Helle Thorning-Schmidt and Herman van Rompuy 00:00:07
00:41:53 Demetris Christofias, Mario Monti, Dalia Grybauskaité and Fredrik Reinfeldt 00:00:06
00:41:59 Lawrence Gonzi and Catherine Ashton 00:00:04
00:42:03 Mario Monti and Donald Tusk 00:00:05
00:42:08 José Manuel Barroso, Enda Kenny and Elio Di Rupo 00:00:06
00:42:14 David Cameron 00:00:04
00:42:18 Zoran Milanović 00:00:04
00:42:22 Dalia Grybauskaité and Valdis Dombrovskis 00:00:04
00:42:26 Angela Merkel and Mario Draghi 00:00:18
00:42:45 David Cameron, Fredrik Reinfeldt and Mariano Rajoy Brey 00:00:14
00:42:59 General view of the meeting room 00:00:04
00:43:03 Mario Monti, Angela Merkel and Mario Draghi 00:00:06
00:43:09 Mariano Rajoy Brey 00:00:04
00:43:13 Karolos Papoulias 00:00:06
00:43:19 Mario Monti, Angela Merkel and Mario Draghi (2 shots) 00:00:09
00:43:28 Karolos Papoulias 00:00:07
00:43:36 Mario Monti, Angela Merkel and Mario Draghi 00:00:09
00:43:44 General view of the meeting 00:00:05
00:43:49 Title 00:00:05
00:43:54 General view of the press conference room 00:00:03
00:43:57 Arrival of the speakers 00:00:10
00:44:07 SOUNDBITE by Herman van Rompuy (in ENGLISH) saying that the Heads of States or Government agreed that under certain circumstances and under certain conditions, the ESM could recapitalize banks directly; the biggest and most important condition is setting up a single supervisory mechanism for banks; euro area leaders have asked the Council to work in a very speedy way in order to have results by the end of 2012; this is a major breakthrough; it is a first step to break the vicious circle between banks and sovereigns. 00:00:38
00:44:46 SOUNDBITE by Helle Thorning-Schmidt (in ENGLISH) saying that, after 30 years of negotiations, the Council has an agreement on the European patent; when it will be finalized, instead of applying for a patent in 27 Member States, European businesses will be able to apply in only one place; that will be good for growth and business in Europe; the seat of the Central Division of the Court of First Instance of the Unified Patent Court (UPC) will be in Paris; the first President of the Court of First Instance should come from the Member State hosting the central division; given the highly specialized nature of patent litigation, two sections will be created, one in London and the other one in Munich; but the main seat will be in Paris. 00:00:55
00:45:41 SOUNDBITE by José Manuel Barroso (in ENGLISH) saying that they have agreed short term measures to support countries under market pressure; following the presentation of the EMU report, there is now a clear commitment to a single banking supervisory mechanism for the euro area, a clear commitment that when this supervisory mechanism for the euro area is established, the direct recapitalization of banks by the ESM under very strict conditions will be possible; and there is an agreement to wave the seniority of future loans for Spain's financial sector recapitalization under the ESM. 00:00:47
00:46:28 Cutaway of the press room 00:00:02
00:46:31 SOUNDBITE by José Manuel Barroso (in ENGLISH) saying that the Commission will come with a proposal very soon based on article 127, paragraph 6, for a single supervisory mechanism; of course, it is not the supervisory mechanism which will do the rest of the work but that was considered as a condition to go on with the idea of direct recapitalization of banks. 00:00:31
00:47:02 Cutaway of the press 00:00:03
00:47:05 Speakers leaving 00:00:16
00:47:21 Cutaways of the press room (15 shots) 00:01:49
00:49:09 General view of the press room 00:00:20
00:49:30 Copyright 00:00:07
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