Economic and Financial Affairs Council:
Extracts from the press conference by the Lithuanian Presidency, and the European Commission
Lieu: Brussels, Belgium - Council / Justus Lipsius
End production: 09/07/2013 First transmission: 09/07/2013
Today, the ECOFIN Coucnil set out its position on a draft framework for bank recovery and resolution with a view
to negotiations with the European Parliament. The directive would provide national authorities with powers to pre-empt bank crises and to resolve financial institutions in an orderly manner in the event of failure, whilst preserving essential bank
operations and minimising taxpayers' exposure to losses. It would establish a range of instruments to tackle potential bank crises at three stages: preparatory and preventative, early intervention, and resolution. The aim is to adopt the directive before the end of the year.
The Council also approved draft amending budget no. 1 for 2013 providing the EU's 2013 budget with the necessary resources for the accession of Croatia to the EU on 1 July.
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 Rimantas Šadžius, Lithuanian Minister for Finance (In English) saying that: The discussion was about proceeding with the banking union files of which BRD directive and single resolution mechanisms and that is going to appear very soon, are perhaps the most important ones. We mentioned financial market regulations especially MIFID/MIFIR which are very well advanced so far by the Irish presidency but still need final approval in the discussion in the trilogue with the European Parliament.
||Cutaway of a cameraman
||SOUNDBITE by Rimantas Šadžius (In English) saying that: Another important issue that was on our agenda that was stressed very much and was in the area of taxation issues and these are fight against tax fraud and tax evasion. These are really hot topic that we take fro the Irish presidency and will carry on during our entire presidency. We attach huge importance to this issue
||Cutaway of a journalist
||SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: From 1 January 2014, Latvians can begin making purchases in euros. Today’s decision is made possible thanks to Latvia’s high degree of sustainable convergence with the euro area, in both quantitative and qualitative terms. Latvia convincingly meets the five Maastricht convergence criteria and its economic policy is on a sustainable path.
||General view of the press room
||SOUNDBITE by Olli Rehn (In English) saying that: Latvia will soon follow Estonia into the euro area. Lithuania aims to join in 2015. In other words, all three Baltic States are now either inside, or well on their way to, the economic and political core of Europe.
||General view of the audience
||SOUNDBITE by Olli Rehn (In English) saying that: with the culmination of the third European Semester of economic policy coordination, we have now entered the implementation phase. This means that the onus is now on the Member States to address the bottlenecks to growth and jobs in line with the Council’s recommendations.
||Cutaway of the audience
||SOUNDBITE by Olli Rehn (In English) saying that: The Commission will monitor very closely the implementation of this reform agenda, which is a blueprint for recovery, sustainable growth and job creation.
Yesterday, we received policy advice from the IMF on the basis of the article IV consultation, and I can say that these recommendations very clearly respond to the main points that Christine Lagarde substantially outlined to the Eurogroup, and subsequently in the press conference yesterday evening.
||Speakers leaving the press room