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

Type: News   Reference: i-078073   Duration: 00:05:02  Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 14/05/2013   First transmission: 14/05/2013
Today, The Council was expected to adopt conclusions on tax evasion and tax fraud, with a view to the European Council. It has been called on to adopt a mandate for the Commission to negotiate amended savings tax agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino, and to agree on updated EU-wide rules on the taxation of savings. Ministers has been called on to reach a political agreement on draft amending budget no. 2 for the EU's 2013 budget. The Council has discussed macroeconomic imbalances, in particular the excessive imbalance situations in Spain and Slovenia, and the Commission has presented its communications on the further development of the EU’s economic and monetary union (EMU).

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00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:08
00:00:13 SOUNDBITE by Michael Noonan, Irish Minister for Finance and President in office of the Council (In English) saying that: We had a good debate this morning on new EU rules for banking resolution and recovery. These new rules for dealing with failing banks are important for strengthening our banking systems and moving closer to a banking union 00:00:15
00:00:28 Cutaway of the speakers 00:00:04
00:00:32 SOUNDBITE by Michael Noonan (In English) saying that: Ministers also reached the very significant political decision to amend the EU budget for 2013. Ministers decided to move ahead in 2 stages. We have agreed today to provide an additional 7.3 billion in this first stage. This will be focused on measures to support economic growth and create jobs especially for young people. 00:00:22
00:00:54 Cutaway of the speakers 00:00:04
00:00:58 SOUNDBITE by Algirdas Šemeta, Member of the EC in charge of Taxation, Customs, Statistics, Audit and Anti-Fraud (In English) saying that: I am extremely pleased that, after 2 years, Member States have agreed on a mandate which will allow the Commission to negotiate stronger savings tax agreements with Switzerland, San Marino, Andorra, Lichtenstein and Monaco. I must warmly praise the Irish Presidency for that break-through. With this mandate in hand, I am ready to proceed with these negotiations with full speed and high ambition. 00:00:30
00:01:28 Cutaway of a photographer 00:00:08
00:01:36 SOUNDBITE by Algirdas Šemeta (In English) saying that: Switzerland has been saying for years that it is ready to talk openly and constructively on a new accord. So I am delighted that we will now be able to do so. Nonetheless, we cannot – we must not – make our progress within the EU dependent on our progress with third countries. So it was with great disappointed that I watched agreement on the revised EU Savings Directive being blocked on this basis today. 00:00:34
00:02:10 Cutaway of the audience 00:00:09
00:02:19 SOUNDBITE by Algirdas Šemeta (In English) saying that: I will present a proposal very shortly to extend automatic exchange to dividends, capital gains and royalties. This proposal, together with the revised Savings Directive, will considerably extend the scope of information shared spontaneously between our Member States. We also need political commitment to adopt more effective measures against VAT fraud. I believe that the Irish Presidency still intends to reach agreement on such measures before the end of its term. 00:00:37
00:02:56 Cutaway of the speakers 00:00:03
00:02:59 SOUNDBITE by Michel Barnier, Member of the EC in charge of Internal Market and Services (In French) saying that: The draft I presented seeks to protect tax payers. For the last 5 years with the financial crisis in Europe and other parts of the world, tax payers all to often have had to pay the bill without being asked their opinion, they have been called on to save banks. Banks should pay for banks. 00:00:25
00:03:24 Cutaway of the audience 00:00:06
00:03:30 SOUNDBITE by Michel Barnier (In French) saying that: Michael Noonan has confirmed this and I stated myself that depositors with deposit below 100.000 Euros will be in each country and for always under protection. The question arises for depositors with a deposit of over 100.000 Euros. I'm convinced that there is merit in a system which grants depositors with over 100.000 Euros deposit a privileged position and would only have to contribute if need be once all the other creditors have done so. 00:00:37
00:04:07 Cutaway of the audience 00:00:07
00:04:14 SOUNDBITE by Michel Barnier (In French) saying that: I made the point that in macro economic terms, a harmonized system is the best way to ensure that the single market functions well and many ministers recall the importance of the integrity of the single market and I was sensitive to that point. At the same time I was also aware of the need for a degree of flexibility for resolution authorities, subject to that margin being clearly defined within a framework so that we can retain the benefits of a harmonized approach and so that we can provide legal certainty for investors. 00:00:41
00:04:55 Speakers leaving the press room 00:00:07
00:05:02 End 00:00:00
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