ECOFIN Council - December 2012

Arrival of Luc FRIEDEN, Minister for Finance of Luxembourg

Keywords : Frieden Duration : 00:00:18

SOUNDBITE (German) Luc FRIEDEN, Minister for Finance of Luxembourg

An agreement is possible, but there are some important questions to be made clear, if everyone if ready for compromise, I am sure we can find an answer. However these questions are difficult, on the one hand to set the criteria who should come under this banking supervision and how these decisions are going to be adapted to the principles of the ECB. These are important points, as far as the future functioning of Europe and the treatment of member states are concerned.

Keywords : banking supervision Duration : 00:00:45

SOUNDBITE (German) Luc FRIEDEN, Minister for Finance of Luxembourg

France and Germany are only two among 27 member states. Every compromise solution has to take into account the views of all member states and this cannot happen when one big country decides for the others. We need to find solutions together with France and Germany, the history of both countries have proven that.

Keywords : France | Germany Duration : 00:00:50

SOUNDBITE (German) Luc FRIEDEN, Minister for Finance of Luxembourg

It is imporant that we assume our collective responsibilities as it concerns economic and stability arguments. The whole should be organised in an equal way, this is the main principle of the ECB and we want to retain it.

Duration : 00:00:40

SOUNDBITE (English) Luc FRIEDEN, Minister for Finance of Luxembourg

If everybody has some sense of compromise we can find a common solution.

Duration : 00:00:11

SOUNDBITE (English) Luc FRIEDEN, Minister for Finance of Luxembourg

The exact scope of the supervision of the ECB and secondly the supervisory decision making mechanisms within the supervisory board of the ECB, these are important questions that exceed the banking union, because it is the manner in which we organize Europe and its institutional framework.

Keywords : ECB Duration : 00:00:26

SOUNDBITE (English) Luc FRIEDEN, Minister for Finance of Luxembourg

(On Greek bonds buy-back) I think we have found the appropriate mechanisms and we will discuss that further tomorrow.

Keywords : Greece Duration : 00:00:25

END

Duration : 00:00:00