1 00:00:00,699 --> 00:00:03,033 Well, a very warm welcome to 2 00:00:03,033 --> 00:00:06,200 Well, a very warm welcome to our event today my name is 3 00:00:06,200 --> 00:00:08,200 our event today my name is gutta and I’m the director of 4 00:00:08,200 --> 00:00:10,100 gutta and I’m the director of Global and I’m pleased and 5 00:00:10,100 --> 00:00:11,433 Global and I’m pleased and honored to host today the 6 00:00:11,433 --> 00:00:12,866 honored to host today the President of the Euro group at 7 00:00:12,866 --> 00:00:16,266 President of the Euro group at Mario Chino’s, the outgoing 8 00:00:16,266 --> 00:00:18,100 Mario Chino’s, the outgoing President as we all know Mario 9 00:00:18,100 --> 00:00:20,667 President as we all know Mario has been in that position for 10 00:00:20,667 --> 00:00:22,500 has been in that position for many years now but there will 11 00:00:22,500 --> 00:00:26,133 many years now but there will be an election for a new 12 00:00:26,133 --> 00:00:28,266 be an election for a new President of the euro group in 13 00:00:28,266 --> 00:00:31,266 President of the euro group in in only 10 days. So we thought 14 00:00:31,266 --> 00:00:34,266 in only 10 days. So we thought it’s a perfect moment. to 15 00:00:34,266 --> 00:00:37,634 it’s a perfect moment. to reflect on the euro group of 16 00:00:37,634 --> 00:00:38,367 reflect on the euro group of course the past of the euro 17 00:00:38,367 --> 00:00:40,934 course the past of the euro group, but also looking forward 18 00:00:40,934 --> 00:00:43,733 group, but also looking forward to at the future of the euro 19 00:00:43,733 --> 00:00:45,066 to at the future of the euro group with it, it’s the 20 00:00:45,066 --> 00:00:47,034 group with it, it’s the President so the future of the 21 00:00:47,034 --> 00:00:49,466 President so the future of the euro group after the nine in 22 00:00:49,466 --> 00:00:51,733 euro group after the nine in pandemics or pss during the 23 00:00:51,733 --> 00:00:53,533 pandemics or pss during the next phase of the pandemic, 24 00:00:53,533 --> 00:00:56,567 next phase of the pandemic, let’s put it this way and I 25 00:00:56,567 --> 00:00:57,866 let’s put it this way and I think there’s really nobody 26 00:00:57,866 --> 00:01:03,733 think there’s really nobody better place. And and give us 27 00:01:03,733 --> 00:01:07,065 better place. And and give us his insights his of course, not 28 00:01:07,065 --> 00:01:08,533 his insights his of course, not only the President of the euro. 29 00:01:08,533 --> 00:01:10,199 only the President of the euro. He’s also professor of 30 00:01:10,199 --> 00:01:13,233 He’s also professor of economics and has been Minister 31 00:01:13,233 --> 00:01:15,867 economics and has been Minister for for the Portuguese 32 00:01:15,867 --> 00:01:19,198 for for the Portuguese government Minister of Finance 33 00:01:19,198 --> 00:01:20,833 government Minister of Finance and so we are really very much 34 00:01:20,833 --> 00:01:23,167 and so we are really very much looking forward to his remarks 35 00:01:23,167 --> 00:01:25,298 looking forward to his remarks before I give you the floor, 36 00:01:25,298 --> 00:01:29,034 before I give you the floor, Mario Let me give a a House 37 00:01:29,034 --> 00:01:31,133 Mario Let me give a a House announcements so for our 38 00:01:31,133 --> 00:01:33,300 announcements so for our audience online audience please 39 00:01:33,300 --> 00:01:36,400 audience online audience please do. 40 00:02:03,599 --> 00:02:06,166 Much further ado Mister 41 00:02:06,166 --> 00:02:08,632 Much further ado Mister President. very much look 42 00:02:08,632 --> 00:02:10,199 President. very much look forward to your remarks and 43 00:02:10,199 --> 00:02:11,399 forward to your remarks and your initial remarks and thank 44 00:02:11,399 --> 00:02:12,632 your initial remarks and thank you so much for joining us 45 00:02:12,632 --> 00:02:16,232 you so much for joining us today. Good morning you all and 46 00:02:16,232 --> 00:02:19,765 today. Good morning you all and thank you for the kind words it 47 00:02:19,765 --> 00:02:22,266 thank you for the kind words it is a huge pleasure to come Togo 48 00:02:22,266 --> 00:02:24,367 is a huge pleasure to come Togo I am indeed in the final days 49 00:02:24,367 --> 00:02:26,100 I am indeed in the final days of my term as President of the 50 00:02:26,100 --> 00:02:28,333 of my term as President of the group, this was a more 51 00:02:28,333 --> 00:02:30,466 group, this was a more rewarding period than I could 52 00:02:30,466 --> 00:02:32,367 rewarding period than I could ever imagined today I would 53 00:02:32,367 --> 00:02:34,666 ever imagined today I would like to draw on my experience 54 00:02:34,666 --> 00:02:38,133 like to draw on my experience but reflect on how the covid- 55 00:02:38,133 --> 00:02:40,000 but reflect on how the covid- 19 crisis will impact the 56 00:02:40,000 --> 00:02:42,666 19 crisis will impact the process of the integration so a 57 00:02:42,666 --> 00:02:44,100 process of the integration so a little bit looking into the 58 00:02:44,100 --> 00:02:46,634 little bit looking into the future lack of Is being a drag 59 00:02:46,634 --> 00:02:49,100 future lack of Is being a drag on economic integration, the 60 00:02:49,100 --> 00:02:52,200 on economic integration, the feeling of and vulnerability 61 00:02:52,200 --> 00:02:55,033 feeling of and vulnerability caused by the covid- 19 62 00:02:55,033 --> 00:02:56,233 caused by the covid- 19 pandemic compelled Europe to 63 00:02:56,233 --> 00:02:59,167 pandemic compelled Europe to take a leap of trust 64 00:02:59,167 --> 00:03:01,099 take a leap of trust coordinating dramatic and 65 00:03:01,099 --> 00:03:03,266 coordinating dramatic and unprecedented policy actions in 66 00:03:03,266 --> 00:03:05,533 unprecedented policy actions in no more than 10 days The euro 67 00:03:05,533 --> 00:03:08,034 no more than 10 days The euro group agreed on three key 68 00:03:08,034 --> 00:03:10,466 group agreed on three key safety nets for workers, 69 00:03:10,466 --> 00:03:12,500 safety nets for workers, businesses and sovereigns. 70 00:03:12,500 --> 00:03:13,533 businesses and sovereigns. European Council is poised to 71 00:03:13,533 --> 00:03:16,100 European Council is poised to mandate to the Commission From 72 00:03:16,100 --> 00:03:18,533 mandate to the Commission From markets to finance the recovery 73 00:03:18,533 --> 00:03:20,600 markets to finance the recovery in a scheme that entails fiscal 74 00:03:20,600 --> 00:03:22,866 in a scheme that entails fiscal solidarity among EU member 75 00:03:22,866 --> 00:03:25,733 solidarity among EU member States I shared the sense of 76 00:03:25,733 --> 00:03:28,767 States I shared the sense of opportunity of the CDs as a big 77 00:03:28,767 --> 00:03:30,866 opportunity of the CDs as a big step to fully explore the 78 00:03:30,866 --> 00:03:32,367 step to fully explore the institutional framework of our 79 00:03:32,367 --> 00:03:35,033 institutional framework of our economic and monetary Union and 80 00:03:35,033 --> 00:03:37,533 economic and monetary Union and indeed a step towards a fiscal 81 00:03:37,533 --> 00:03:39,567 indeed a step towards a fiscal Union. This is zero in the 82 00:03:39,567 --> 00:03:42,000 Union. This is zero in the making at this time, it really 83 00:03:42,000 --> 00:03:43,967 making at this time, it really is different the single market 84 00:03:43,967 --> 00:03:47,400 is different the single market as we know. 85 00:05:20,500 --> 00:05:23,300 Coordination on one side EU and 86 00:05:23,300 --> 00:05:25,133 Coordination on one side EU and resources second answer the 87 00:05:25,133 --> 00:05:27,733 resources second answer the financial integration by 88 00:05:27,733 --> 00:05:29,000 financial integration by starting with the physical 89 00:05:29,000 --> 00:05:32,000 starting with the physical rules and there in the role of 90 00:05:32,000 --> 00:05:34,500 rules and there in the role of economic coordination to enable 91 00:05:34,500 --> 00:05:35,700 economic coordination to enable countries specific responses to 92 00:05:35,700 --> 00:05:38,034 countries specific responses to the crisis We have activated 93 00:05:38,034 --> 00:05:39,933 the crisis We have activated the general escape close within 94 00:05:39,933 --> 00:05:41,434 the general escape close within the rules of the stability and 95 00:05:41,434 --> 00:05:45,133 the rules of the stability and growth. This one ’s quite right 96 00:05:45,133 --> 00:05:48,666 growth. This one ’s quite right in face of an extortion, 97 00:05:48,666 --> 00:05:50,367 in face of an extortion, temporary shock increasing 98 00:05:50,367 --> 00:05:51,866 temporary shock increasing public spending to keep people 99 00:05:51,866 --> 00:05:53,633 public spending to keep people in jobs and companies afloat is 100 00:05:53,633 --> 00:05:56,666 in jobs and companies afloat is a public insurance The opposite 101 00:05:56,666 --> 00:05:59,000 a public insurance The opposite of austerity, indeed the 102 00:05:59,000 --> 00:05:59,900 of austerity, indeed the definition of an active 103 00:05:59,900 --> 00:06:03,700 definition of an active physical stabilization policy. 104 00:06:03,700 --> 00:06:06,167 physical stabilization policy. we were in uncharted territory 105 00:06:06,167 --> 00:06:07,800 we were in uncharted territory with a lot on measures that we 106 00:06:07,800 --> 00:06:09,533 with a lot on measures that we should now return to textbook 107 00:06:09,533 --> 00:06:12,500 should now return to textbook like policies. so we will have 108 00:06:12,500 --> 00:06:14,966 like policies. so we will have to withdraw what is meant to be 109 00:06:14,966 --> 00:06:17,266 to withdraw what is meant to be temporary a gradual return to 110 00:06:17,266 --> 00:06:19,266 temporary a gradual return to our fiscal rules. We’ll need to 111 00:06:19,266 --> 00:06:21,434 our fiscal rules. We’ll need to be properly engineered. We must 112 00:06:21,434 --> 00:06:24,367 be properly engineered. We must remain cautious are now we use 113 00:06:24,367 --> 00:06:27,466 remain cautious are now we use our roots, l-e example. 114 00:06:27,466 --> 00:06:29,466 our roots, l-e example. Potential output at this stage, 115 00:06:29,466 --> 00:06:32,233 Potential output at this stage, it is what is it warranted to 116 00:06:32,233 --> 00:06:35,600 it is what is it warranted to translate this impact of an 117 00:06:35,600 --> 00:06:38,434 translate this impact of an exel temporary shot in the 118 00:06:38,434 --> 00:06:41,000 exel temporary shot in the potential of our economies We 119 00:06:41,000 --> 00:06:43,500 potential of our economies We must not forget that we are in 120 00:06:43,500 --> 00:06:45,167 must not forget that we are in the Middle of the largest 121 00:06:45,167 --> 00:06:46,733 the Middle of the largest social experiment in modern 122 00:06:46,733 --> 00:06:49,367 social experiment in modern history. statistical models 123 00:06:49,367 --> 00:06:52,100 history. statistical models must deal appropriately with 124 00:06:52,100 --> 00:06:54,567 must deal appropriately with this temporary break they 125 00:06:54,567 --> 00:06:56,167 this temporary break they cannot rule the political 126 00:06:56,167 --> 00:06:58,234 cannot rule the political narrative that allowed 127 00:06:58,234 --> 00:06:59,466 narrative that allowed democracy to keep people at 128 00:06:59,466 --> 00:07:02,566 democracy to keep people at home and live their. And 129 00:07:02,566 --> 00:07:05,333 home and live their. And attended. the fiscal rules are 130 00:07:05,333 --> 00:07:08,033 attended. the fiscal rules are not meant to signal that what 131 00:07:08,033 --> 00:07:09,898 not meant to signal that what was meant to be temporary will 132 00:07:09,898 --> 00:07:12,199 was meant to be temporary will now have a negative permanent 133 00:07:12,199 --> 00:07:13,966 now have a negative permanent and self fulfilling effect on 134 00:07:13,966 --> 00:07:17,800 and self fulfilling effect on our lives. in a context of 135 00:07:17,800 --> 00:07:19,200 our lives. in a context of uncertainty and then even 136 00:07:19,200 --> 00:07:21,333 uncertainty and then even recovery trajectories the 137 00:07:21,333 --> 00:07:23,000 recovery trajectories the premature tightening will 138 00:07:23,000 --> 00:07:25,833 premature tightening will undermine past efforts. We must 139 00:07:25,833 --> 00:07:27,400 undermine past efforts. We must not return to a negative spiral 140 00:07:27,400 --> 00:07:29,833 not return to a negative spiral of potential with full fueled 141 00:07:29,833 --> 00:07:32,167 of potential with full fueled by a lack of confidence and 142 00:07:32,167 --> 00:07:36,633 by a lack of confidence and coordinated physical austerity. 143 00:08:04,668 --> 00:08:07,068 About our accelerates some deep 144 00:08:07,068 --> 00:08:08,568 About our accelerates some deep structural changes in our 145 00:08:08,568 --> 00:08:10,369 structural changes in our economies. I am not just 146 00:08:10,369 --> 00:08:12,034 economies. I am not just thinking about the large 147 00:08:12,034 --> 00:08:14,001 thinking about the large expected increases in public 148 00:08:14,001 --> 00:08:15,335 expected increases in public debt, but also about the 149 00:08:15,335 --> 00:08:16,835 debt, but also about the uncertainty on the level on the 150 00:08:16,835 --> 00:08:19,968 uncertainty on the level on the future levels of interest rates 151 00:08:19,968 --> 00:08:21,601 future levels of interest rates inflation and growth. The 152 00:08:21,601 --> 00:08:23,301 inflation and growth. The second issue concerns the 153 00:08:23,301 --> 00:08:25,535 second issue concerns the quality of public expenditure. 154 00:08:25,535 --> 00:08:26,368 quality of public expenditure. This will be critical as 155 00:08:26,368 --> 00:08:28,534 This will be critical as physical sustainability. We’ll 156 00:08:28,534 --> 00:08:30,634 physical sustainability. We’ll need to be made compatible with 157 00:08:30,634 --> 00:08:32,901 need to be made compatible with large investment needs the 158 00:08:32,901 --> 00:08:35,201 large investment needs the fiscal rules. Properly 159 00:08:35,201 --> 00:08:37,735 fiscal rules. Properly distinguish between gross and 160 00:08:37,735 --> 00:08:39,000 distinguish between gross and expenditures and other 161 00:08:39,000 --> 00:08:41,803 expenditures and other budgetary programs Previous 162 00:08:41,803 --> 00:08:43,701 budgetary programs Previous attempts to make the rules 163 00:08:43,701 --> 00:08:45,768 attempts to make the rules smarter and filled over 164 00:08:45,768 --> 00:08:47,268 smarter and filled over concerns about free riding and 165 00:08:47,268 --> 00:08:48,935 concerns about free riding and Morena Lazard the experience 166 00:08:48,935 --> 00:08:51,502 Morena Lazard the experience with the recovery and 167 00:08:51,502 --> 00:08:52,535 with the recovery and resilience facility The 168 00:08:52,535 --> 00:08:55,802 resilience facility The so-called, R F may offer a 169 00:08:55,802 --> 00:08:57,768 so-called, R F may offer a practical way forward while 170 00:08:57,768 --> 00:08:59,401 practical way forward while avoiding the pitfalls of trying 171 00:08:59,401 --> 00:09:02,303 avoiding the pitfalls of trying to have to what would never end 172 00:09:02,303 --> 00:09:04,335 to have to what would never end up being a complete contract, 173 00:09:04,335 --> 00:09:07,168 up being a complete contract, the RF. We’ll finance National 174 00:09:07,168 --> 00:09:09,234 the RF. We’ll finance National programs of investment and 175 00:09:09,234 --> 00:09:10,602 programs of investment and structural reforms, the highs 176 00:09:10,602 --> 00:09:13,168 structural reforms, the highs and assess against the 177 00:09:13,168 --> 00:09:13,868 and assess against the recommendations identified at 178 00:09:13,868 --> 00:09:16,234 recommendations identified at the European level members will 179 00:09:16,234 --> 00:09:17,902 the European level members will be subject to more intense 180 00:09:17,902 --> 00:09:19,135 be subject to more intense level of coordination and 181 00:09:19,135 --> 00:09:21,869 level of coordination and analysis. This was exactly the 182 00:09:21,869 --> 00:09:25,201 analysis. This was exactly the idea behind the budgetary for 183 00:09:25,201 --> 00:09:25,769 idea behind the budgetary for competitiveness and convergence 184 00:09:25,769 --> 00:09:28,201 competitiveness and convergence the beak European funds that 185 00:09:28,201 --> 00:09:30,869 the beak European funds that are used the Cording to 186 00:09:30,869 --> 00:09:31,968 are used the Cording to commonly defined Ari 187 00:09:31,968 --> 00:09:34,568 commonly defined Ari priorities. the RF process and 188 00:09:34,568 --> 00:09:37,035 priorities. the RF process and better in European. Could 189 00:09:37,035 --> 00:09:38,534 better in European. Could provide a way to identify 190 00:09:38,534 --> 00:09:40,134 provide a way to identify National expenditures that 191 00:09:40,134 --> 00:09:41,668 National expenditures that should be treated more 192 00:09:41,668 --> 00:09:43,767 should be treated more favorably going forward My 193 00:09:43,767 --> 00:09:46,003 favorably going forward My third point is about improving 194 00:09:46,003 --> 00:09:48,102 third point is about improving physical and economic policy 195 00:09:48,102 --> 00:09:50,534 physical and economic policy coordination in the euro area. 196 00:09:50,534 --> 00:09:53,034 coordination in the euro area. The RF funds will be raised and 197 00:09:53,034 --> 00:09:54,967 The RF funds will be raised and distributed to all European 198 00:09:54,967 --> 00:09:56,368 distributed to all European Union members The funds are 199 00:09:56,368 --> 00:09:57,967 Union members The funds are located to the area member 200 00:09:57,967 --> 00:10:00,100 located to the area member States should be used in a way 201 00:10:00,100 --> 00:10:01,698 States should be used in a way consistent with the objectives 202 00:10:01,698 --> 00:10:04,100 consistent with the objectives of the monetary Union to help 203 00:10:04,100 --> 00:10:06,333 of the monetary Union to help us to avoid the build up of 204 00:10:06,333 --> 00:10:09,600 us to avoid the build up of imbalances to ensure this. 205 00:10:09,600 --> 00:10:12,100 imbalances to ensure this. Include the reference to the 206 00:10:12,100 --> 00:10:12,767 Include the reference to the recommendations in the 207 00:10:12,767 --> 00:10:14,200 recommendations in the Commission’s proposal, the 208 00:10:14,200 --> 00:10:16,100 Commission’s proposal, the group will discuss the 209 00:10:16,100 --> 00:10:17,767 group will discuss the priorities for investment and 210 00:10:17,767 --> 00:10:20,066 priorities for investment and reforms in Euro area on a 211 00:10:20,066 --> 00:10:22,333 reforms in Euro area on a yearly basis. this fall short 212 00:10:22,333 --> 00:10:24,834 yearly basis. this fall short of a dedicated governance 213 00:10:24,834 --> 00:10:28,533 of a dedicated governance framework as avis for the big 214 00:10:28,533 --> 00:10:30,333 framework as avis for the big Steel IPA dedicated fiscal 215 00:10:30,333 --> 00:10:32,200 Steel IPA dedicated fiscal instrument will be needed for 216 00:10:32,200 --> 00:10:35,100 instrument will be needed for Euro area on a permanent basis. 217 00:10:35,100 --> 00:10:36,900 Euro area on a permanent basis. by Weta now turn to the issue 218 00:10:36,900 --> 00:10:42,367 by Weta now turn to the issue of resources. the recovery. 219 00:11:13,033 --> 00:11:15,600 Buys to propose a new of our 220 00:11:15,600 --> 00:11:18,600 Buys to propose a new of our resources before 2027 This is 221 00:11:18,600 --> 00:11:21,133 resources before 2027 This is not been a part a simple debate 222 00:11:21,133 --> 00:11:23,500 not been a part a simple debate in the past package approach 223 00:11:23,500 --> 00:11:26,133 in the past package approach with new and resources and the 224 00:11:26,133 --> 00:11:28,600 with new and resources and the clear link. between the 225 00:11:28,600 --> 00:11:30,233 clear link. between the proposed taxes and the 226 00:11:30,233 --> 00:11:31,733 proposed taxes and the strategic priorities of the 227 00:11:31,733 --> 00:11:33,167 strategic priorities of the Union could help to bring about 228 00:11:33,167 --> 00:11:37,167 Union could help to bring about a consensus. in you that if new 229 00:11:37,167 --> 00:11:39,034 a consensus. in you that if new and resources are agreed this 230 00:11:39,034 --> 00:11:42,767 and resources are agreed this could reverse the dependents on 231 00:11:42,767 --> 00:11:44,700 could reverse the dependents on financial contributions to 232 00:11:44,700 --> 00:11:49,900 financial contributions to finance the budget. The 233 00:12:19,698 --> 00:12:21,298 HF from deepening the banking 234 00:12:21,298 --> 00:12:23,699 HF from deepening the banking and capital markets Union this 235 00:12:23,699 --> 00:12:25,099 and capital markets Union this should start with the euro 236 00:12:25,099 --> 00:12:26,766 should start with the euro group agreement to accelerate 237 00:12:26,766 --> 00:12:28,365 group agreement to accelerate the introduction of the 238 00:12:28,365 --> 00:12:30,599 the introduction of the backstop for Bank resolution. 239 00:12:30,599 --> 00:12:32,366 backstop for Bank resolution. There are some very concrete 240 00:12:32,366 --> 00:12:34,466 There are some very concrete elements in our response to the 241 00:12:34,466 --> 00:12:36,100 elements in our response to the pandemic that could facilitate 242 00:12:36,100 --> 00:12:38,300 pandemic that could facilitate further steps towards financial 243 00:12:38,300 --> 00:12:40,234 further steps towards financial integration to finance the 244 00:12:40,234 --> 00:12:41,200 integration to finance the emergency response and the 245 00:12:41,200 --> 00:12:42,933 emergency response and the recovery. The Commission is 246 00:12:42,933 --> 00:12:45,200 recovery. The Commission is expected to issue some 150 to 247 00:12:45,200 --> 00:12:47,333 expected to issue some 150 to 200 billion euros annually over 248 00:12:47,333 --> 00:12:51,300 200 billion euros annually over the next four. Making it twice 249 00:12:51,300 --> 00:12:53,733 the next four. Making it twice as large as the traditional 250 00:12:53,733 --> 00:12:56,866 as large as the traditional European Super Nationals EU are 251 00:12:56,866 --> 00:12:59,300 European Super Nationals EU are not a substitute for European a 252 00:12:59,300 --> 00:13:02,067 not a substitute for European a faucet, but they will give as a 253 00:13:02,067 --> 00:13:04,266 faucet, but they will give as a taste of it they impact on the 254 00:13:04,266 --> 00:13:06,100 taste of it they impact on the workings of financial markets 255 00:13:06,100 --> 00:13:08,932 workings of financial markets should be underestimated The 256 00:13:08,932 --> 00:13:10,633 should be underestimated The recovery might also spur the 257 00:13:10,633 --> 00:13:12,498 recovery might also spur the the re balancing from Bank 258 00:13:12,498 --> 00:13:14,266 the re balancing from Bank financing and reduce our 259 00:13:14,266 --> 00:13:16,767 financing and reduce our reliance on debt over equity 260 00:13:16,767 --> 00:13:19,200 reliance on debt over equity financial integration. Increase 261 00:13:19,200 --> 00:13:20,567 financial integration. Increase the resilience of our area 262 00:13:20,567 --> 00:13:22,333 the resilience of our area sovereigns to shocks and ease 263 00:13:22,333 --> 00:13:24,666 sovereigns to shocks and ease the pressure for the elevation 264 00:13:24,666 --> 00:13:27,100 the pressure for the elevation through public resources. What 265 00:13:27,100 --> 00:13:29,600 through public resources. What is more it could contribute 266 00:13:29,600 --> 00:13:31,033 is more it could contribute decisively to strengthen the 267 00:13:31,033 --> 00:13:32,800 decisively to strengthen the international role of the euro. 268 00:13:32,800 --> 00:13:35,600 international role of the euro. Let me conclude. Europe enter 269 00:13:35,600 --> 00:13:37,500 Let me conclude. Europe enter this crisis with the most 270 00:13:37,500 --> 00:13:39,533 this crisis with the most advanced educational health and 271 00:13:39,533 --> 00:13:41,866 advanced educational health and welfare state systems in the 272 00:13:41,866 --> 00:13:44,767 welfare state systems in the world we are just experienced 273 00:13:44,767 --> 00:13:46,500 world we are just experienced 26 consecutive quarters of 274 00:13:46,500 --> 00:13:50,500 26 consecutive quarters of growth over. Million. jobs 275 00:13:50,500 --> 00:13:53,700 growth over. Million. jobs created the most coordinated 276 00:13:53,700 --> 00:13:56,100 created the most coordinated stas ever recorded in the 277 00:13:56,100 --> 00:13:57,866 stas ever recorded in the European Union countries and an 278 00:13:57,866 --> 00:13:59,200 European Union countries and an overall improvement in risk 279 00:13:59,200 --> 00:14:01,733 overall improvement in risk reduction. No other conditions 280 00:14:01,733 --> 00:14:03,333 reduction. No other conditions are more prone to building 281 00:14:03,333 --> 00:14:06,367 are more prone to building trust yet we stayed short of a 282 00:14:06,367 --> 00:14:08,566 trust yet we stayed short of a big step today, it is tempting 283 00:14:08,566 --> 00:14:10,100 big step today, it is tempting to see the new opportunity 284 00:14:10,100 --> 00:14:12,233 to see the new opportunity presented by our response to 285 00:14:12,233 --> 00:14:15,167 presented by our response to 19. the both measures we have 286 00:14:15,167 --> 00:14:17,733 19. the both measures we have taken so far evas reasons to be 287 00:14:17,733 --> 00:14:19,866 taken so far evas reasons to be continent, but we must not. The 288 00:14:19,866 --> 00:14:22,100 continent, but we must not. The outcome for granted allowing 289 00:14:22,100 --> 00:14:23,567 outcome for granted allowing the European Union to borrow 290 00:14:23,567 --> 00:14:26,233 the European Union to borrow under it’s own name and we 291 00:14:26,233 --> 00:14:28,600 under it’s own name and we distribute funding to finance 292 00:14:28,600 --> 00:14:30,500 distribute funding to finance investments and reforms in the 293 00:14:30,500 --> 00:14:32,533 investments and reforms in the are just with members increases 294 00:14:32,533 --> 00:14:35,000 are just with members increases our responsibility, we must 295 00:14:35,000 --> 00:14:37,466 our responsibility, we must prove the value of European 296 00:14:37,466 --> 00:14:41,434 prove the value of European Union action and wordlessly to 297 00:14:41,434 --> 00:14:44,666 Union action and wordlessly to build on it if the long-term 298 00:14:44,666 --> 00:14:45,500 build on it if the long-term implication of our response to 299 00:14:45,500 --> 00:14:47,800 implication of our response to the pandemic is not a more 300 00:14:47,800 --> 00:14:50,066 the pandemic is not a more integrated Europe we will have 301 00:14:50,066 --> 00:14:53,200 integrated Europe we will have was. A golden opportunity Thank 302 00:14:53,200 --> 00:14:56,034 was. A golden opportunity Thank you all and thank you for the 303 00:14:56,034 --> 00:14:58,234 you all and thank you for the long term again for the 304 00:14:58,234 --> 00:15:01,400 long term again for the invitation. 305 00:15:30,100 --> 00:15:31,600 That have happened, I mean 306 00:15:31,600 --> 00:15:33,733 That have happened, I mean first of all we we’ve lost a 307 00:15:33,733 --> 00:15:35,233 first of all we we’ve lost a big member of the EU, The 308 00:15:35,233 --> 00:15:38,500 big member of the EU, The United Kingdom so between the 309 00:15:38,500 --> 00:15:39,933 United Kingdom so between the euro group and the Eco is 310 00:15:39,933 --> 00:15:41,800 euro group and the Eco is actually a much more 311 00:15:41,800 --> 00:15:43,666 actually a much more significant and we’ve seen now 312 00:15:43,666 --> 00:15:46,100 significant and we’ve seen now during the coverage epidemic 313 00:15:46,100 --> 00:15:48,866 during the coverage epidemic that the joint fiscal 314 00:15:48,866 --> 00:15:50,100 that the joint fiscal instrument that you’re calling 315 00:15:50,100 --> 00:15:51,833 instrument that you’re calling for that many of us as 316 00:15:51,833 --> 00:15:53,534 for that many of us as economists have been calling 317 00:15:53,534 --> 00:15:55,533 economists have been calling for hasn’t been created at the 318 00:15:55,533 --> 00:15:57,400 for hasn’t been created at the euro level, I mean the biggest 319 00:15:57,400 --> 00:15:59,733 euro level, I mean the biggest is stat. I mean it’s it’s. 320 00:15:59,733 --> 00:16:03,466 is stat. I mean it’s it’s. Ended the euro group budget and 321 00:16:03,466 --> 00:16:06,166 Ended the euro group budget and instead we’ve received the 322 00:16:06,166 --> 00:16:09,100 instead we’ve received the recovery next generation You 323 00:16:09,100 --> 00:16:13,033 recovery next generation You fund which it really isn’t You 324 00:16:13,033 --> 00:16:15,366 fund which it really isn’t You instrument and the US scheduled 325 00:16:15,366 --> 00:16:19,033 instrument and the US scheduled to borrow up to 750. billion 326 00:16:19,033 --> 00:16:20,000 to borrow up to 750. billion euros on the capital markets 327 00:16:20,000 --> 00:16:23,133 euros on the capital markets and therefore create a safe US 328 00:16:23,133 --> 00:16:24,733 and therefore create a safe US right and not to say eurozone 329 00:16:24,733 --> 00:16:26,901 right and not to say eurozone assets. So if you could just 330 00:16:26,901 --> 00:16:30,199 assets. So if you could just give us a sense of. What is 331 00:16:30,199 --> 00:16:33,034 give us a sense of. What is really in the current situation 332 00:16:33,034 --> 00:16:36,700 really in the current situation the added value of the euro, as 333 00:16:36,700 --> 00:16:38,866 the added value of the euro, as an institution relative to the 334 00:16:38,866 --> 00:16:41,866 an institution relative to the Ecco. 335 00:16:43,100 --> 00:16:46,600 Very well, Thank you. Thank you 336 00:16:46,600 --> 00:16:48,500 Very well, Thank you. Thank you for your question and it is a 337 00:16:48,500 --> 00:16:52,100 for your question and it is a very important one indeed in 338 00:16:52,100 --> 00:16:53,933 very important one indeed in many dimensions, let me 339 00:16:53,933 --> 00:16:55,100 many dimensions, let me concentrate in a couple of 340 00:16:55,100 --> 00:16:57,666 concentrate in a couple of them. First of all the the 341 00:16:57,666 --> 00:17:02,698 them. First of all the the group is coordination device. 342 00:17:02,698 --> 00:17:04,898 group is coordination device. very important one and very 343 00:17:04,898 --> 00:17:07,100 very important one and very well-understood amongst 344 00:17:07,100 --> 00:17:11,133 well-understood amongst Ministers that. that that I 345 00:17:11,133 --> 00:17:12,500 Ministers that. that that I represented both in the group 346 00:17:12,500 --> 00:17:17,000 represented both in the group and the Ecco and of course. Is 347 00:17:17,000 --> 00:17:21,266 and the Ecco and of course. Is it’s a very important dimension 348 00:17:21,266 --> 00:17:25,967 it’s a very important dimension in. in the way we manage 349 00:17:25,967 --> 00:17:29,100 in. in the way we manage European Union 350 00:17:30,100 --> 00:17:30,866 responsibilities, but we take 351 00:17:30,866 --> 00:17:33,167 responsibilities, but we take that as a shared responsibility 352 00:17:33,167 --> 00:17:37,500 that as a shared responsibility with with coffee so we all know 353 00:17:37,500 --> 00:17:39,733 with with coffee so we all know that the atif process go 354 00:17:39,733 --> 00:17:42,733 that the atif process go through the echoing but the the 355 00:17:42,733 --> 00:17:46,234 through the echoing but the the the flexibility and the more 356 00:17:46,234 --> 00:17:48,367 the flexibility and the more permanent role of the of the in 357 00:17:48,367 --> 00:17:53,000 permanent role of the of the in terms of The ongoing 358 00:17:53,000 --> 00:17:54,900 terms of The ongoing coordination process across 359 00:17:54,900 --> 00:17:58,634 coordination process across Europe is of utmost importance. 360 00:17:58,634 --> 00:18:01,033 Europe is of utmost importance. right now one example, and you 361 00:18:01,033 --> 00:18:03,632 right now one example, and you mentioned that was was was the 362 00:18:03,632 --> 00:18:05,065 mentioned that was was was the vegetarian for competitive in 363 00:18:05,065 --> 00:18:08,498 vegetarian for competitive in the same convergence it was a 364 00:18:08,498 --> 00:18:10,700 the same convergence it was a very brave debate that we had 365 00:18:10,700 --> 00:18:13,200 very brave debate that we had last year in the in the euro 366 00:18:13,200 --> 00:18:16,500 last year in the in the euro group inclusive for month with 367 00:18:16,500 --> 00:18:22,600 group inclusive for month with the outs as well. and. 368 00:19:25,566 --> 00:19:28,333 You know the just to conclude 369 00:19:28,333 --> 00:19:33,333 You know the just to conclude the flexibility. Ints to the to 370 00:19:33,333 --> 00:19:38,800 the flexibility. Ints to the to the IG gives it this group 371 00:19:38,800 --> 00:19:41,866 the IG gives it this group bigger advantage over the the 372 00:19:41,866 --> 00:19:45,066 bigger advantage over the the Ecco we must deal with this 373 00:19:45,066 --> 00:19:47,434 Ecco we must deal with this very carefully. because of 374 00:19:47,434 --> 00:19:52,234 very carefully. because of course and you know we we. we 375 00:19:52,234 --> 00:19:58,066 course and you know we we. we open up the group to external. 376 00:20:15,967 --> 00:20:19,098 Thank you so I mean just one 377 00:20:19,098 --> 00:20:20,099 Thank you so I mean just one follow-up question on this 378 00:20:20,099 --> 00:20:22,566 follow-up question on this point because I’m sure many of 379 00:20:22,566 --> 00:20:24,366 point because I’m sure many of our audience really want to 380 00:20:24,366 --> 00:20:25,866 our audience really want to want to understand a little bit 381 00:20:25,866 --> 00:20:28,099 want to understand a little bit better, the euro group and also 382 00:20:28,099 --> 00:20:29,933 better, the euro group and also you mentioned the euro group 383 00:20:29,933 --> 00:20:31,432 you mentioned the euro group and inclusive format, and I 384 00:20:31,432 --> 00:20:36,100 and inclusive format, and I mean just to explain to to the 385 00:20:36,100 --> 00:20:37,633 mean just to explain to to the listeners who are not from the 386 00:20:37,633 --> 00:20:39,098 listeners who are not from the Press’ BS of the euro and 387 00:20:39,098 --> 00:20:40,765 Press’ BS of the euro and inclusive format is actually 388 00:20:40,765 --> 00:20:42,632 inclusive format is actually the euro group plus the 389 00:20:42,632 --> 00:20:44,666 the euro group plus the ministers of the EU that are 390 00:20:44,666 --> 00:20:47,166 ministers of the EU that are not in the euro area. so it is 391 00:20:47,166 --> 00:20:50,366 not in the euro area. so it is the fact 392 00:22:24,466 --> 00:22:26,466 an off-the-record discussion 393 00:22:26,466 --> 00:22:27,833 an off-the-record discussion which on the one, it is a good 394 00:22:27,833 --> 00:22:29,033 which on the one, it is a good thing because it allows for 395 00:22:29,033 --> 00:22:31,666 thing because it allows for free Exchange on the other 396 00:22:31,666 --> 00:22:35,034 free Exchange on the other hand, it is being as you know 397 00:22:35,034 --> 00:22:36,900 hand, it is being as you know lacking transparency on major 398 00:22:36,900 --> 00:22:38,034 lacking transparency on major decisions that are being taken 399 00:22:38,034 --> 00:22:41,367 decisions that are being taken for You citizenss so you can 400 00:22:41,367 --> 00:22:43,666 for You citizenss so you can sort of go a bit more on those 401 00:22:43,666 --> 00:22:47,666 sort of go a bit more on those two points of the President 402 00:22:47,666 --> 00:22:49,167 two points of the President issue of transparency as in 403 00:22:49,167 --> 00:22:50,233 issue of transparency as in many in the audience would be 404 00:22:50,233 --> 00:22:52,234 many in the audience would be really delighted to hear more 405 00:22:52,234 --> 00:22:57,666 really delighted to hear more from you. So it is indeed kind 406 00:22:57,666 --> 00:23:02,166 from you. So it is indeed kind of an I group the the the the 407 00:23:02,166 --> 00:23:04,732 of an I group the the the the the even in the context of 408 00:23:04,732 --> 00:23:07,133 the even in the context of European institutions There are 409 00:23:07,133 --> 00:23:10,933 European institutions There are a few differences 410 00:23:10,966 --> 00:23:14,232 indeed the the the Council 411 00:23:14,232 --> 00:23:15,466 indeed the the the Council presidency rotates every six 412 00:23:15,466 --> 00:23:19,799 presidency rotates every six months and that’s also part of 413 00:23:19,799 --> 00:23:23,632 months and that’s also part of the reason why European Council 414 00:23:23,632 --> 00:23:28,099 the reason why European Council itself was created with the. 415 00:23:28,099 --> 00:23:32,599 itself was created with the. Presidency. so we felt the need 416 00:23:32,599 --> 00:23:34,765 Presidency. so we felt the need in Europe at some point to give 417 00:23:34,765 --> 00:23:36,898 in Europe at some point to give some stability to this 418 00:23:36,898 --> 00:23:41,532 some stability to this long-term debates which did not 419 00:23:41,532 --> 00:23:42,898 long-term debates which did not preclude the existence of the 420 00:23:42,898 --> 00:23:44,532 preclude the existence of the rotating presidencies but 421 00:23:44,532 --> 00:23:46,999 rotating presidencies but include all the the the work 422 00:23:46,999 --> 00:23:48,599 include all the the the work that is very important work 423 00:23:48,599 --> 00:23:51,100 that is very important work that is done by the rotating 424 00:23:51,100 --> 00:23:52,801 that is done by the rotating presidency within the 425 00:23:52,801 --> 00:23:55,065 presidency within the institutional framework of the 426 00:23:55,065 --> 00:23:56,532 institutional framework of the European Union itself, But 427 00:23:56,532 --> 00:23:58,698 European Union itself, But there is another big difference 428 00:23:58,698 --> 00:24:02,067 there is another big difference between the the the euro group 429 00:24:02,067 --> 00:24:04,666 between the the the euro group the President. European Council 430 00:24:04,666 --> 00:24:06,965 the President. European Council President and that is that the 431 00:24:06,965 --> 00:24:08,498 President and that is that the Eur President is a finance 432 00:24:08,498 --> 00:24:10,832 Eur President is a finance Minister It’s himself or 433 00:24:10,832 --> 00:24:16,100 Minister It’s himself or herself so he or she is a peer 434 00:24:16,100 --> 00:24:18,733 herself so he or she is a peer to colleagues. so this makes a 435 00:24:18,733 --> 00:24:21,633 to colleagues. so this makes a big difference and it’s one 436 00:24:21,633 --> 00:24:24,567 big difference and it’s one that in my opinion should be 437 00:24:24,567 --> 00:24:27,434 that in my opinion should be preserved in the future so what 438 00:24:27,434 --> 00:24:30,766 preserved in the future so what we want is a little bit. It’s 439 00:24:30,766 --> 00:24:32,933 we want is a little bit. It’s share responsibility between 440 00:24:32,933 --> 00:24:34,066 share responsibility between coordination and the validity 441 00:24:34,066 --> 00:24:36,733 coordination and the validity of process and also to make. 442 00:24:36,733 --> 00:24:41,533 of process and also to make. That we have temporal 443 00:24:41,533 --> 00:24:42,367 That we have temporal consistency in terms of the 444 00:24:42,367 --> 00:24:45,767 consistency in terms of the policies that are adopted. and 445 00:24:45,767 --> 00:24:48,600 policies that are adopted. and in the we don’t vote. so we 446 00:24:48,600 --> 00:24:52,234 in the we don’t vote. so we don’t take decisions by voting. 447 00:24:52,234 --> 00:24:56,034 don’t take decisions by voting. we always look and search for 448 00:24:56,034 --> 00:24:57,733 we always look and search for consensus but let me go back to 449 00:24:57,733 --> 00:25:00,733 consensus but let me go back to when we are on the inclusive. I 450 00:25:00,733 --> 00:25:04,498 when we are on the inclusive. I mentioned of of the group I 451 00:25:04,498 --> 00:25:05,801 mentioned of of the group I think it was the most 452 00:25:05,801 --> 00:25:08,566 think it was the most importance to have everyone on 453 00:25:08,566 --> 00:25:10,801 importance to have everyone on board of the debates in-group 454 00:25:10,801 --> 00:25:14,533 board of the debates in-group even Initiatives that were very 455 00:25:14,533 --> 00:25:16,732 even Initiatives that were very much connected with the country 456 00:25:16,732 --> 00:25:18,632 much connected with the country sharing a common currency. It 457 00:25:18,632 --> 00:25:20,532 sharing a common currency. It is very important for us the 458 00:25:20,532 --> 00:25:22,967 is very important for us the euro, of course it is a highly 459 00:25:22,967 --> 00:25:25,600 euro, of course it is a highly valued by our citizens, but it 460 00:25:25,600 --> 00:25:27,567 valued by our citizens, but it is important at all moments to 461 00:25:27,567 --> 00:25:29,633 is important at all moments to have all countries involved in 462 00:25:29,633 --> 00:25:32,100 have all countries involved in these debates. Probably I’m not 463 00:25:32,100 --> 00:25:34,167 these debates. Probably I’m not going to take lessons from the 464 00:25:34,167 --> 00:25:38,000 going to take lessons from the past, especially it seems are 465 00:25:38,000 --> 00:25:41,966 past, especially it seems are still. being decided in terms 466 00:25:41,966 --> 00:25:44,567 still. being decided in terms of the Brexit, for example, but 467 00:25:44,567 --> 00:25:47,733 of the Brexit, for example, but maybe. 468 00:26:15,500 --> 00:26:20,034 Vote Some of the debates in the 469 00:26:20,034 --> 00:26:23,100 Vote Some of the debates in the area that have been taken in 470 00:26:23,100 --> 00:26:25,634 area that have been taken in format. We made it very very 471 00:26:25,634 --> 00:26:27,233 format. We made it very very often in the last two years and 472 00:26:27,233 --> 00:26:29,300 often in the last two years and a half as you know and I’m very 473 00:26:29,300 --> 00:26:33,100 a half as you know and I’m very proud of it. On the 474 00:26:33,100 --> 00:26:35,567 proud of it. On the transparency point on the 475 00:26:35,567 --> 00:26:38,533 transparency point on the transparency, we actually took 476 00:26:38,533 --> 00:26:43,767 transparency, we actually took a very. important debate within 477 00:26:43,767 --> 00:26:45,533 a very. important debate within our structure. structure in 478 00:26:45,533 --> 00:26:49,567 our structure. structure in terms of transparency, we we 479 00:26:49,567 --> 00:26:51,733 terms of transparency, we we now follow pretty much the 480 00:26:51,733 --> 00:26:53,966 now follow pretty much the rules that other Council 481 00:26:53,966 --> 00:26:56,367 rules that other Council formations that cancelations 482 00:26:56,367 --> 00:27:01,099 formations that cancelations also follow we invited people 483 00:27:01,099 --> 00:27:02,832 also follow we invited people from outside the group of 484 00:27:02,832 --> 00:27:04,432 from outside the group of Minister and the institutions. 485 00:27:04,432 --> 00:27:08,100 Minister and the institutions. I invited. All European novel 486 00:27:08,100 --> 00:27:10,566 I invited. All European novel Price lari to come to the to 487 00:27:10,566 --> 00:27:13,132 Price lari to come to the to the group and discuss very 488 00:27:13,132 --> 00:27:15,067 the group and discuss very important issues with us and 489 00:27:15,067 --> 00:27:16,999 important issues with us and other leading economists in 490 00:27:16,999 --> 00:27:18,766 other leading economists in several areas. and 491 00:27:18,766 --> 00:27:21,100 several areas. and unfortunately that we don’t 492 00:27:21,100 --> 00:27:24,167 unfortunately that we don’t have that many European 493 00:27:24,167 --> 00:27:29,000 have that many European economists has no price. but we 494 00:27:29,000 --> 00:27:30,666 economists has no price. but we should strive for that and and 495 00:27:30,666 --> 00:27:35,134 should strive for that and and and we actually now published 496 00:27:35,134 --> 00:27:37,100 and we actually now published very detailed summing up 497 00:27:37,100 --> 00:27:40,234 very detailed summing up letters the agendas the debates 498 00:27:40,234 --> 00:27:45,300 letters the agendas the debates we still. Preserve the the the 499 00:27:45,300 --> 00:27:46,967 we still. Preserve the the the the environment for a debate 500 00:27:46,967 --> 00:27:49,033 the environment for a debate that is meant to be of 501 00:27:49,033 --> 00:27:52,600 that is meant to be of coordination and not a debate. 502 00:27:52,600 --> 00:27:54,866 coordination and not a debate. It is very important to have it 503 00:27:54,866 --> 00:27:57,434 It is very important to have it in a very open and Frank 504 00:27:57,434 --> 00:27:59,567 in a very open and Frank Exchange of views, but all 505 00:27:59,567 --> 00:28:01,333 Exchange of views, but all ministers are accountable to 506 00:28:01,333 --> 00:28:05,333 ministers are accountable to their parliaments. I have 507 00:28:05,333 --> 00:28:06,800 their parliaments. I have visited the European 508 00:28:06,800 --> 00:28:09,432 visited the European parliaments several times in 509 00:28:09,432 --> 00:28:11,532 parliaments several times in the last couple of years. I 510 00:28:11,532 --> 00:28:13,032 the last couple of years. I also invited for the first time 511 00:28:13,032 --> 00:28:15,532 also invited for the first time the President of the. A 512 00:28:15,532 --> 00:28:17,298 the President of the. A Committee of the European 513 00:28:17,298 --> 00:28:19,733 Committee of the European Parliament to discuss with us 514 00:28:19,733 --> 00:28:23,600 Parliament to discuss with us the economic situation and 515 00:28:23,600 --> 00:28:27,599 the economic situation and dimension of Europe both the 516 00:28:27,599 --> 00:28:30,499 dimension of Europe both the President and the previous one 517 00:28:30,499 --> 00:28:37,100 President and the previous one we’re with us on. 518 00:28:37,200 --> 00:28:39,666 Biannual basis to discuss it 519 00:28:39,666 --> 00:28:41,433 Biannual basis to discuss it and and this was very important 520 00:28:41,433 --> 00:28:45,133 and and this was very important in order to also open up the 521 00:28:45,133 --> 00:28:49,100 in order to also open up the group to of these other 522 00:28:49,100 --> 00:28:51,733 group to of these other institutions. Okay. So let’s 523 00:28:51,733 --> 00:28:54,700 institutions. Okay. So let’s talk a little bit about the 524 00:28:54,700 --> 00:28:56,100 talk a little bit about the more policy questions going 525 00:28:56,100 --> 00:28:57,866 more policy questions going forward and I think you you 526 00:28:57,866 --> 00:28:59,800 forward and I think you you know you deliver a lot of 527 00:28:59,800 --> 00:29:01,367 know you deliver a lot of points already in your speech, 528 00:29:01,367 --> 00:29:03,800 points already in your speech, but let me I think I wanted to 529 00:29:03,800 --> 00:29:07,100 but let me I think I wanted to to dwell on. I think on three 530 00:29:07,100 --> 00:29:09,633 to dwell on. I think on three really, I mean one is one is 531 00:29:09,633 --> 00:29:13,200 really, I mean one is one is the the physical stance of the 532 00:29:13,200 --> 00:29:16,234 the the physical stance of the euro zone and I think I think 533 00:29:16,234 --> 00:29:18,834 euro zone and I think I think you described quite a strong 534 00:29:18,834 --> 00:29:19,700 you described quite a strong fiscal response that we’ve seen 535 00:29:19,700 --> 00:29:22,533 fiscal response that we’ve seen so far and I’m for the to the 536 00:29:22,533 --> 00:29:25,100 so far and I’m for the to the cover and I think I I was very 537 00:29:25,100 --> 00:29:27,333 cover and I think I I was very pleased by the strong by the 538 00:29:27,333 --> 00:29:29,834 pleased by the strong by the strong response the worry that 539 00:29:29,834 --> 00:29:32,367 strong response the worry that you’ve expressed is premature 540 00:29:32,367 --> 00:29:33,434 you’ve expressed is premature physical tightening and I think 541 00:29:33,434 --> 00:29:37,800 physical tightening and I think it’s it’s actually. You. a very 542 00:29:37,800 --> 00:29:41,600 it’s it’s actually. You. a very good point to make and so 543 00:29:41,600 --> 00:29:43,033 good point to make and so certainly something we need to 544 00:29:43,033 --> 00:29:44,733 certainly something we need to take seriously and I guess my 545 00:29:44,733 --> 00:29:46,967 take seriously and I guess my question is if you can enlarge 546 00:29:46,967 --> 00:29:48,966 question is if you can enlarge a bit more on your thinking 547 00:29:48,966 --> 00:29:51,434 a bit more on your thinking around that that point and also 548 00:29:51,434 --> 00:29:53,034 around that that point and also on what it means for the rules. 549 00:29:53,034 --> 00:29:54,766 on what it means for the rules. I mean there’s obviously the 550 00:29:54,766 --> 00:29:56,900 I mean there’s obviously the rule mentioned the that rule so 551 00:29:56,900 --> 00:29:59,266 rule mentioned the that rule so for those non specialists 552 00:29:59,266 --> 00:30:01,666 for those non specialists watching here the EU has a debt 553 00:30:01,666 --> 00:30:03,832 watching here the EU has a debt role which requires member 554 00:30:03,832 --> 00:30:07,432 role which requires member States. Reduce their debt to 555 00:30:07,432 --> 00:30:11,167 States. Reduce their debt to GDP ratio to 60 percent. by one 556 00:30:11,167 --> 00:30:13,599 GDP ratio to 60 percent. by one twentieth of the difference. 557 00:30:13,599 --> 00:30:15,265 twentieth of the difference. between the current debt level 558 00:30:15,265 --> 00:30:17,800 between the current debt level and the 60 percent of GDP so 559 00:30:17,800 --> 00:30:20,033 and the 60 percent of GDP so applying that rule would mean 560 00:30:20,033 --> 00:30:21,665 applying that rule would mean substantial fiscal tightening 561 00:30:21,665 --> 00:30:24,832 substantial fiscal tightening for for a number of countries 562 00:30:24,832 --> 00:30:26,032 for for a number of countries that have high debt levels and 563 00:30:26,032 --> 00:30:27,366 that have high debt levels and was covered 19. The dead levels 564 00:30:27,366 --> 00:30:29,700 was covered 19. The dead levels have increased everywhere so I 565 00:30:29,700 --> 00:30:32,366 have increased everywhere so I mean, should your successor 566 00:30:32,366 --> 00:30:36,232 mean, should your successor really initiate. 567 00:31:35,533 --> 00:31:38,000 The presidency, for example, 568 00:31:38,000 --> 00:31:40,500 The presidency, for example, took a very important lead in 569 00:31:40,500 --> 00:31:43,567 took a very important lead in the idea of promoting our 570 00:31:43,567 --> 00:31:46,466 the idea of promoting our debating a revision of the of 571 00:31:46,466 --> 00:31:52,100 debating a revision of the of the rules I have a very great 572 00:31:52,100 --> 00:31:54,866 the rules I have a very great position. These are these this 573 00:31:54,866 --> 00:31:58,100 position. These are these this idea and I mentioned in my 574 00:31:58,100 --> 00:32:00,100 idea and I mentioned in my introductory statement of 575 00:32:00,100 --> 00:32:02,432 introductory statement of writing a complete contracts 576 00:32:02,432 --> 00:32:05,600 writing a complete contracts that of idea behind behind the. 577 00:32:05,600 --> 00:32:09,599 that of idea behind behind the. This is totally foolish it will 578 00:32:09,599 --> 00:32:12,100 This is totally foolish it will bring us into more and more 579 00:32:12,100 --> 00:32:14,366 bring us into more and more problems in the future and we 580 00:32:14,366 --> 00:32:17,566 problems in the future and we should not try to pursue that 581 00:32:17,566 --> 00:32:20,666 should not try to pursue that Avenue but having said that 582 00:32:20,666 --> 00:32:24,166 Avenue but having said that rules are very important to 583 00:32:24,166 --> 00:32:27,233 rules are very important to coordinate our policies and to 584 00:32:27,233 --> 00:32:29,565 coordinate our policies and to build trust and that can be 585 00:32:29,565 --> 00:32:32,965 build trust and that can be used in the process of further 586 00:32:32,965 --> 00:32:37,001 used in the process of further integration that in Europe. 587 00:33:07,099 --> 00:33:10,666 The rules. and in the name of 588 00:33:10,666 --> 00:33:12,167 The rules. and in the name of sustainability because if we 589 00:33:12,167 --> 00:33:14,700 sustainability because if we had not taken that message that 590 00:33:14,700 --> 00:33:17,600 had not taken that message that measures our trajectory will be 591 00:33:17,600 --> 00:33:20,033 measures our trajectory will be have been explosive in a much 592 00:33:20,033 --> 00:33:24,466 have been explosive in a much worse. direction than it was. 593 00:33:24,466 --> 00:33:29,700 worse. direction than it was. but but there are a few lessons 594 00:33:29,700 --> 00:33:32,100 but but there are a few lessons and one actually that I want to 595 00:33:32,100 --> 00:33:33,767 and one actually that I want to steal before going to the to 596 00:33:33,767 --> 00:33:36,133 steal before going to the to the lessons to the future in 597 00:33:36,133 --> 00:33:37,933 the lessons to the future in terms of the region of of of 598 00:33:37,933 --> 00:33:41,700 terms of the region of of of the abdu. We were actually 599 00:33:41,700 --> 00:33:43,100 the abdu. We were actually quite successful in 600 00:33:43,100 --> 00:33:44,866 quite successful in implementing these rules before 601 00:33:44,866 --> 00:33:48,233 implementing these rules before 19. it’s not only that we had 602 00:33:48,233 --> 00:33:51,034 19. it’s not only that we had the lowest dispersion of fiscal 603 00:33:51,034 --> 00:33:54,500 the lowest dispersion of fiscal stas ever recorded among the 19 604 00:33:54,500 --> 00:33:56,533 stas ever recorded among the 19 member States, but 14 out of 605 00:33:56,533 --> 00:33:59,034 member States, but 14 out of this 19 member States were at 606 00:33:59,034 --> 00:34:01,701 this 19 member States were at the medium term objective 607 00:34:01,701 --> 00:34:08,066 the medium term objective define. in the STP for physical 608 00:34:08,066 --> 00:34:09,000 define. in the STP for physical circumstances to be in this 609 00:34:09,000 --> 00:34:11,900 circumstances to be in this medium term objective is quite 610 00:34:11,900 --> 00:34:15,034 medium term objective is quite demanding. 611 00:34:45,066 --> 00:34:48,500 Build on that on that recent 612 00:34:48,500 --> 00:34:50,600 Build on that on that recent past, it’s not a very distant. 613 00:34:50,600 --> 00:34:55,900 past, it’s not a very distant. It’s quite recent and think of 614 00:34:55,900 --> 00:35:03,832 It’s quite recent and think of what can be what can be used 615 00:35:04,099 --> 00:35:08,998 to engineer the process of 616 00:35:08,998 --> 00:35:14,366 to engineer the process of going back to that. And there’s 617 00:35:14,366 --> 00:35:17,866 going back to that. And there’s one thing that we must avoid 618 00:35:17,866 --> 00:35:21,434 one thing that we must avoid which is using the Pro cyclical 619 00:35:21,434 --> 00:35:25,200 which is using the Pro cyclical or almost self-fulfilling 620 00:35:25,200 --> 00:35:30,500 or almost self-fulfilling dimensions of the CPI mentioned 621 00:35:30,500 --> 00:35:31,367 dimensions of the CPI mentioned that in my. A statement this 622 00:35:31,367 --> 00:35:32,233 that in my. A statement this morning as well if we. run to. 623 00:35:32,233 --> 00:35:33,167 morning as well if we. run to. imput to the potential output, 624 00:35:33,167 --> 00:35:33,866 imput to the potential output, which is an observable. the 625 00:35:33,866 --> 00:35:34,634 which is an observable. the impact of something we are 626 00:35:34,634 --> 00:35:35,500 impact of something we are still to measure and still to 627 00:35:35,500 --> 00:35:36,233 still to measure and still to evaluate we will create a 628 00:35:36,233 --> 00:35:37,167 evaluate we will create a spiral negative spiral of 629 00:35:37,167 --> 00:35:37,833 spiral negative spiral of fiscal consolidation, 630 00:35:37,833 --> 00:35:38,233 fiscal consolidation, coordinated physical 631 00:35:38,233 --> 00:35:39,767 coordinated physical consideration and reduction in 632 00:35:39,767 --> 00:35:43,066 consideration and reduction in potential output. That will 633 00:35:43,066 --> 00:35:45,767 potential output. That will bring us again to the same 634 00:35:45,767 --> 00:35:49,233 bring us again to the same problem we were stuck. a few 635 00:35:49,233 --> 00:35:51,000 problem we were stuck. a few years ago and we need to avoid 636 00:35:51,000 --> 00:35:54,767 years ago and we need to avoid that the IRS is a very good 637 00:35:54,767 --> 00:35:57,034 that the IRS is a very good answer to that. So now we have 638 00:35:57,034 --> 00:35:57,866 answer to that. So now we have the instruments so we don’t 639 00:35:57,866 --> 00:36:01,633 the instruments so we don’t need to go and follow the same 640 00:36:01,633 --> 00:36:05,733 need to go and follow the same the same pass. the to conclude 641 00:36:05,733 --> 00:36:10,765 the same pass. the to conclude the revision that is is one of 642 00:36:10,765 --> 00:36:15,366 the revision that is is one of simplification not. 643 00:36:44,100 --> 00:36:46,233 Structural approaches to 644 00:36:46,233 --> 00:36:51,300 Structural approaches to coordination instead of 645 00:36:51,700 --> 00:36:54,100 mechanical algorithmic 646 00:36:54,100 --> 00:36:57,333 mechanical algorithmic approaches. marques to this 647 00:36:57,333 --> 00:36:58,933 approaches. marques to this complete contract type of 648 00:36:58,933 --> 00:37:03,566 complete contract type of nature. That’s then. in in the 649 00:37:03,566 --> 00:37:07,633 nature. That’s then. in in the future, but with rules. and 650 00:37:07,633 --> 00:37:10,700 future, but with rules. and with coordination so we have 651 00:37:10,700 --> 00:37:13,400 with coordination so we have already a lot of questions on 652 00:37:13,400 --> 00:37:15,767 already a lot of questions on on slide door but I can’t 653 00:37:15,767 --> 00:37:16,634 on slide door but I can’t resist asking one last and then 654 00:37:16,634 --> 00:37:19,600 resist asking one last and then I really run through a few of. 655 00:37:19,600 --> 00:37:22,634 I really run through a few of. I will make a shorter answer. 656 00:37:22,634 --> 00:37:23,866 I will make a shorter answer. and and the one last that I 657 00:37:23,866 --> 00:37:25,266 and and the one last that I would really want to ask is is 658 00:37:25,266 --> 00:37:27,666 would really want to ask is is on the financial system and and 659 00:37:27,666 --> 00:37:29,133 on the financial system and and mentioned banking you need to 660 00:37:29,133 --> 00:37:30,533 mentioned banking you need to mention Capital markets Union 661 00:37:30,533 --> 00:37:32,333 mention Capital markets Union you mentioned that currently 662 00:37:32,333 --> 00:37:34,133 you mentioned that currently the financial system and the 663 00:37:34,133 --> 00:37:35,100 the financial system and the banking system is actually 664 00:37:35,100 --> 00:37:37,300 banking system is actually doing okay and the source of 665 00:37:37,300 --> 00:37:38,734 doing okay and the source of stability I think you said, but 666 00:37:38,734 --> 00:37:42,466 stability I think you said, but that we cannot exclude things 667 00:37:42,466 --> 00:37:45,333 that we cannot exclude things going going going back or going 668 00:37:45,333 --> 00:37:48,367 going going going back or going in the future which is in a. 669 00:37:48,367 --> 00:37:49,900 in the future which is in a. Almost what you would expect if 670 00:37:49,900 --> 00:37:52,333 Almost what you would expect if you have a very deep process at 671 00:37:52,333 --> 00:37:55,800 you have a very deep process at some stage, you know that ends 672 00:37:55,800 --> 00:37:57,200 some stage, you know that ends up in the balance sheet of the 673 00:37:57,200 --> 00:37:58,000 up in the balance sheet of the sheets of banks as non 674 00:37:58,000 --> 00:37:59,733 sheets of banks as non performing loans and so on and 675 00:37:59,733 --> 00:38:01,633 performing loans and so on and so forth so if you could just 676 00:38:01,633 --> 00:38:04,966 so forth so if you could just give us a sense really of 677 00:38:04,966 --> 00:38:06,532 give us a sense really of what’s the euro group you and 678 00:38:06,532 --> 00:38:11,600 what’s the euro group you and your view on the fragility of 679 00:38:11,600 --> 00:38:13,800 your view on the fragility of the banking system and the the 680 00:38:13,800 --> 00:38:16,966 the banking system and the the end and the set up for managing 681 00:38:16,966 --> 00:38:18,632 end and the set up for managing that going forward and because 682 00:38:18,632 --> 00:38:20,832 that going forward and because I mean obviously banking. Isn’t 683 00:38:20,832 --> 00:38:24,867 I mean obviously banking. Isn’t finished. so so how will we 684 00:38:24,867 --> 00:38:27,400 finished. so so how will we manage if things go go go bad. 685 00:38:27,400 --> 00:38:28,933 manage if things go go go bad. I mean how we will be dealing 686 00:38:28,933 --> 00:38:30,867 I mean how we will be dealing with the systemic crisis should 687 00:38:30,867 --> 00:38:32,733 with the systemic crisis should one arise. I mean if you can 688 00:38:32,733 --> 00:38:35,100 one arise. I mean if you can just share a little bit of your 689 00:38:35,100 --> 00:38:36,498 just share a little bit of your thinking on the financial 690 00:38:36,498 --> 00:38:38,067 thinking on the financial system and then perhaps really 691 00:38:38,067 --> 00:38:40,399 system and then perhaps really short and then we will we will 692 00:38:40,399 --> 00:38:41,733 short and then we will we will ask a few questions from the 693 00:38:41,733 --> 00:38:44,933 ask a few questions from the audience. 694 00:39:15,134 --> 00:39:18,232 A the euro group and the three 695 00:39:18,232 --> 00:39:21,666 A the euro group and the three back stops and the Commission. 696 00:39:21,666 --> 00:39:24,800 back stops and the Commission. recovery instrument can they 697 00:39:24,800 --> 00:39:27,266 recovery instrument can they used to provide that we have 698 00:39:27,266 --> 00:39:28,800 used to provide that we have been following the the 699 00:39:28,800 --> 00:39:31,066 been following the the situation. in in in the 700 00:39:31,066 --> 00:39:32,067 situation. in in in the financial system and the 701 00:39:32,067 --> 00:39:34,367 financial system and the banking sector in particular 702 00:39:34,367 --> 00:39:36,700 banking sector in particular very closely with the the chair 703 00:39:36,700 --> 00:39:39,066 very closely with the the chair of the single supervision 704 00:39:39,066 --> 00:39:42,200 of the single supervision mechanism. 705 00:39:43,266 --> 00:39:45,567 Meet and greet with the group 706 00:39:45,567 --> 00:39:48,466 Meet and greet with the group ministers and to provide 707 00:39:48,466 --> 00:39:51,100 ministers and to provide information on that we all know 708 00:39:51,100 --> 00:39:56,200 information on that we all know that this crisis is an 709 00:39:56,200 --> 00:39:57,866 that this crisis is an exogenous one. it does it 710 00:39:57,866 --> 00:40:00,199 exogenous one. it does it doesn’t come from the financial 711 00:40:00,199 --> 00:40:02,532 doesn’t come from the financial sector on contrary to the 712 00:40:02,532 --> 00:40:05,032 sector on contrary to the previous one and that the 713 00:40:05,032 --> 00:40:08,633 previous one and that the capital byers the 714 00:40:08,633 --> 00:40:10,765 capital byers the non-performing loans the 715 00:40:10,765 --> 00:40:13,333 non-performing loans the interest rates they it all 716 00:40:13,333 --> 00:40:19,233 interest rates they it all proves. And the resilience the 717 00:40:19,233 --> 00:40:20,766 proves. And the resilience the all those dimensions proved the 718 00:40:20,766 --> 00:40:23,100 all those dimensions proved the much stronger resilience of the 719 00:40:23,100 --> 00:40:24,898 much stronger resilience of the financial and banking sector in 720 00:40:24,898 --> 00:40:27,167 financial and banking sector in this crisis. then in the 721 00:40:27,167 --> 00:40:31,634 this crisis. then in the previous one. and I think the 722 00:40:31,634 --> 00:40:34,234 previous one. and I think the joint efforts of all policy 723 00:40:34,234 --> 00:40:38,200 joint efforts of all policy dimensions and I am very 724 00:40:38,200 --> 00:40:39,367 dimensions and I am very optimistic like we put it like 725 00:40:39,367 --> 00:40:41,834 optimistic like we put it like that and saying that but this 726 00:40:41,834 --> 00:40:43,600 that and saying that but this is the view we share at the 727 00:40:43,600 --> 00:40:48,066 is the view we share at the room that that we can. 728 00:41:18,767 --> 00:41:24,034 Another person called called 729 00:41:24,034 --> 00:41:27,733 Another person called called Catherine asks what the 730 00:41:27,733 --> 00:41:28,967 Catherine asks what the challenging to be the finance 731 00:41:28,967 --> 00:41:30,600 challenging to be the finance Minister of Portugal and chair 732 00:41:30,600 --> 00:41:32,000 Minister of Portugal and chair of the Euro group at the same 733 00:41:32,000 --> 00:41:34,167 of the Euro group at the same time, so the position of the 734 00:41:34,167 --> 00:41:36,100 time, so the position of the Eurogroup a-b separate, I mean, 735 00:41:36,100 --> 00:41:37,334 Eurogroup a-b separate, I mean, are you not enjoying being 736 00:41:37,334 --> 00:41:38,733 are you not enjoying being President without being 737 00:41:38,733 --> 00:41:40,200 President without being Minister as you are SEO 738 00:41:40,200 --> 00:41:42,167 Minister as you are SEO currently doing and isn’t that 739 00:41:42,167 --> 00:41:46,533 currently doing and isn’t that better and I I think I think a 740 00:41:46,533 --> 00:41:48,933 better and I I think I think a third person I forgot who here 741 00:41:48,933 --> 00:41:52,100 third person I forgot who here asks it shouldn’t be. Be even 742 00:41:52,100 --> 00:41:53,700 asks it shouldn’t be. Be even more permanent structure for 743 00:41:53,700 --> 00:41:55,100 more permanent structure for the your group President with a 744 00:41:55,100 --> 00:41:58,900 the your group President with a full time a President that 745 00:41:58,900 --> 00:42:00,698 full time a President that stays for even longer. So if 746 00:42:00,698 --> 00:42:02,100 stays for even longer. So if you can say a few words about 747 00:42:02,100 --> 00:42:07,533 you can say a few words about this, please. Well, there are 748 00:42:07,533 --> 00:42:12,834 this, please. Well, there are good arguments. in favor of. a 749 00:42:12,834 --> 00:42:17,800 good arguments. in favor of. a more permanent and 750 00:42:18,100 --> 00:42:21,034 more temporary and transitory 751 00:42:21,034 --> 00:42:23,700 more temporary and transitory presidency. and the challenges 752 00:42:23,700 --> 00:42:25,433 presidency. and the challenges of being finance Minister and 753 00:42:25,433 --> 00:42:27,466 of being finance Minister and President of the group are very 754 00:42:27,466 --> 00:42:30,866 President of the group are very significant. It’s a dual job. 755 00:42:30,866 --> 00:42:33,266 significant. It’s a dual job. all in different parts of the 756 00:42:33,266 --> 00:42:36,900 all in different parts of the of Europe. it’s always. That’s 757 00:42:36,900 --> 00:42:41,466 of Europe. it’s always. That’s for sure, but I think the pros 758 00:42:41,466 --> 00:42:46,234 for sure, but I think the pros and cons of having a more 759 00:42:46,234 --> 00:42:51,600 and cons of having a more permanent structure not having 760 00:42:51,600 --> 00:42:54,200 permanent structure not having appear finance Minister Bret 761 00:42:54,200 --> 00:42:56,567 appear finance Minister Bret presiding over the the euro 762 00:42:56,567 --> 00:43:02,033 presiding over the the euro group definitely 763 00:43:02,033 --> 00:43:02,067 group definitely more. 764 00:43:02,067 --> 00:43:05,233 more. like we put it like that, 765 00:43:05,233 --> 00:43:10,767 more. like we put it like that, than the current situation. 766 00:43:44,233 --> 00:43:46,800 Believe after being President 767 00:43:46,800 --> 00:43:48,633 Believe after being President of the group that the current 768 00:43:48,633 --> 00:43:53,034 of the group that the current situation with weaknesses is 769 00:43:53,034 --> 00:43:56,767 situation with weaknesses is much better than if we try 770 00:43:56,767 --> 00:44:00,000 much better than if we try something different. the 771 00:44:00,000 --> 00:44:02,666 something different. the challenging situation of being 772 00:44:02,666 --> 00:44:04,634 challenging situation of being President of the group and 773 00:44:04,634 --> 00:44:07,433 President of the group and Minister of Finance. on 774 00:44:07,433 --> 00:44:10,767 Minister of Finance. on occasion. I have to speak about 775 00:44:10,767 --> 00:44:14,500 occasion. I have to speak about my colleague Marius Minister of 776 00:44:14,500 --> 00:44:17,733 my colleague Marius Minister of Finance. That’s something we 777 00:44:17,733 --> 00:44:21,133 Finance. That’s something we can deal with very easily. if 778 00:44:21,133 --> 00:44:26,167 can deal with very easily. if both play their roles. Okay. 779 00:44:26,167 --> 00:44:28,900 both play their roles. Okay. that’s two more questions 780 00:44:28,900 --> 00:44:30,367 that’s two more questions quickly if you allow me so so 781 00:44:30,367 --> 00:44:37,333 quickly if you allow me so so one is here by by anonymous on 782 00:44:37,333 --> 00:44:42,034 one is here by by anonymous on the recovery Fund and the fact 783 00:44:42,034 --> 00:44:44,666 the recovery Fund and the fact that a big doesn’t exist 784 00:44:44,666 --> 00:44:46,100 that a big doesn’t exist anymore and so he’s he or she 785 00:44:46,100 --> 00:44:47,100 anymore and so he’s he or she is wondering whether there’s 786 00:44:47,100 --> 00:44:49,400 is wondering whether there’s any future at all for a Euro 787 00:44:49,400 --> 00:44:53,466 any future at all for a Euro area. fiscal capacity and a 788 00:44:53,466 --> 00:44:56,500 area. fiscal capacity and a person called. Ask why 789 00:44:56,500 --> 00:44:58,533 person called. Ask why shouldn’t this you next 790 00:44:58,533 --> 00:45:01,100 shouldn’t this you next generation package shouldn’t 791 00:45:01,100 --> 00:45:02,333 generation package shouldn’t shouldn’t just become permanent 792 00:45:02,333 --> 00:45:03,666 shouldn’t just become permanent and could it become permanent 793 00:45:03,666 --> 00:45:05,933 and could it become permanent so Pss you can say a few words 794 00:45:05,933 --> 00:45:09,866 so Pss you can say a few words about this. Well, I I 795 00:45:09,866 --> 00:45:15,600 about this. Well, I I definitely. preferred to remain 796 00:45:15,600 --> 00:45:17,666 definitely. preferred to remain small to start with and then 797 00:45:17,666 --> 00:45:20,266 small to start with and then grow as a member of a fiscal 798 00:45:20,266 --> 00:45:23,700 grow as a member of a fiscal capacity, then jump into this 799 00:45:23,700 --> 00:45:26,000 capacity, then jump into this big machine of the recovery 800 00:45:26,000 --> 00:45:29,167 big machine of the recovery because of the reasons we had 801 00:45:29,167 --> 00:45:32,233 because of the reasons we had to face to to to find a way to 802 00:45:32,233 --> 00:45:38,567 to face to to to find a way to have this sort of. after. 803 00:45:38,567 --> 00:45:44,333 have this sort of. after. Crisis is over I think we will 804 00:45:44,333 --> 00:45:49,167 Crisis is over I think we will face a team player debate which 805 00:45:49,167 --> 00:45:52,300 face a team player debate which is not to go back to the summer 806 00:45:52,300 --> 00:45:56,233 is not to go back to the summer of 2019. and debate all over 807 00:45:56,233 --> 00:46:00,100 of 2019. and debate all over again. the existence of a 808 00:46:00,100 --> 00:46:01,698 again. the existence of a budgetary instruments which is 809 00:46:01,698 --> 00:46:04,165 budgetary instruments which is a permanent facility for the 810 00:46:04,165 --> 00:46:09,700 a permanent facility for the area. we just need to 811 00:46:10,133 --> 00:46:14,267 And find it in the in the 812 00:46:14,267 --> 00:46:17,266 And find it in the in the future. I’ve totally agree and 813 00:46:17,266 --> 00:46:20,767 future. I’ve totally agree and understand the decision at this 814 00:46:20,767 --> 00:46:23,667 understand the decision at this stage to channel all resources 815 00:46:23,667 --> 00:46:25,200 stage to channel all resources through the recovery Fund. I 816 00:46:25,200 --> 00:46:26,866 through the recovery Fund. I think this is a very wise 817 00:46:26,866 --> 00:46:28,900 think this is a very wise decision. It’s what it’s 818 00:46:28,900 --> 00:46:31,600 decision. It’s what it’s needed. remember that the the 819 00:46:31,600 --> 00:46:33,500 needed. remember that the the the the relative size of the 820 00:46:33,500 --> 00:46:35,834 the the relative size of the big and the recovery fund is 821 00:46:35,834 --> 00:46:38,500 big and the recovery fund is something that is 50 times. 822 00:46:38,500 --> 00:46:41,333 something that is 50 times. larger. Recovery Fund then the 823 00:46:41,333 --> 00:46:43,767 larger. Recovery Fund then the big so we really need that 824 00:46:43,767 --> 00:46:46,367 big so we really need that money and I am also very 825 00:46:46,367 --> 00:46:49,167 money and I am also very pleased to see that the 826 00:46:49,167 --> 00:46:51,233 pleased to see that the framework of the recovery fund 827 00:46:51,233 --> 00:46:53,333 framework of the recovery fund is very similar to the one of 828 00:46:53,333 --> 00:46:57,533 is very similar to the one of the big I think the area and it 829 00:46:57,533 --> 00:47:00,700 the big I think the area and it is now in Laing, Croatia 830 00:47:00,700 --> 00:47:03,233 is now in Laing, Croatia Bulgaria other countries will 831 00:47:03,233 --> 00:47:07,466 Bulgaria other countries will be in the list to enter the the 832 00:47:07,466 --> 00:47:11,732 be in the list to enter the the the group and. 833 00:47:12,100 --> 00:47:14,700 Ideally as a President. who 834 00:47:14,700 --> 00:47:17,432 Ideally as a President. who once said we will have a 835 00:47:17,432 --> 00:47:19,233 once said we will have a perfect overlapping between the 836 00:47:19,233 --> 00:47:21,333 perfect overlapping between the euro area and European Union 837 00:47:21,333 --> 00:47:22,901 euro area and European Union and that’s that’s the rule of 838 00:47:22,901 --> 00:47:26,700 and that’s that’s the rule of all of us. so it makes no sense 839 00:47:26,700 --> 00:47:29,698 all of us. so it makes no sense to question the existence of 840 00:47:29,698 --> 00:47:32,166 to question the existence of the area and neither the fifth 841 00:47:32,166 --> 00:47:33,633 the area and neither the fifth instruments needed to deal with 842 00:47:33,633 --> 00:47:37,801 instruments needed to deal with the area. So if you allow me 843 00:47:37,801 --> 00:47:39,066 the area. So if you allow me one very last question because 844 00:47:39,066 --> 00:47:41,233 one very last question because I think our time is over in 845 00:47:41,233 --> 00:47:43,832 I think our time is over in person the person Anna called 846 00:47:43,832 --> 00:47:46,533 person the person Anna called Anna as as. In question, there 847 00:47:46,533 --> 00:47:49,634 Anna as as. In question, there are three candidates for your 848 00:47:49,634 --> 00:47:52,000 are three candidates for your succession. what advice do you 849 00:47:52,000 --> 00:47:54,466 succession. what advice do you have for them and what 850 00:47:54,466 --> 00:47:56,900 have for them and what qualities would needed for the 851 00:47:56,900 --> 00:48:02,333 qualities would needed for the next. Yes, well, we have very 852 00:48:02,333 --> 00:48:05,033 next. Yes, well, we have very good finance Minister. and 853 00:48:05,033 --> 00:48:07,733 good finance Minister. and Europe is very lucky to have 854 00:48:07,733 --> 00:48:09,298 Europe is very lucky to have very good finance ministers and 855 00:48:09,298 --> 00:48:12,366 very good finance ministers and I say this because I know them 856 00:48:12,366 --> 00:48:16,100 I say this because I know them so the three that that step 857 00:48:16,100 --> 00:48:19,733 so the three that that step forward to present the 858 00:48:19,733 --> 00:48:22,234 forward to present the candidates to the presidency of 859 00:48:22,234 --> 00:48:25,200 candidates to the presidency of the group are three examples of 860 00:48:25,200 --> 00:48:32,133 the group are three examples of of that quality. of. Some more 861 00:48:32,133 --> 00:48:36,300 of that quality. of. Some more than others with the shorter 862 00:48:36,300 --> 00:48:37,900 than others with the shorter periods as finance ministers, 863 00:48:37,900 --> 00:48:41,633 periods as finance ministers, but all very much as dedicated 864 00:48:41,633 --> 00:48:45,666 but all very much as dedicated as to to stay awake for more 865 00:48:45,666 --> 00:48:48,100 as to to stay awake for more than 17 hours in betweens 866 00:48:48,100 --> 00:48:50,100 than 17 hours in betweens through the night. so one of 867 00:48:50,100 --> 00:48:52,634 through the night. so one of the one of the things that I 868 00:48:52,634 --> 00:48:55,300 the one of the things that I will say to my success is to 869 00:48:55,300 --> 00:48:57,600 will say to my success is to try to keep finance ministers 870 00:48:57,600 --> 00:48:59,733 try to keep finance ministers Awa. Because we really need 871 00:48:59,733 --> 00:49:03,100 Awa. Because we really need them to sort out the 872 00:49:03,100 --> 00:49:04,799 them to sort out the difficulties in Europe and 873 00:49:04,799 --> 00:49:07,099 difficulties in Europe and that’s that’s a challenge in 874 00:49:07,099 --> 00:49:10,099 that’s that’s a challenge in the next President. must take 875 00:49:10,099 --> 00:49:15,067 the next President. must take it very seriously. and honestly 876 00:49:15,067 --> 00:49:18,100 it very seriously. and honestly I think it’s it’s it’s a very 877 00:49:18,100 --> 00:49:20,533 I think it’s it’s it’s a very it’s very good to have a 878 00:49:20,533 --> 00:49:23,200 it’s very good to have a competitive race. this is 879 00:49:23,200 --> 00:49:26,333 competitive race. this is democracy this is reflecting 880 00:49:26,333 --> 00:49:29,866 democracy this is reflecting the different 881 00:49:30,200 --> 00:49:31,000 Dimensions of politics in 882 00:49:31,000 --> 00:49:33,133 Dimensions of politics in Europe and that’s the best 883 00:49:33,133 --> 00:49:38,866 Europe and that’s the best thing I’ve ever thought my the 884 00:49:38,866 --> 00:49:42,666 thing I’ve ever thought my the the the process of electing the 885 00:49:42,666 --> 00:49:46,367 the the process of electing the new President should be so I am 886 00:49:46,367 --> 00:49:49,000 new President should be so I am pleased with that kindness 887 00:49:49,000 --> 00:49:50,666 pleased with that kindness ministers are at the core of 888 00:49:50,666 --> 00:49:53,200 ministers are at the core of all policies in Niro and we 889 00:49:53,200 --> 00:49:55,933 all policies in Niro and we must take our place very 890 00:49:55,933 --> 00:50:01,166 must take our place very seriously and awake. Good So an 891 00:50:01,166 --> 00:50:03,367 seriously and awake. Good So an important quals actually to be 892 00:50:03,367 --> 00:50:06,266 important quals actually to be able to stay awake all night. 893 00:50:06,266 --> 00:50:10,200 able to stay awake all night. That is certainly a very good 894 00:50:10,200 --> 00:50:12,600 That is certainly a very good and this is a President. Mario. 895 00:50:12,600 --> 00:50:14,200 and this is a President. Mario. It’s been a pleasure to host 896 00:50:14,200 --> 00:50:15,633 It’s been a pleasure to host you today and thank you so much 897 00:50:15,633 --> 00:50:18,367 you today and thank you so much for your Oakland Frank words 898 00:50:18,367 --> 00:50:21,434 for your Oakland Frank words and I very much hope that we 899 00:50:21,434 --> 00:50:23,866 and I very much hope that we can stay in contact and I look 900 00:50:23,866 --> 00:50:27,167 can stay in contact and I look forward to our future 901 00:50:27,167 --> 00:50:28,767 forward to our future encounters but thank you so 902 00:50:28,767 --> 00:50:30,066 encounters but thank you so much for Thank you airing you 903 00:50:30,066 --> 00:50:32,600 much for Thank you airing you thinking about. A group at this 904 00:50:32,600 --> 00:50:33,866 thinking about. A group at this important moment, Thank you.