Informal Meeting of Ministers for Economic and Financial Affairs (ECOFIN) in Vilnius: extracts from the intermediary press conference by the Lithuanian Presidency and the European Commission

Type: News   Reference: i-081486   Duration: 00:03:37  Lieu: Vilnius, Lithuania
End production: 13/09/2013   First transmission: 13/09/2013
On 13 September, Olli Rehn, EC member in charge of Economic and Monetary Affairs, Rimantas Šadzius, Lithuanian Minister for Finance and President in office-of-the Council, Michel Barnier, EC member in charge of Internal Market and Services and Johannes Hahn, EC Member in charge of Regional Policy held a press conference following the informal Meeting of Ministers for Economic and Financial Affairs (ECOFIN) in Vilnius. The Ministers and Governors held fruitful discussions on the banking sector and the Single Resolution Mechanism, clarifying the initial positions of the Member Sates. The Ministers also exchanged views on the means to foster SME financing in the short and medium term. The discussion focussed on specifying the parameters of SME financing instruments proposed by the European Investment Bank and the European Commissions at the June ECOFIN Council and June European Council. Olli Rehn said: 'Without affordable credit, we will not see the investment needed to support a sustainable recovery and job creation. There is a clear case for action by the EU Union to address this market failure'. Johannes Hahn, proposed to double the amount to support SME's from now 70 billions to 130 billions.

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TIME DESCRIPTION DURATION
00:00:00 Title 00:00:05
00:00:05 General view of the conference room 00:00:04
00:00:09 SOUNDBITE (in English) Rimantas Šadzius, Lithuanian Minister for Finance and President in office-of-the Council: the first is banking union and the single resolution mechanism. We had an oriented debate to clarify what the initial positions of the Member Sates are, on this field in order to finish with it during this political cycle. 00:00:26
00:00:35 Cutaway of the audience (2 shots) 00:00:10
00:00:45 SOUNDBITE (in English) Olli Rehn, EC member in charge of Economic and Monetary Affairs: As yet a few signs that the stabilization of the financial markets and the gradual up turn in the EU economy are translated into improved lending conditions for SME's. Besides this, the South of Europe continue to face significantly higher rates than their competitors in northern Europe which is holding back recovery of growth and jobs. Without affordable credit, we will not see the investment needed to support a sustainable recovery and job creation. There is a clear case for action by the EU Union to address this market failure. The Commission has been working hard with the EIB and the ECB to flesh out the SME initiative which was originally supported by the EU Council in June. 00:01:06
00:01:51 Cutaway of the audience (2 shots) 00:00:09
00:02:00 SOUNDBITE (in French) Michel Barnier, EC member in charge of Internal Market and Services: There is a consensus around the objective. Moreover that objective was stated and restated by the EU Council. Secondly, a broad agreement on the rules. Let me remind you that the banking Union consists in implementing in a more effective way the same rules as in the 28 Member States. 00:00:37
00:02:37 Cutaway of the audience (2 shots) 00:00:09
00:02:46 SOUNDBITE (in English) Johannes Hahn, EC Member in charge of Regional Policy: We would like to double the amount to support SME's from now 70 billions to 130 billions. Currently we spend only 12 billions Euros for financial instrument, and we would like to raise this amount up to 30 billions Euros in the next financial perspective, given that Member States make use of the different instrument already in place. And today, we have discussed new opportunities with the ECB and EIB. 00:00:46
00:03:32 Cutaway of the audience (2 shots) 00:00:05
00:03:37 End 00:00:00
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