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Free Talk Corner

Adelina Marini
At 0930 begins the hearing of the #troika regarding the financial assistance for #Cyprus - Olli Rehn with the Commission and Jorg Asmussen with ECB. Yesterday, the MEPs from the economic committee heard Eurogroup chief Jeroen Dijsselbloem. Stay tuned for live updates.
8 May 2013 09:25
Adelina Marini #Cyprus This is the first hearing of the #troika (two thirds of it) by the #ECON committee of the European Parliament. Regular meetings with its representatives are envisaged in the two-pack legislation adopted recently, although today's hearing is a bit ahead of the implementation of the two-pack
8 May 2013 09:43
Adelina Marini In a few days #Cyprus will receive the first disbursement of the financial assistance which is expected to prevent a disorderly defauls, Olli Rehn said
8 May 2013 09:45
Adelina Marini The problems in #Cyprus were accumulating long before the Commission warned the country. They are based on excessive risk-taking, the Commission vice president explained
8 May 2013 09:47
Adelina Marini Lack of determination is in the foundation of today's programme for #Cyprus, Olli Rehn believes
8 May 2013 09:49
Adelina Marini 4 lessons that we can learn from #Cyprus. There must be complete clarity about the secured deposits. Second, we need a complete banking union. Third, it is very important actions to be undertaken immediately after the need of a bailout is recognised. And the fourth lesson is to recognise the structural problems in the decision-making in the euro area and the EU, Olli Rehn said. Today's intergovernmental decisions must be incorporated in the community framework, the commissioner added.
8 May 2013 09:56
Adelina Marini As a former EU Enlargement Commissioner, Olli #Rehn said it was essential the dialogue on unification of the island to begin. It will boost the economy of the island, he said
8 May 2013 09:57
Adelina Marini Jorg #Asmussen, too, criticised the intergovernmental decision-making on problematic countries. The negotiations drag for too long and complicate the situation further. This led to the emergency financial assistance (ELA) by the ECB, Asmussen explained, a member of the ECB executive board
8 May 2013 10:03
Adelina Marini The Cypriot case clearly reminds of the need to establish the banking union as quickly as possible is one of the lessons from the Cypriot crisis, Asmussen believes
8 May 2013 10:06
Adelina Marini A single resolution mechanism for banks is needed, which is an important pillar of the banking union, is another lesson from the Cypriot crisis according to Asmussen
8 May 2013 10:07
Adelina Marini #Cyprus If the supervisory mechanism was in place, the situation with the two Cypriot banks would have been prevented, Jorg Asmussen said
8 May 2013 10:20
Adelina Marini #Cyprus @EP_Economics Now is not the time the troika system to be changed and the troika to be removed, but it's necessary the structure of the ESM to be changed, said the ECB representative
8 May 2013 10:22
Adelina Marini #Cyprus If the #IMF can make decisions by 85% of its votes, why on earth do we need unanimity, asked Olli Rehn
8 May 2013 10:24
Adelina Marini The logic with the #ELA by the ECB was no different than in other situations. It was the same as in Greece, explained Jorg Asmussen. ECB was heavily criticised during the Cypriot crisis precisely because of the ELA and its withdrawal which served as an ultimatum for the Cypriot government to accept the conditions of the Eurogroup
8 May 2013 10:32
Adelina Marini Yes, I really have a German passport, but a European mandate, Jorg Asmussen answered a question by Green MEP Philip Lamberts
8 May 2013 10:41
Adelina Marini The economic activity of #Cyprus will shrink by 13% and domestic demand will drop by 20%, said #Asmussen. There are risks for the calculation of the future economic growth because Cyprus has to shift its business model which means a structural brake
8 May 2013 10:45
Adelina Marini Revenues from potential development of the natural gas depots in the shelf of #Cyprus are not included in the country's programme, said Olli Rehn
8 May 2013 10:51
Adelina Marini The banking sector in #Slovenia is only 150% of GDP and will probably need som recapitalisation. But in the EU there is no banking sector that could be compared to the Cypriot one. Malta, Ireland, Luxembourg are incomparable to that of Cyprus because one needs to look deeper in the structure of assets and liabilities, Asmussen said
8 May 2013 11:01
Adelina Marini @EP_Economics We expect from the countries that will receive an extension to correct their budget deficits to use the time for structural reforms. Olli Rehn said. Nothing is secure in life, Olli Rehn said
8 May 2013 11:09
Adelina Marini The debate on #austerity is worthless because who could be against growth? The question is about sustainability, Asmussen said
8 May 2013 11:12
Adelina Marini Fiscal consolidation (#austerity) is here to stay. The debt and budget deficit ceilings are not imposed by the US Congress or the European Parliament, but by the markets, Asmussen added
8 May 2013 11:13
Adelina Marini The Americans used very quickly the big bazooka in the financial sector, thus paving the way for recovery. The lesson for Europe is to quickly complete the repair of the financial sector, Olli Rehn said
8 May 2013 11:18
Adelina Marini Liquidity is not a hamper for crediting by banks. Lack of capital or risks are the reason, Asmussen said
8 May 2013 11:20
Adelina Marini Jorg Asmussen defended the #ECB monetary policy pointing out that there were member states against it (his own in particular), because this policy succeeded in reaching the households directly in a situation of fragmented financial market
8 May 2013 11:38
Adelina Marini The hearing of the European part of the #troika has just ended on the financial assistance for #Cyprus. The main lesson, according to Olli Rehn and Jorg Asmuseen, from the Cypriot crisis is that the structure of decision-making in the EU has to change. A more detailed text on the issue will follow later on this website. Have a nice day!
8 May 2013 11:40
 
free talk corner
Adelina Marini
#FAC EU foreign ministers discussed a report by the EU HR for foreign and security policy Federica Mogherini on her visit in #Libya, where the Union re-opened its offices in Tripoli
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Adelina Marini #FAC #Mogherini on #QMV: We never never in these almost 4 years had a problem with unanimity. I don't exclude in the future this to become a problem but now even on defence we decide with unanimity, even with UK still in. What I can indicate as a problem is the problem of inconsistency. On other issues, yes, indeed
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Adelina Marini
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12 July 2018 15:01
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The European Commission is proposing new proposals for a reforms programme for the euro area and a eurozone budget. Stay tuned for live updates
31 May 2018 11:33
Adelina Marini Dombrovskis: Around half of all countries could possibly be benefiting of this stabilisation fund
31 May 2018 12:15
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