Informal Meeting of the Eurogroup in Vilnius: Extracts from the press conference of Jeroen DIJSSELBLOEM, President of the Eurogroup, and Olli REHN, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro

Type: News   Reference: i-081484   Duration: 00:05:09  Lieu: Council , Vilnius
End production: 13/09/2013   First transmission: 13/09/2013
The Eurogroup meeting will focus on discussions on growth and financial stability, as well as the fight against tax fraud and evasion. The meeting will be held in Vilnius on September 13-14. They will also discuss the EU’s economic outlook, development of the Banking Union and other steps to ensure the financial stability of Europe, policy on improving access to finance for small and medium-sized enterprises, a global standard on the automatic exchange of tax information, and other issues. The meeting agenda also includes a discussion on the outcomes of the G20 Leaders’ Summit (taking place on 5-6 September) and preparations for the Annual Meeting of the International Monetary Fund (IMF) and the World Bank Group, as well as the G20 Finance Ministers’ and Central Bank Governors’ Meetings in Washington DC on October 10-12, 2013.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 General view of the speakers 00:00:05
00:00:10 SOUNDBITE by Jeroen Dijsselbloem, President of the Eurogroup (In English) saying that: On Portugal, we briefly discussed the situation in Portugal where there are also positive signs both on the economic and on the political front. We welcome the above Euro area average GDP growth in the second quarter and the reaffirmation of the political consensus within the coalition supporting the program in the new coalition agreement. 00:00:29
00:00:39 Cutaway of journalists 00:00:04
00:00:43 SOUNDBITE by Jeroen Dijsselbloem (In English) saying that: Progress has been made over the summer including the exit of the bank of Cyprus from the resolution process. A road map has been agreed for the gradual relaxation and eventual abolishment of the administrative measures regarding capital flows. Policy implementation remains of course essential for the success of the program as the economic outlook remains uncertain. 00:00:30
00:01:13 Cutaway of a photographer 00:00:03
00:01:16 SOUNDBITE by Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro (In English) saying that: I am glad to note that these countries, Estonia, Latvia and Lithuania, have recovered well from the crisis and are growing robustly. I believe that this is a testimony to the enlargement of the European Union as a force of peaceful economic and democratic transformation of our continent. 00:00:27
00:01:43 Cutaway of journalists 00:00:04
00:01:47 SOUNDBITE by Olli Rehn, (In English) saying that: The second quarter GDP figures were somewhat better than expected, although pretty much in line with the Commission's Spring Forecast and, in line with that, a gradual recovery is taking root in Europe, which we expect to grow firmer in the coming months, stand on a more solid footing and pick up speed in the course of next year, 2014. 00:00:34
00:02:21 Cutaway of photographers 00:00:04
00:02:25 SOUNDBITE by Olli Rehn, (In English) saying that: Unemployment remains at dramatic levels in some countries of southern Europe. Many households and businesses, especially SMES, are still struggling to obtain affordable credit and therefore much more needs to be done to remove the bottlenecks of economic growth that are holding us back for the moment. 00:00:25
00:02:50 Cutaway of the audience 00:00:04
00:02:54 SOUNDBITE by Olli Rehn, (In English) saying that: In the coming nine months, the programmes in Ireland, Spain and Portugal are due to conclude. As you know, we also have important decisions to take concerning Greece. I can tell you that there will be no single rule or uniform pattern to be followed here. We will need to look very carefully at what the optimal solution will be in each case to ensure a successful exit. 00:00:33
00:03:27 Cutaway of the audience 00:00:04
00:03:31 SOUNDBITE by Jörg Asmussen, Member of the Executive Board of the ECB (In English) saying that: At the ECB we very much really welcome the adoption of the SSM regulation by the European Parliament yesterday. We now look forward to the final adoption of the regulation by the Council because then we can proceed with the establishment of the supervisory board including the chair and the vice chair because we need the supervisory board to take a number of essential decisions to move forward. 00:00:28
00:03:59 General view of the audience 00:00:05
00:04:04 SOUNDBITE by Jörg Asmussen (In English) saying that: We, at the ECB, welcome the Commission's proposal for a single resolution mechanism because the crisis has shown that coordination amongst member states has been inadequate to organize the resolution of cross border banks and this means we want a single system, a single authority and a single fund. 00:00:26
00:04:30 Cutaway of journalists 00:00:04
00:04:34 SOUNDBITE by Klaus Regling, ESM Managing Director (In English) saying that: With that disbursement of 1.5 billion Euro, the ESM will have given to Cyprus 4.5 billion which is half the program amount coming from the ESM. Portugal, the review mission will start next week. For Portugal, there are 5 billion Euro left to be disbursed from the EFSF and the mission will be of course crucial to determine the phasing of that. 00:00:31
00:05:05 General view of the press room 00:00:04
00:05:09 End 00:00:00
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