Extracts from the press conference with Michel Barnier on the Green Paper on long-term financing of the European Economy
Type: Summary of press conference
Brussels - EC/Berlaymont
On 25 March 2013, Michel Barnier, Member of the EC in charge of Internal Market and Services, gave a press conference at the European Commission in Brussels.
On this occasion, he announced the adoption by the European Commission of a Green Paper that launches a three-month public consultation on how to foster the supply of long-term financing and how to improve and diversify the system of financial intermediation for long-term investment in Europe. Long-term investment represents spending that enhances the productive capacity of the economy. This can include energy, transport and communication infrastructures, industrial and service facilities, climate change and eco-innovation technologies, as well as education and research and development. Europe faces large-scale long-term investment needs, which are crucial to support sustainable growth.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Michel Barnier, Member of the EC in charge of Internal Market and Services, to the press conference on the launch of Green Paper consultation on long term financing of the European economy, at the European Commission in Brussels
||Soundbite by Michel Barnier (in FRENCH) saying that there are considerable needs for investments that have to be made in the long term, as European or outside savings capacity that needs to be channelled towards this long term investment. So, these are the questions we raise in this green paper. How it is possible to steer at the EU financial system to ensure that supply meets demand. Why this question is being asked now? Because it is high time to change the EU economic models which have been based for 20 or 25 years on short- term.
||Cutaway of photographers
||Soundbite by Michel Barnier (in FRENCH) saying that productive capital rather than financial capital and productive investments. Third reason to open this debate now, it is time to move from a regulation that he has been building with the Council of Ministers and the Parliament for three years and is not finished but a regulation, restorative, preventive and reactive with respect to the financial crisis to another regulation more proactive and dynamic for growth.
||Cutaway of the audience
||Soundbite by Michel Barnier (in FRENCH) saying that he would like to take stock of the situation in Cyprus. It was time to move from this model which is based on finance. They needed supervisory rules, rules on resolution, and also on capitalisation. And they also needed to protect savers with deposit of less that 100 000 € and their confidence not just in Cyprus but in investing on EU economy. The letters and the spirit of the EU directive on bank deposit had to be respected. On this point, never anywhere in Europe, this protection of savers under 100 000 € is something to be put into question.
||Michel Barnier leaving the press conference