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Adelina Marini
#Ecofin No more optimism, unlike last week, in the beginning of the extraordinary meeting of the EU finance ministers. The Cypriot Presidency is proposing a compromise which the ministers will discuss in the upcoming hours. So do stay with us to see how will the debate unfold on the eve of the EU summit that is expected to seal any compromise achieved.
12 December 2012 15:30
Adelina Marini #Ecofin If we all are determined to achieve compromise, we will, said EU Internal Market Commissioner Michel Barnier. He said he supported the latest compromise by the Presidency.
12 December 2012 15:35
Adelina Marini #Ecofin The @cy2012eu acknowledged that it failed to reach a compromise in terms of the changes concerning the EBA, which is why it is leaving to the ministers to choose between two options - the original Commission proposal and the proposal by the Presidency. A new rule is introduced, according to which the ECB can interfere to supervise directly at least two credit institutions in each member state.
12 December 2012 15:38
Adelina Marini #SSM According to Vitor Constancio, vice president of the ECB, the compromise proposal of the Presidency allows for a significant number of banks to be directly supervised. He recalled that the ECB does not have an army of supervisors and proposed the third criterion to be dropped out to define which banks should be directly supervised, that is the criterion a bank to have two or more branches or subsidiaries in a member state. The other two criteria - size, share of GDP - are sufficient, he said.
12 December 2012 15:45
Adelina Marini #SSM The legal basis shows that it cannot ensure the equal treatment of euro- and non-euro countries without treaty changes, said Sweden's FinMin Anders Borg. This is why, he added, Sweden will not participate in the SSM in foreseeable future.
12 December 2012 15:57
Adelina Marini #SSM French FinMin Pierre Moscovici said there was no need of additional meetings because all parametres for agreement were at hand. He again called on matching the ambition of the June Council.
12 December 2012 16:00
Adelina Marini #SSM Poland is also of the opinion that equal treatment cannot be ensured without treaty changes, but the country believes that a further decrease of divergences is possible.
12 December 2012 16:08
Adelina Marini #SSM The @cy2012eu proposes the threshold for directly supervised banks to be 30 bn euros, but Denmark's FinMin demands that threshold to be raised to 40 bn because the ECB will need more time to qualify its work with the supervisory mechanism.
12 December 2012 16:18
Adelina Marini #SSM Simeon Djankov, #Bulgaria's FinMin, said the @cy2012eu proposal is too far from ensuring equal treatment. He said that voting in the EBA must be a combination of qualified majority with double simple majority. Besides, equal treatment for Bulgaria means equal rights in the final decision-making procedure.
12 December 2012 16:21
Adelina Marini #SSM Spain maintains that supervision must be as broad as possible and the threshold low, but Spanish FinMin said he was ready to accept the Presidency proposal of 30 bn euros. We have to have a clear calendar, he added, and supervision must enter into force on 1st of January 2013 with a transition period for the internal bodies to be set up.
12 December 2012 16:37
Adelina Marini #SSM Italy believes that it is best the threshold to be defined by the ECB but since it is not possible, the country is ready to accept the 30 bn proposed by the Cypriot Presidency. Italy also said that it was important for credibility to stick to commitments.
12 December 2012 16:43
Adelina Marini #SSM Up until now, excluding the statement by the Swedish FinMin, the ruling attitude among the ministers in Ecofin is that an agreement is possible. However, Germany has not spoken yet.
12 December 2012 16:49
Adelina Marini #SSM German FinMin asked why was everyone talking about an agreement tonight but no one was mentioning tomorrow morning or before Christmas. He called on his colleagues to focus only on the "stupid" drafting of legislation they were mandated to do regarding the supervisory mechanism and leave the other elements of the banking union to the heads of state or government. Mr Schauble also said that high expectations should be avoided. He also invited his colleagues not to touch the issue of direct capitalisation of banks.
12 December 2012 16:59
Adelina Marini #SSM Malta spoke in a very peremptory way, saying that it would not risk its economy unless a minimal threshold is introduced of 20 bn euros of bank assets in order to directly supervise a bank. Not because we do not trust the ECB but because the ECB will be too busy, was the Maltese position.
12 December 2012 17:28
Adelina Marini #SSM The Maltese representative added that if a bank is irrelevant on European level it should not be directly supervised by the ECB. According to him, the condition for at least 2 banks per country is unreasonable.
12 December 2012 17:30
Adelina Marini #SSM Michel Barnier proposed targeted bilaterals to achieve a compromise today.
12 December 2012 17:45
Adelina Marini #SSM Mario Drgahi has joined the ministers in Ecofin but he said that he will reserve his comments for a later stage. Until now, on behalf of the ECB spoke Vice President Vitor Constancio.
12 December 2012 17:46
Adelina Marini #SSM A pause has just been announced in the Ecofin after two hours and a half of negotiations. The meeting will resume later but it is still unclear whether it will be webcast.
12 December 2012 17:51
free talk corner
Adelina Marini
During a hearing at the economic committee of EP #Eurogroup chairman Jeroen Dijsselbloem paid tribute to #Greece for the impressive implementation of the 3rd bailout programme
7 December 2017 09:19
Adelina Marini #Eurogroup Dijsselbloem: I remember when #Germany as the sick man of Europe but they did significant reforms. I'd tell the Germans that this impact won't last forever
7 December 2017 11:02
Adelina Marini
#EMU The @EU_Commission will present today the long-awaited plans on the deepening of integration in the euro area. Stay tuned for live updates!
6 December 2017 11:40
Adelina Marini #EMU Moscovici: The proposal which non-euro area countries will not be able to refuse is not of the type as in the movie "The Godfather"
6 December 2017 13:56
Adelina Marini
#ECOFIN EU finance ministers have adopted today a package for taxation of the digital economy
5 December 2017 14:41
Adelina Marini #ECOFIN Dombrovskis: The Council has also approved a revised recommendation to #Romania demanding additional corrections of the budget deficit. The Council is concerned about Romania's fiscal sustainability
5 December 2017 14:42

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