22 May 2013
"More can be done with regard to an effective allocation of available financial instruments at EU level to help alleviating the social distress in countries undergoing difficult adjustment processes in EMU. In this respect, ensuring an adequate share of ESF funds to be devoted to tackling poverty and social exclusion would also benefit EMU".
I am just back from the UK, where the Chancellor of the Exchequer, George Osborne, and Bank of England Governor, Sir Mervyn King, hosted a meeting of the G7 Finance Ministers and Central Bank Governors in the beautiful and historic setting of Hartwell House in Buckinghamshire. Growth and jobs were obviously at centre stage.
I believe our work on doing this, establishing a banking union will be one of the most crucial tasks at European level over the coming months and years for creating the foundations for growth and jobs. Completing the repair of the financial sector is not about "bailing out bankers". It is about letting credit flow to unleash the investment that is essential for a sustainable recovery and job creation.
The programme was agreed in March and the first disbursement is expected by mid-May. It will enable Cyprus to avoid a disorderly default which would have had dramatic ramifications for the Cypriot people.