Eurogroup Meeting, Brussels: extracts from the common press conference, with the participation of Pierre Moscovici, Member of the EC

Type: Press conference - summary   Référence: I155851   Durée:  Lieu: Brussels - EC/Berlaymont
On 24 May 2018, Eurogroup meeting took place in Brussels. The institutions and the Greek Minister for Finance, Euclid Tsakalotos, informed the Eurogroup about the status of the ongoing fourth review of Greece’s economic adjustment programme. They presented the staff-level agreement concluded by the institutions and the Greek authorities on 19 May. Greece aims to implement the required measures before the Eurogroup meeting on 21 June 2018. The programme’s formal expiry date is 20 August 2018. The Eurogroup also continued its discussions on the debt strategy. The European Commission also presented its 2018 spring forecast, published on 3 May.
This video shows extracts from the common press conference by Pierre Moscovici, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, Mario Centeno, President of the Eurogroup, and Klaus Regling, Managing Director of the European Stability Mechanism (ESM).

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers in the press room 00:00:08
00:00:13 SOUNDBITE by Mario Centeno, President of the Eurogroup, (in ENGLISH): Overall we have staff level agreement approved; there is some convergence on the debt discussion at technical level; Greece tabled a long-term growth strategy and it is over performing on fiscal targets. Pieces are falling into place but we have an ambitious timeline ahead of us; I see commitment on all sides so I'm confident that we will make it. 00:00:30
00:00:42 Cutaway of the speakers 00:00:04
00:00:46 SOUNDBITE by Mario Centeno (in ENGLISH): Growth and employment both picked up strongly in 2017 right across the Euro area and this is also helping to keep deficits down. The Commission's Spring Forecast shows growth will remain brad based in 2018 and 2019; there are however substantial risks to this outlook mainly coming from outside the Euro area, in particular the policy stands of the U.S. administration is a matter of concern. In times like these, prudent domestic policies are essential and so is close coordination at the EU level. 00:00:42
00:01:28 Cutaway of the audience 00:00:04
00:01:32 SOUNDBITE by Pierre Moscovici, Member of the EC in charge of Economic and Financial Affairs, Taxation and Customs, (in FRENCH) saying that they all welcomed Saturday's agreement, this is the proof of very good cooperation among the institutions; there is also a very clear commitment shown by the Greek authorities to complete the priority actions in time for their next meeting. Now of course this commitment has to be upheld. He would like to emphasize its importance and yes, a lot remains to be done but he thinks that all of this is feasible and indispensable and he is sure it will be done. 00:00:30
00:02:02 Cutaway of the speakers 00:00:05
00:02:07 SOUNDBITE by Pierre Moscovici (in FRENCH) saying that they know that the agreement will have to be acceptable to the member states; they know this has to be accepted by Parliaments and citizens but they also know that the agreement has to be credible in the eyes of investor's markets so they need a package of debt measures which is substantial and this is thus, and only thus, that Greece concluded its program on sound and solid basis so that the country is able to attract investment and create jobs, the jobs that Greek people so badly need and that is their common objective. 00:00:41
00:02:48 Cutaway of the audience 00:00:05
00:02:53 SOUNDBITE by Pierre Moscovici (in ENGLISH): In terms of the next steps in the completion of the banking union, the priorities are first, to conclude negotiations on the banking package and this is on the table of the ECOFIN tomorrow and a general agreement which is on side would obviously send a positive signal. Second, they need to set up a workable and credible common backstop to the Single Resolution fund to be provided by the ESM and many Ministers analysed today that sufficient progress is there to take the necessary decisions in June to enable the ESM to take on the role of providing the backstop to the £Single Resolution Fund which will be a very important step forward. 00:00:48
00:03:41 Cutaway of the audience 00:00:04
00:03:45 SOUNDBITE by Klaus Regling, Managing Director of the European Stability Mechanism (ESM), (in ENGLISH): On the Greek side, it is all about implementation, the institutions will monitor that closely. On the debt side the work will intensify but we had a good discussion on that; we are now able to prepare a final debt sustainability analysis based on the staff level agreement and the projections that are agreed in that context and then we will have the basis for an assessment of what is needed to reach that sustainability which of course is the objective of that debate. 00:00:38
00:04:23 General view of the speakers 00:00:06
00:04:29 End 00:00:00
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