Speeches - February 2013
Revised rules on capital requirements for banks: Commissioner Barnier’s remarks during the press conference at the European Parliament
“It is my belief that we now have all the elements for an agreement on this text, which is essential for the financial stability of Europe (…) The new rules will force banks to hold more, and better capital. This will make them more able to weather economic shocks and crises.”.
Economic forecasts released last Friday by the European Commission confirm a weak economic outlook in France and Europe. Even if some of the signs are encouraging, 2013 will remain a difficult year, with the EU showing only barely positive growth (+0.1%).
“We need to invest for the long term in order to give a chance to innovative SMEs (...), to provide Europe with modern and eco-friendly infrastructure, to focus on education and research and to finance new services of general interest (...)”. Speech by Commissioner Barnier at the FESA-CFA roundtable “Financer l’investissement de long terme dans l’économie européenne”.
“We have been working together for 3 years now, and the year ahead will be particularly crucial for making our efforts successful during this term of office. I know you have the same concern as I have: relaunching the single market, for the benefit of citizens and businesses”. Speech by Commissioner Barnier to the Committee on Internal Market and Consumer Protection (IMCO) of the European Parliament.
“After almost 40 years of discussions, we are finally set to provide Europe with a unitary patent for the 25 participating Member States. However, (...) we will be able to celebrate only when the first single European Patent has been issued.” Speech by Commissioner Barnier at the conference on the European Unitary Patent.
"The authorities that regulate and supervise the world of finance must co-ordinate their work. And they must co-operate when they enforce rules". Speech by Commissioner Barnier, at the Transatlantic Finance Initiative in New-York.
“Interbank interest rate benchmarks are systemic benchmarks which are important for the transmission of the euro area’s monetary policy. (...) Any failures may cause losses for investors, distort the real economy and undermine market confidence. (...) The Commission is aiming to present its proposal on benchmarks in the second quarter of 2013 and I expect that proposal to include the power to impose mandatory submissions for systemic benchmarks such as Euribor.” Statement by Commissioner Barnier.
Cinquante ans d’amitié franco-allemande au service de l’Union européenne : un modèle pour d’autres réconciliations
“There would be no Europe without Franco-German reconciliation. (...) Now, when a new vision for Europe is needed, it is our responsibility to ensure that this reconciliation remains indispensable but not exclusive, persuasive without being restrictive, sincere without being utopian”. Speech by Commissioner Barnier at the Pontifical Gregorian University in Rome.
Derivatives: Statement by Commissioner Barnier on the technical standards to implement the new rules
“I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. (...) This means that the standards can now enter into force around mid-March”. Statement by Commissioner Barnier.
“The Web offers enormous potential for promoting the cultural wealth and diversity of our continent. However, the Internet also presents a challenge for those who create such content in their work, or who make it possible and accessible by means of their investments. The challenge is to establish new models of use and distribution which allow the efforts made and risks taken to be rewarded”. Speech by Commissioner Barnier at the launch of the “Licences for Europe” initiative.
“We need to upgrade the Single Market. Adapt it to Europe’s new economic, technological and social realities. And use it as a foundation to restore growth and create jobs. The Single Market is not the whole economy. But it is its bedrock. If this bedrock is fragmented, any private or public initiative is made less effective”. Speech by Commissioner Barnier at the City of London.