Story title ECOFIN Council - December 2012
Story description

The ECOFIN Council takes place on 12 December 2012, in Brussels.

Video title Arrival and doorstep DE (Schäuble)
Video description

Arrival and doorstep by Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany, before the ECOFIN Council on 12 December 2012, in Brussels.

Reference 98023 Video infos Mpg4 / PAL - 16:9 Duration 00:05:32 Type News package
Shooting date 12-12-2012 Country Belgium Town Brussels    
TC Thumbnail Description
00:00:00

SOUNDBITE (German) Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany

There is a good possibility to reach a decision today. We have undertaken the task to create the legal framework for the banking supervision before the end of the year. We have worked intensively during the last weeks and it remains to see if we will conclude today. I am confident that we will find a solution for the supervision mechanism before Christmas.

Keywords : bank supervsion Duration : 00:00:40

00:00:40

SOUNDBITE (German) Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany

We always try to make the best use of the time between the meetings, so that we will not have to stay until the morning during the council. Therefore we have tried to specify our positions along with our French partners on the basis of the Commission's proposals and those made by the presidency. The independence of the ECB is such a high good that we need a clear separation between the supervisory mechanism and monetary policy. We have a lot of experience in Germany and had similar discussions for some years now and we have worked on proposals about how to achieve that without a treaty change. A better solution would be a small treaty change but this cannot happen overnight, this is why we have embraced the proposal of our Swedish colleague to have an interim regulation. The clear separation between supervision and monetary policy has to be achieved, in this direction we have worked together with France in order to make is possible also for non-euro countries to participate in the banking supervision with the same rights and the same approach, as well as to find sufficient regulation for those that do not want to participate. These are the conditions for a solution and at the end we must all reach an agreement.

Keywords : single supervisory mechanism Duration : 00:02:14

00:02:54

SOUNDBITE (German) Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany

We want to make the financial sector in Germany and Europe more stable and the banking union and supervision contribute to this end. We are also fighting insecurity of the financial markets in relation to the construction of the common European currency. The final problem of the currency is within the member states and we are going to discuss on that tomorrow in Eurogroup. The implementation of the banking union and the supervisory mechanism is an imporant contribution to the credibility of our European economy and the eurozone.

Keywords : banking union Duration : 00:00:46

00:03:40

SOUNDBITE (German) Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany

No supervisory mechanism can oversee all 6000 European banks and I think nobody wants that. However we must not translate this idea into conflicts.The banking supervisory mechanism can demand the supervision of a specific bank when there is a reason, otherwise big, system-relevant European banks are included in the supervision, but then we must be clear on the limits. Whether the supervisory mechanism has the right to oversee particular banks or it can do so following a request by a member state, these are conflicts that can be overcome, this is why I am confident we can reach an agreement.

Duration : 00:01:04

00:04:44

SOUNDBITE (German) Wolfgang SCHÄUBLE, Federal Minister for Finance of Germany

Italy is a big country, it has a very successful government and elections will be held soon. Everyone knows that Italy has made great progress under Mr. Monti compared to the previous governments that have not been able to achieve so much.

Keywords : Italy Duration : 00:00:48

00:05:32

END

Duration : 00:00:00