Eurogroup meeting: extracts from the press conference
Lieu: Brussels, Belgium - EC/Berlaymont
End production: 08/07/2013 First transmission: 08/07/2013
The Eurogroup met on Monday 8 July in Brussels. Ministers of Finances discussed about the next bailout tranche at Monday's meeting and met Portugal's new finance minister.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Arrival of the speakers
||General view of the meeting
||SOUNDBITE (in English) by Jeroen Dijsselbloem, President of the Eurogroup: We welcome the staff level agreement which was reach Sunday night between the authorities and the Troika and the progress made by the authorities in implementing the required fiscal and structural reforms. Macroeconomic developments are in line with the programs projections and return and return to growth next year which is a sign that the adjustment efforts of Greece start to bare fruits. We see significant improvement of cost competitiveness, impressive strengthening of fiscal position and more resilient banking sector with increase. Now, Greece needs to carry out further work to fully implement the required prior actions before the 19th of July so that one national procedure are concluded the next EFSF disbursement of 2.5 billion can be approved.
||SOUNDBITE (in English) by Christine Lagarde, Managing director of the International Monetary Fund: I had the privilege of presenting today the conclusions of our work on the euro area article 4 consultations. I have shared the Found's point of view of the current situation, the risk of the challenges posed by the Euro area as well as the policy steps that we feel necessary to fully restore confidence to revive growth and to create jobs. I have certainly acknowledged the substantial progress that has been made by the Euro area and both at national and regional levels. The countries on the program, countries not in the program and yet undergoing on the structural reforms and pursuing fiscal consolidation or with the completion of the European stability mechanism the firewall or whether it is the set of measures that has been decided over the last 12 years by the European Central Bank particularly the outright monetary transactions. All of those major steps have been progressed for the Euro area.
||Cutaway of the audience
||SOUNDBITE (in English) by Christine Lagarde: And yet despite that progress, what we also see is that growth remains illusive, unemployment is rising and uncertainty is still high so that leaves the Euro area vulnerable to renewed stress eventually. Our concern and our recommendation is growth and jobs.
||SOUNDBITE (in English) by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro: We have discussed on the Spanish banking sector reform program which has been indeed backed up by both national and European fiscal backstops. This week the Commission will move to put in place the next building block of the banking Union with our proposal for the single resolution mechanism. In fact, on Wednesday it will be a well grounded and ambitious proposal because this is a big challenge and it demands a bold response.
||General view of the press conference room