On 18 June 2013, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, answered the journalists questions prior to an hearing at the French National Assembly in Paris, France.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Elisabeth Guigou, Member of the National Assembly of France, at the French National Assembly, in Paris, France
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on his expectations regarding the Single Resolution Mechanism
||Soundbite by Olli Rehn (in ENGLISH): I think it is important that we maintain the momentum to build a banking union on all its agreed elements and we have essentially a deal on the Single Supervisory Mechanism. That is going to be implemented and the Commission will shortly, still before the summer break, make a legislative proposal on a Single Resolution Mechanism. In parallel, I find it essential that we can agree on the principles and rules of the direct recapitalisation of EU area banks in the euro group on Thursday.
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on the possibility to have a prompt deal regarding the Single Supervisory Mechanism
||Soundbite by Olli Rehn (in ENGLISH): I believe that we have made very good progress in the past couple of weeks or months. We have essentially a political agreement on the single supervisory mechanism. We have made very good progress on the bank recovery and resolution directive and we are technically, to my mind, ready to agree on the rules for direct recapitalisation. It calls for political will from the Member States to do so and I trust the will is there because everybody knows that we have to maintain the momentum of building the banking union.
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on the recapitalisation system the situation in Spain
||Soundbite by Olli Rehn (in ENGLISH): The issue of retroactivity will be one of the more sensitive issues but to my mind we have made good progress also on that. So we should be able to find an agreement on that. It was never going to be either black or white and the agreement on the legacy assets and retroactivity really imply that each Member State will still have its skin in the game.
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on the French pensions reform
||Soundbite by Olli Rehn (in FRENCH) saying that they are working well with the French government and they have recommended an ambitious reform regarding the pensions system and he is sure there will be such a reform in the near future.
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on the need on a single pension age accross Europe
||Soundbite by Olli Rehn (in ENGLISH): Not a single pension age but we need to link the effective retirement age to life expectancy, which the Commission has recommended overall and to several countries including France and several other countries; in fact, we have made good progress on pensions reforms. Not enough but good progress in mabny countries. We have seen serious pension reforms in 19 out of 27 countries since the crisis hit Europe.
||Soundbite by a journalist (in ENGLISH) asking a question to Olli Rehn on the situation in France
||Soundbite by Olli Rehn (in ENGLISH): France is on its way to make a convincing pension reform which will help to ensure the sustainability of public finances.
||Soundbite by the journalists saying that they have no other questions
||Olli Rehn leaving the interview and entering the meeting room
||General views of the meeting with Olli Rehn and Elisabeth Guigou (3 shots)