Informal meeting of ECOFIN Ministers in Dublin:
Extracts from the intermediary press conference
Lieu: Council , Dublin Castle
End production: 12/04/2013 First transmission: 12/04/2013
Today, Ireland has hosted the Informal meeting of ECOFIN Ministers in Dublin.
In its role chairing the Economic and Financial Affairs Council (Ecofin) during the Presidency, Ireland will work to confront the effects of the economic crisis, and will work on the promotion of greater financial stability and economic recovery. This can help to stimulate confidence in the European economy, strongly complementing the legislative initiatives that the Presidency has identified in many other Councils to boost economic recovery and job creation in Europe.
In addition to implementing the Union’s economic governance measures and in particular the European Semester, the Presidency will work with its European partners to secure agreement on conditions for the restoration of a stable financial system. Ireland will do so by prioritising actions that dispel uncertainties in the banking sector, stabilise fiscal outlooks and boost recovery. Achieving these aims will also help promote trust and confidence in the European economy for consumers, business and investors. During the Irish Presidency Ecofin will be chaired by Mr. Michael Noonan, Minister for Finance and Mr. Brendan Howlin, Minister for Public Expenditure and Reform.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||SOUNDBITE by Michael Noonan, Irish Minister for Finance (In English) saying that: In viewing the importance of banking union, the finance ministers agreed to make a declaration today that reinforce their commitment to the urgent implementation of the various elements of the banking union and also to recognize the importance of maintaining the integrity of the single market in that context and note that proposals for treaty change will be considered constructively to strengthen the governance and accountability of the separate supervisory fence of the ECB.
||SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: I want to welcome the agreement in this afternoon's ECOFIN on the extension loan maturities for Ireland and Portugal following a similar decision in the Eurogroup this morning. This is indeed a very important step and will help to facilitate a sustained return to full market financing and a successful program exit for Ireland and Portugal.
||SOUNDBITE by Olli Rehn (In English) saying that: The European council has encouraged the member states of the Eurozone to agree on the rules for direct bank recapitalization by June. it is indeed essential that this timeline be respected and the Commission will continue to support the technical decisions on the way and help to facilitate a rapid agreement.
||SOUNDBITE by Michel Barnier, Member of the EC in charge of Internal Market and Services (In French) saying that: In the countries of the Euro area who are more interdependent and have more shared systemic risks between their banks and states, we have been setting in place the banking union which is made up of a number of elements like integrated supervision; we have got that, with the European Central Bank and that is a condition for implementing in due course direct recapitalization of those banks that might need it; and then the resolution system and at the same time on a proposal we are currently preparing which is extremely complex; legally and technically speaking to set in place a European authority for resolution, an independent authority which be working with ECB as supervisor.
||SOUNDBITE by Jörg Asmussen, Member of the Executive Board, European Central Bank (In English) saying that: Financial market condition in the Euro area have improved notably in the last 9 months and the reasons fort this in our view are a combination of ongoing country adjustment, initiative at the European level like issues to decide about the single supervisory mechanism and finally ECB actions like the LTRO's or the OMT's, they have had a powerful effect.
||Cutaway of the speakers