1 00:00:47,833 --> 00:00:49,734 Welcome good afternoon. Thank 2 00:00:49,734 --> 00:00:52,833 Welcome good afternoon. Thank you. 3 00:01:31,669 --> 00:01:33,102 First of all, Thank you for the 4 00:01:33,102 --> 00:01:35,235 First of all, Thank you for the opportunity to be with you and 5 00:01:35,235 --> 00:01:37,501 opportunity to be with you and indeed to explain the structure 6 00:01:37,501 --> 00:01:39,135 indeed to explain the structure of the European Project, you 7 00:01:39,135 --> 00:01:41,168 of the European Project, you know, usually, we have a budget 8 00:01:41,168 --> 00:01:43,834 know, usually, we have a budget which covers a different policy 9 00:01:43,834 --> 00:01:47,434 which covers a different policy areas and the usual magnitude 10 00:01:47,434 --> 00:01:51,869 areas and the usual magnitude somewhere around if I take a 11 00:01:51,869 --> 00:01:57,203 somewhere around if I take a the the usual size 12 00:01:58,101 --> 00:02:01,034 1100 million euro for seven 13 00:02:01,034 --> 00:02:03,469 1100 million euro for seven years. You know what to have a 14 00:02:03,469 --> 00:02:05,000 years. You know what to have a better understanding that 15 00:02:05,000 --> 00:02:07,202 better understanding that additional European budget is 16 00:02:07,202 --> 00:02:10,569 additional European budget is if I take only the annual one. 17 00:02:10,569 --> 00:02:13,767 if I take only the annual one. less than half of the German 18 00:02:13,767 --> 00:02:15,368 less than half of the German and initial budget only to give 19 00:02:15,368 --> 00:02:18,834 and initial budget only to give a favor about the magnitude 20 00:02:18,834 --> 00:02:21,602 a favor about the magnitude because people very often 21 00:02:21,602 --> 00:02:22,903 because people very often confused about the fact that 22 00:02:22,903 --> 00:02:24,267 confused about the fact that we’re talking about seven years 23 00:02:24,267 --> 00:02:26,768 we’re talking about seven years and identified the seven years 24 00:02:26,768 --> 00:02:29,303 and identified the seven years budget is an annual budget. so 25 00:02:29,303 --> 00:02:31,269 budget is an annual budget. so this is something we were 26 00:02:31,269 --> 00:02:32,102 this is something we were discussing already for more 27 00:02:32,102 --> 00:02:33,901 discussing already for more than two years and now 28 00:02:33,901 --> 00:02:37,101 than two years and now co-owner. Has a hit us and we 29 00:02:37,101 --> 00:02:38,803 co-owner. Has a hit us and we have to respond to it and 30 00:02:38,803 --> 00:02:42,468 have to respond to it and therefore we have made a number 31 00:02:42,468 --> 00:02:47,701 therefore we have made a number of decisions. related to the 32 00:02:47,701 --> 00:02:49,302 of decisions. related to the response to the skies first way 33 00:02:49,302 --> 00:02:52,367 response to the skies first way that this year we have to offer 34 00:02:52,367 --> 00:02:56,069 that this year we have to offer a lot of liquidity and like. 35 00:02:56,069 --> 00:02:59,768 a lot of liquidity and like. flexibility to our member 36 00:02:59,768 --> 00:03:02,233 flexibility to our member States which we have come. for 37 00:03:02,233 --> 00:03:04,433 States which we have come. for instance, we have already taken 38 00:03:04,433 --> 00:03:08,600 instance, we have already taken more than 200 state eight. 39 00:03:08,600 --> 00:03:11,667 more than 200 state eight. Since the Middle of March in 40 00:03:11,667 --> 00:03:17,200 Since the Middle of March in order to step. 41 00:04:09,766 --> 00:04:14,567 Financial but for 2021 to 2027 42 00:04:14,567 --> 00:04:17,300 Financial but for 2021 to 2027 and here our proposal consists 43 00:04:17,300 --> 00:04:21,366 and here our proposal consists of what we call a core MFF of 44 00:04:21,366 --> 00:04:23,366 of what we call a core MFF of 1100 trillion euro or seven 45 00:04:23,366 --> 00:04:26,633 1100 trillion euro or seven years and on top we have the 46 00:04:26,633 --> 00:04:32,266 years and on top we have the next generation. You facility 47 00:04:32,266 --> 00:04:36,233 next generation. You facility which consists of all together 48 00:04:36,233 --> 00:04:42,066 which consists of all together 750 billion euro, 500 billion. 49 00:05:49,067 --> 00:05:51,700 An issues of governance so you 50 00:05:51,700 --> 00:05:52,433 An issues of governance so you would have seen this week the 51 00:05:52,433 --> 00:05:53,766 would have seen this week the Greek Prime Minister pushed 52 00:05:53,766 --> 00:05:56,133 Greek Prime Minister pushed back at any attempts or a 53 00:05:56,133 --> 00:05:57,733 back at any attempts or a Troyer style monitoring of the 54 00:05:57,733 --> 00:05:59,866 Troyer style monitoring of the money that was going to be 55 00:05:59,866 --> 00:06:02,732 money that was going to be distributed to the. should I 56 00:06:02,732 --> 00:06:04,333 distributed to the. should I can you hear me? Sorry guys. 57 00:06:04,333 --> 00:06:06,733 can you hear me? Sorry guys. This is not the way how we can 58 00:06:06,733 --> 00:06:10,365 This is not the way how we can communicate. People have to 59 00:06:10,365 --> 00:06:14,366 communicate. People have to unmute the microphones on the. 60 00:06:14,366 --> 00:06:17,400 unmute the microphones on the. mute. 61 00:06:18,166 --> 00:06:23,633 We are hearing my voices. 62 00:06:24,766 --> 00:06:29,033 No, it’s better 63 00:07:04,334 --> 00:07:05,833 Is in more frugal capitals 64 00:07:05,833 --> 00:07:08,001 Is in more frugal capitals think that actually they need 65 00:07:08,001 --> 00:07:09,801 think that actually they need to have a tight level of 66 00:07:09,801 --> 00:07:11,866 to have a tight level of control and mechanisms to make 67 00:07:11,866 --> 00:07:13,232 control and mechanisms to make sure the money is being used 68 00:07:13,232 --> 00:07:14,899 sure the money is being used the forms of these economies 69 00:07:14,899 --> 00:07:17,299 the forms of these economies and you give us a sense of 70 00:07:17,299 --> 00:07:17,998 and you give us a sense of where the commissions position 71 00:07:17,998 --> 00:07:20,099 where the commissions position is at and whether you think 72 00:07:20,099 --> 00:07:22,666 is at and whether you think that this recovery fund has to 73 00:07:22,666 --> 00:07:24,333 that this recovery fund has to be simply for investments. so 74 00:07:24,333 --> 00:07:25,966 be simply for investments. so we’re building projects and for 75 00:07:25,966 --> 00:07:28,066 we’re building projects and for having fiscal stimulus in a 76 00:07:28,066 --> 00:07:29,466 having fiscal stimulus in a classic sense of a structural 77 00:07:29,466 --> 00:07:31,600 classic sense of a structural fund or actually the money 78 00:07:31,600 --> 00:07:34,767 fund or actually the money should be used to address deep 79 00:07:34,767 --> 00:07:36,066 should be used to address deep deficiencies in economies which 80 00:07:36,066 --> 00:07:37,200 deficiencies in economies which the Commission you know 81 00:07:37,200 --> 00:07:37,833 the Commission you know constantly assesses when it 82 00:07:37,833 --> 00:07:41,200 constantly assesses when it does. Recommendations Can you 83 00:07:41,200 --> 00:07:42,967 does. Recommendations Can you try and give us a sense of 84 00:07:42,967 --> 00:07:43,633 try and give us a sense of where you’re positioning 85 00:07:43,633 --> 00:07:45,300 where you’re positioning yourself between these two 86 00:07:45,300 --> 00:07:47,566 yourself between these two camps as well in the philosophy 87 00:07:47,566 --> 00:07:48,700 camps as well in the philosophy and also what you think the 88 00:07:48,700 --> 00:07:49,867 and also what you think the money should really be useful. 89 00:07:49,867 --> 00:07:54,167 money should really be useful. Thank you. Well, I think we 90 00:07:54,167 --> 00:07:56,833 Thank you. Well, I think we have to distinguish between a 91 00:07:56,833 --> 00:07:58,666 have to distinguish between a lot of different instruments 92 00:07:58,666 --> 00:08:00,933 lot of different instruments for different purposes. First 93 00:08:00,933 --> 00:08:03,132 for different purposes. First the the walls and days in need 94 00:08:03,132 --> 00:08:07,466 the the walls and days in need to to provide. to the markets 95 00:08:07,466 --> 00:08:08,867 to to provide. to the markets to the member States business 96 00:08:08,867 --> 00:08:10,400 to the member States business etcetera. This is what we have 97 00:08:10,400 --> 00:08:12,800 etcetera. This is what we have done immediately and what we 98 00:08:12,800 --> 00:08:15,132 done immediately and what we intend to do also in the near 99 00:08:15,132 --> 00:08:16,898 intend to do also in the near future. so we have some 100 00:08:16,898 --> 00:08:19,766 future. so we have some instruments for instance we use 101 00:08:19,766 --> 00:08:21,533 instruments for instance we use the remaining part of money in 102 00:08:21,533 --> 00:08:24,467 the remaining part of money in the current MF in in 103 00:08:24,467 --> 00:08:27,832 the current MF in in coalitions. By lifting a lot of 104 00:08:27,832 --> 00:08:29,232 coalitions. By lifting a lot of conditions, enabling member 105 00:08:29,232 --> 00:08:33,066 conditions, enabling member States to use cohesion money 106 00:08:33,066 --> 00:08:35,600 States to use cohesion money for purposes, which was not 107 00:08:35,600 --> 00:08:36,866 for purposes, which was not which we are not foreseen in 108 00:08:36,866 --> 00:08:38,666 which we are not foreseen in the past, for instance, to 109 00:08:38,666 --> 00:08:41,800 the past, for instance, to finance 110 00:08:42,067 --> 00:08:43,733 the health sector and 111 00:08:43,733 --> 00:08:45,367 the health sector and everything which is related to 112 00:08:45,367 --> 00:08:47,166 everything which is related to it to the purchases in the 113 00:08:47,166 --> 00:08:51,567 it to the purchases in the health sector, etcetera and we 114 00:08:51,567 --> 00:08:53,267 health sector, etcetera and we will have collision of course 115 00:08:53,267 --> 00:08:58,033 will have collision of course in the next MF. 116 00:10:59,167 --> 00:11:02,300 The needs what what should be 117 00:11:02,300 --> 00:11:04,567 The needs what what should be the recommendations and we can 118 00:11:04,567 --> 00:11:07,133 the recommendations and we can build on a lot of experience 119 00:11:07,133 --> 00:11:10,334 build on a lot of experience from the past and so this is 120 00:11:10,334 --> 00:11:12,266 from the past and so this is something which is in a way 121 00:11:12,266 --> 00:11:14,166 something which is in a way about posts and not the top 122 00:11:14,166 --> 00:11:17,633 about posts and not the top down, which is certainly a big 123 00:11:17,633 --> 00:11:19,699 down, which is certainly a big difference to the famous to 124 00:11:19,699 --> 00:11:23,133 difference to the famous to therefore I don’t see a big 125 00:11:23,133 --> 00:11:26,966 therefore I don’t see a big contradiction between what the 126 00:11:26,966 --> 00:11:27,600 contradiction between what the Prime Minister has recently 127 00:11:27,600 --> 00:11:31,900 Prime Minister has recently said in an interview and what 128 00:12:00,600 --> 00:12:03,133 a elaborate on their own. What 129 00:12:03,133 --> 00:12:04,666 a elaborate on their own. What are they are four implants and 130 00:12:04,666 --> 00:12:08,700 are they are four implants and this will be both and therefore 131 00:12:08,700 --> 00:12:10,566 this will be both and therefore I don’t see a big problem on 132 00:12:10,566 --> 00:12:14,233 I don’t see a big problem on this You maybe sketch out the 133 00:12:14,233 --> 00:12:15,633 this You maybe sketch out the mechanism by which you will 134 00:12:15,633 --> 00:12:18,100 mechanism by which you will monitor compliance and will it 135 00:12:18,100 --> 00:12:19,600 monitor compliance and will it be a system of milestones where 136 00:12:19,600 --> 00:12:21,433 be a system of milestones where a country either has to pre 137 00:12:21,433 --> 00:12:23,733 a country either has to pre legislate something or go to a 138 00:12:23,733 --> 00:12:25,233 legislate something or go to a judicial parliamentary process, 139 00:12:25,233 --> 00:12:26,666 judicial parliamentary process, and then they would receive the 140 00:12:26,666 --> 00:12:29,200 and then they would receive the next bunch of money will the 141 00:12:29,200 --> 00:12:31,633 next bunch of money will the recovery and plans submitted an 142 00:12:31,633 --> 00:12:33,733 recovery and plans submitted an autumn release the entire. 143 00:12:33,733 --> 00:12:36,167 autumn release the entire. Allocation wants the Commission 144 00:12:36,167 --> 00:12:38,000 Allocation wants the Commission has approved it so you know, 145 00:12:38,000 --> 00:12:39,533 has approved it so you know, can you just sort of sketch out 146 00:12:39,533 --> 00:12:40,600 can you just sort of sketch out because this is a completely 147 00:12:40,600 --> 00:12:42,867 because this is a completely new and bespoke process, which 148 00:12:42,867 --> 00:12:44,200 new and bespoke process, which is never happened before how 149 00:12:44,200 --> 00:12:45,900 is never happened before how you see the commissions 150 00:12:45,900 --> 00:12:47,233 you see the commissions involvement to three years down 151 00:12:47,233 --> 00:12:49,233 involvement to three years down the line to ensure that the 152 00:12:49,233 --> 00:12:50,733 the line to ensure that the money has gone to the projects 153 00:12:50,733 --> 00:12:51,667 money has gone to the projects that it’s been committed to and 154 00:12:51,667 --> 00:12:53,200 that it’s been committed to and the governments are actually 155 00:12:53,200 --> 00:12:55,333 the governments are actually still abiding by their initial 156 00:12:55,333 --> 00:12:57,933 still abiding by their initial promises they are for the 157 00:12:57,933 --> 00:13:01,366 promises they are for the Commission. It’s not a totally 158 00:13:01,366 --> 00:13:05,134 Commission. It’s not a totally new. it’s a procedure. 159 00:13:34,800 --> 00:13:38,133 That to choose and so they in 160 00:13:38,133 --> 00:13:38,967 That to choose and so they in the spirit of this experience 161 00:13:38,967 --> 00:13:42,167 the spirit of this experience we have proposed this measure, 162 00:13:42,167 --> 00:13:45,167 we have proposed this measure, which means that member States 163 00:13:45,167 --> 00:13:48,433 which means that member States should come forward within a 164 00:13:48,433 --> 00:13:52,200 should come forward within a couple of months after the the 165 00:13:52,200 --> 00:13:55,767 couple of months after the the removal of this MFF with a 166 00:13:55,767 --> 00:13:58,633 removal of this MFF with a National reform plan and that 167 00:13:58,633 --> 00:14:00,199 National reform plan and that this will be discussed with the 168 00:14:00,199 --> 00:14:03,300 this will be discussed with the Commission finally endorsed by 169 00:14:03,300 --> 00:14:06,867 Commission finally endorsed by the Council. 170 00:15:07,199 --> 00:15:09,000 Betterness it’s about most of 171 00:15:09,000 --> 00:15:11,666 Betterness it’s about most of the economy of Europe. It’s 172 00:15:11,666 --> 00:15:17,833 the economy of Europe. It’s about so better for global 173 00:15:17,833 --> 00:15:19,234 about so better for global competition and therefore from 174 00:15:19,234 --> 00:15:20,900 competition and therefore from my point of view to focus on 175 00:15:20,900 --> 00:15:23,733 my point of view to focus on all these should be the economy 176 00:15:23,733 --> 00:15:25,933 all these should be the economy or maybe just a final follow-up 177 00:15:25,933 --> 00:15:27,200 or maybe just a final follow-up and then I’ll hand over to all 178 00:15:27,200 --> 00:15:29,033 and then I’ll hand over to all but in terms of the process, 179 00:15:29,033 --> 00:15:30,100 but in terms of the process, you say it’s very much like 180 00:15:30,100 --> 00:15:32,000 you say it’s very much like cohesion the cohesion programs 181 00:15:32,000 --> 00:15:33,800 cohesion the cohesion programs will the sanctions also reflect 182 00:15:33,800 --> 00:15:36,766 will the sanctions also reflect what is already With structural 183 00:15:36,766 --> 00:15:38,100 what is already With structural funds so if for countries seem 184 00:15:38,100 --> 00:15:39,866 funds so if for countries seem to be in breach of some of its 185 00:15:39,866 --> 00:15:40,967 to be in breach of some of its commitments or even of treating 186 00:15:40,967 --> 00:15:43,000 commitments or even of treating law, what would be the 187 00:15:43,000 --> 00:15:44,100 law, what would be the sanctions under the recovery 188 00:15:44,100 --> 00:15:45,333 sanctions under the recovery refund money that they would be 189 00:15:45,333 --> 00:15:48,066 refund money that they would be subject to. in deadly respect. 190 00:15:48,066 --> 00:15:51,567 subject to. in deadly respect. It’s it’s less complicated or 191 00:15:51,567 --> 00:15:55,533 It’s it’s less complicated or let’s say diversified like it 192 00:15:55,533 --> 00:15:59,234 let’s say diversified like it is in a collision No. it’s it’s 193 00:15:59,234 --> 00:16:03,167 is in a collision No. it’s it’s simply so the certain 194 00:16:03,167 --> 00:16:05,333 simply so the certain milestones have to be met and 195 00:16:05,333 --> 00:16:07,266 milestones have to be met and if this is the case we can have 196 00:16:07,266 --> 00:16:09,433 if this is the case we can have a third of disbursements. This 197 00:16:09,433 --> 00:16:12,666 a third of disbursements. This is first and foremost even in 198 00:16:12,666 --> 00:16:14,467 is first and foremost even in the interest of the respective 199 00:16:14,467 --> 00:16:16,833 the interest of the respective countries in beyond the 200 00:16:16,833 --> 00:16:18,200 countries in beyond the financial support they are 201 00:16:18,200 --> 00:16:20,300 financial support they are getting from the European 202 00:16:20,300 --> 00:16:23,433 getting from the European institutions. 203 00:17:23,533 --> 00:17:24,967 Conditionality passing taking 204 00:17:24,967 --> 00:17:26,300 Conditionality passing taking into the account the opposition 205 00:17:26,300 --> 00:17:28,233 into the account the opposition of the four visit countries so 206 00:17:28,233 --> 00:17:29,533 of the four visit countries so the idea that they will have to 207 00:17:29,533 --> 00:17:31,566 the idea that they will have to be unanimity in the final 208 00:17:31,566 --> 00:17:33,133 be unanimity in the final process to approve the next 209 00:17:33,133 --> 00:17:34,400 process to approve the next generation. EU. Do you think 210 00:17:34,400 --> 00:17:36,000 generation. EU. Do you think that the visor or potential 211 00:17:36,000 --> 00:17:39,666 that the visor or potential veto to getting disapproved? I 212 00:17:39,666 --> 00:17:42,100 veto to getting disapproved? I can only repeat what I have 213 00:17:42,100 --> 00:17:43,467 can only repeat what I have said in the past couple of days 214 00:17:43,467 --> 00:17:46,834 said in the past couple of days and weeks several times in our 215 00:17:46,834 --> 00:17:50,033 and weeks several times in our revised proposal of for 20 - 216 00:17:50,033 --> 00:17:55,600 revised proposal of for 20 - seven of May, we stick to To 217 00:17:55,600 --> 00:18:02,200 seven of May, we stick to To both of May, 2018, if you come 218 00:18:02,200 --> 00:18:04,200 both of May, 2018, if you come to the floor, it comes to let’s 219 00:18:04,200 --> 00:18:06,800 to the floor, it comes to let’s say systemic deficiencies in a 220 00:18:06,800 --> 00:18:09,200 say systemic deficiencies in a give members which might have 221 00:18:09,200 --> 00:18:13,167 give members which might have an impact on them. on the 222 00:18:13,167 --> 00:18:19,666 an impact on them. on the European we. proposed to impose 223 00:18:19,666 --> 00:18:22,233 European we. proposed to impose sanctions which have to be of 224 00:18:22,233 --> 00:18:25,333 sanctions which have to be of course approved The European 225 00:18:25,333 --> 00:18:30,666 course approved The European Council and our proposals that 226 00:18:30,666 --> 00:18:32,066 Council and our proposals that the Commission proposal can 227 00:18:32,066 --> 00:18:36,133 the Commission proposal can only be if you like change the 228 00:18:36,133 --> 00:18:39,666 only be if you like change the overall Byers qualified 229 00:18:39,666 --> 00:18:41,867 overall Byers qualified maturity in the negotiation 230 00:18:41,867 --> 00:18:43,866 maturity in the negotiation part of shall Michele of 231 00:18:43,866 --> 00:18:45,933 part of shall Michele of February this verse was 232 00:18:45,933 --> 00:18:49,200 February this verse was deleted. but we as a Commission 233 00:18:49,200 --> 00:18:51,800 deleted. but we as a Commission still sticks to our proposal of 234 00:18:51,800 --> 00:18:56,867 still sticks to our proposal of May 2018 that they should be. 235 00:19:03,401 --> 00:19:04,199 Thank you, I think it’s got a 236 00:19:04,199 --> 00:19:06,666 Thank you, I think it’s got a new microphone and and by the 237 00:19:06,666 --> 00:19:09,600 new microphone and and by the way I I’m I’m confident if this 238 00:19:09,600 --> 00:19:12,266 way I I’m I’m confident if this is again proposed that this is 239 00:19:12,266 --> 00:19:15,200 is again proposed that this is a part of an overall package it 240 00:19:15,200 --> 00:19:20,600 a part of an overall package it might get so it might be 241 00:19:20,600 --> 00:19:22,666 might get so it might be possible to get an agreement 242 00:19:22,666 --> 00:19:24,266 possible to get an agreement and then oh by the way that the 243 00:19:24,266 --> 00:19:26,567 and then oh by the way that the European Parliament is very 244 00:19:26,567 --> 00:19:27,500 European Parliament is very illegal this and we should 245 00:19:27,500 --> 00:19:29,667 illegal this and we should never forget. I mean we are now 246 00:19:29,667 --> 00:19:34,766 never forget. I mean we are now very much focused on the. 247 00:20:52,567 --> 00:20:54,469 So I matilda, I think we can we 248 00:20:54,469 --> 00:20:56,102 So I matilda, I think we can we can hear you guys so if you 249 00:20:56,102 --> 00:20:57,535 can hear you guys so if you could in the background, I’ll 250 00:20:57,535 --> 00:21:01,001 could in the background, I’ll be very helpful. 251 00:22:01,566 --> 00:22:04,233 A condition and in that 252 00:22:04,233 --> 00:22:07,333 A condition and in that respect, I think the instrument 253 00:22:07,333 --> 00:22:11,133 respect, I think the instrument is much more 254 00:22:11,266 --> 00:22:13,666 it is it is stronger than it 255 00:22:13,666 --> 00:22:17,000 it is it is stronger than it was previously. would be 256 00:22:17,000 --> 00:22:18,633 was previously. would be stronger than it was maybe 257 00:22:18,633 --> 00:22:22,767 stronger than it was maybe currently the case. 258 00:22:55,634 --> 00:22:58,167 You would have seen that Poland 259 00:22:58,167 --> 00:22:59,533 You would have seen that Poland I think by far and away we’ll 260 00:22:59,533 --> 00:23:01,099 I think by far and away we’ll have the shallow recession of 261 00:23:01,099 --> 00:23:03,266 have the shallow recession of any member state in the EU, but 262 00:23:03,266 --> 00:23:04,765 any member state in the EU, but we’ll still be among the 263 00:23:04,765 --> 00:23:06,100 we’ll still be among the biggest beneficiaries of the 264 00:23:06,100 --> 00:23:07,733 biggest beneficiaries of the recovery Fund. I’m sure this is 265 00:23:07,733 --> 00:23:09,299 recovery Fund. I’m sure this is going to sort of embolden your 266 00:23:09,299 --> 00:23:11,099 going to sort of embolden your critics who say the allocation 267 00:23:11,099 --> 00:23:11,766 critics who say the allocation criteria is not fit for 268 00:23:11,766 --> 00:23:13,467 criteria is not fit for purpose. You think now is quite 269 00:23:13,467 --> 00:23:18,567 purpose. You think now is quite a good. You have a good basis 270 00:23:18,567 --> 00:23:20,233 a good. You have a good basis on which to reform this now 271 00:23:20,233 --> 00:23:21,500 on which to reform this now given that actually some of the 272 00:23:21,500 --> 00:23:22,667 given that actually some of the economic data that’s coming in 273 00:23:22,667 --> 00:23:25,400 economic data that’s coming in is helping the Commission see 274 00:23:25,400 --> 00:23:26,700 is helping the Commission see the economic impact of it is 275 00:23:26,700 --> 00:23:28,600 the economic impact of it is and it should just it’s 276 00:23:28,600 --> 00:23:33,833 and it should just it’s criteria. well. first I have to 277 00:23:33,833 --> 00:23:37,533 criteria. well. first I have to say it depends on about which 278 00:23:37,533 --> 00:23:39,600 say it depends on about which kind of program we are 279 00:23:39,600 --> 00:23:41,700 kind of program we are discussing but if it’s about 280 00:23:41,700 --> 00:23:43,466 discussing but if it’s about reacting you we will certainly 281 00:23:43,466 --> 00:23:47,133 reacting you we will certainly apply a different a location 282 00:23:47,133 --> 00:23:49,700 apply a different a location key depending on the on the 283 00:23:49,700 --> 00:23:51,500 key depending on the on the needs to help the member States 284 00:23:51,500 --> 00:23:53,700 needs to help the member States to repair if it comes from 285 00:23:53,700 --> 00:23:55,067 to repair if it comes from recovery and resilience 286 00:23:55,067 --> 00:23:58,667 recovery and resilience facility very much let’s say 287 00:23:58,667 --> 00:24:01,632 facility very much let’s say the resilience of capacity of 288 00:24:01,632 --> 00:24:07,267 the resilience of capacity of member States have been keep em 289 00:24:07,267 --> 00:24:09,832 member States have been keep em what they lack of resilience 290 00:24:09,832 --> 00:24:11,365 what they lack of resilience capacities have been people 291 00:24:11,365 --> 00:24:14,467 capacities have been people parameters for the calculation 292 00:24:14,467 --> 00:24:17,667 parameters for the calculation of the key 293 00:24:46,967 --> 00:24:48,500 Simulations whatsoever but 294 00:24:48,500 --> 00:24:52,500 Simulations whatsoever but again I think nothing is cast 295 00:24:52,500 --> 00:24:54,466 again I think nothing is cast in Iowa and we will see how 296 00:24:54,466 --> 00:24:56,667 in Iowa and we will see how things will open up. of course 297 00:24:56,667 --> 00:24:59,766 things will open up. of course we’ll have updates and here we 298 00:24:59,766 --> 00:25:02,232 we’ll have updates and here we can certainly modify in one of 299 00:25:02,232 --> 00:25:03,733 can certainly modify in one of the other ways that 300 00:25:03,733 --> 00:25:06,400 the other ways that distribution key but the the 301 00:25:06,400 --> 00:25:09,665 distribution key but the the the general let’s say a 302 00:25:09,665 --> 00:25:11,166 the general let’s say a baseline of it to focus on when 303 00:25:11,166 --> 00:25:14,199 baseline of it to focus on when it comes to the recovery and 304 00:25:14,199 --> 00:25:15,866 it comes to the recovery and resilience facility was indeed 305 00:25:15,866 --> 00:25:18,833 resilience facility was indeed to look into each individual. 306 00:25:18,833 --> 00:25:23,267 to look into each individual. How the resilience of Quality 307 00:25:23,267 --> 00:25:25,634 How the resilience of Quality of a different country is there 308 00:25:25,634 --> 00:25:27,700 of a different country is there and this is also related to the 309 00:25:27,700 --> 00:25:29,866 and this is also related to the situation in the past couple of 310 00:25:29,866 --> 00:25:31,600 situation in the past couple of years. so it’s not only about 311 00:25:31,600 --> 00:25:35,133 years. so it’s not only about the expectation what for 312 00:25:35,133 --> 00:25:37,733 the expectation what for instance, as it was what is the 313 00:25:37,733 --> 00:25:39,933 instance, as it was what is the so a little bit the idea of the 314 00:25:39,933 --> 00:25:43,333 so a little bit the idea of the countries? what would be the 315 00:25:43,333 --> 00:25:46,267 countries? what would be the expected go? what would have 316 00:25:46,267 --> 00:25:47,933 expected go? what would have been the expected to right this 317 00:25:47,933 --> 00:25:51,034 been the expected to right this year and what will be most 318 00:25:51,034 --> 00:25:55,100 year and what will be most likely the. 319 00:28:04,067 --> 00:28:05,667 Can you repeat the last the 320 00:28:05,667 --> 00:28:10,100 Can you repeat the last the last two sentences? 321 00:30:28,600 --> 00:30:31,600 aspect and this is why. so we 322 00:30:31,600 --> 00:30:35,167 aspect and this is why. so we have proposed this approach and 323 00:30:35,167 --> 00:30:38,367 have proposed this approach and if I look at the reactions it 324 00:30:38,367 --> 00:30:43,767 if I look at the reactions it goes to we are not so let’s say 325 00:30:43,767 --> 00:30:47,700 goes to we are not so let’s say on the wrong track because all 326 00:30:47,700 --> 00:30:49,667 on the wrong track because all the alternative proposals I’ve 327 00:30:49,667 --> 00:30:53,833 the alternative proposals I’ve heard so far a very. specific 328 00:30:53,833 --> 00:30:56,400 heard so far a very. specific even may not say tailor made to 329 00:30:56,400 --> 00:30:59,066 even may not say tailor made to the. Very specific interest of 330 00:30:59,066 --> 00:31:02,300 the. Very specific interest of a given country, so I haven’t 331 00:31:02,300 --> 00:31:05,234 a given country, so I haven’t seen a real alternative. of a 332 00:31:05,234 --> 00:31:08,732 seen a real alternative. of a concept and and therefore, of 333 00:31:08,732 --> 00:31:11,532 concept and and therefore, of course there might be some 334 00:31:11,532 --> 00:31:12,933 course there might be some discussions, but I think the 335 00:31:12,933 --> 00:31:15,766 discussions, but I think the general architecture is in a 336 00:31:15,766 --> 00:31:18,600 general architecture is in a way not everywhere well 337 00:31:18,600 --> 00:31:22,567 way not everywhere well received but received. 338 00:32:33,634 --> 00:32:37,635 Yeah, I think of the 339 00:32:37,635 --> 00:32:38,668 Yeah, I think of the misunderstanding is a little 340 00:32:38,668 --> 00:32:41,101 misunderstanding is a little bit that this is very much 341 00:32:41,101 --> 00:32:43,401 bit that this is very much focusing on one specific and 342 00:32:43,401 --> 00:32:45,535 focusing on one specific and this is the recovery and 343 00:32:45,535 --> 00:32:48,135 this is the recovery and resilience but we have other 344 00:32:48,135 --> 00:32:49,869 resilience but we have other instruments as already referred 345 00:32:49,869 --> 00:32:53,302 instruments as already referred to react to which should have 346 00:32:53,302 --> 00:32:57,702 to react to which should have finally 50 - five billions only 347 00:32:57,702 --> 00:33:02,634 finally 50 - five billions only for 20 - 120 - two We have 348 00:33:02,634 --> 00:33:04,934 for 20 - 120 - two We have cohesion, which is significant 349 00:33:04,934 --> 00:33:09,234 cohesion, which is significant advance payment so 350 00:35:10,465 --> 00:35:12,199 Capacity of different member 351 00:35:12,199 --> 00:35:14,567 Capacity of different member States all the public 352 00:35:14,567 --> 00:35:16,367 States all the public administrations are stretched 353 00:35:16,367 --> 00:35:18,600 administrations are stretched to the extent possible and even 354 00:35:18,600 --> 00:35:21,032 to the extent possible and even beyond how to deal with this 355 00:35:21,032 --> 00:35:26,700 beyond how to deal with this crisis. I mean I don’t you have 356 00:35:26,700 --> 00:35:29,034 crisis. I mean I don’t you have to take more than 200 state 357 00:35:29,034 --> 00:35:31,132 to take more than 200 state decisions so find those 358 00:35:31,132 --> 00:35:32,198 decisions so find those ministers of the economy is 359 00:35:32,198 --> 00:35:36,132 ministers of the economy is that so overstretch was 360 00:35:36,132 --> 00:35:38,932 that so overstretch was workload to to implement all 361 00:35:38,932 --> 00:35:42,200 workload to to implement all this. so we have to take all 362 00:35:42,200 --> 00:35:46,500 this. so we have to take all this into account. 363 00:37:31,333 --> 00:37:32,700 Seem to hear us so but I let 364 00:37:32,700 --> 00:37:33,700 Seem to hear us so but I let the Commission carry on. I’m 365 00:37:33,700 --> 00:37:34,633 the Commission carry on. I’m just trying to fill the gaps 366 00:37:34,633 --> 00:37:37,633 just trying to fill the gaps in. thank you very much only 367 00:37:37,633 --> 00:37:39,033 in. thank you very much only one or one or two sentences 368 00:37:39,033 --> 00:37:42,600 one or one or two sentences again absorption this is a 369 00:37:42,600 --> 00:37:47,500 again absorption this is a certainly a problem. of. 370 00:38:19,600 --> 00:38:22,700 I mean we are facing an 371 00:38:22,700 --> 00:38:23,533 I mean we are facing an unprecedented situation and we 372 00:38:23,533 --> 00:38:26,233 unprecedented situation and we have to give an unprecedented 373 00:38:26,233 --> 00:38:29,300 have to give an unprecedented response. I’m not talking about 374 00:38:29,300 --> 00:38:31,800 response. I’m not talking about so I did the legal stuff that 375 00:38:31,800 --> 00:38:34,133 so I did the legal stuff that we have to apply in order to 376 00:38:34,133 --> 00:38:36,900 we have to apply in order to make it possible. but for the 377 00:38:36,900 --> 00:38:38,066 make it possible. but for the first time not for the first 378 00:38:38,066 --> 00:38:40,633 first time not for the first time, but in terms of the size, 379 00:38:40,633 --> 00:38:43,667 time, but in terms of the size, it’s for it’s unprecedented we 380 00:38:43,667 --> 00:38:46,366 it’s for it’s unprecedented we at least proposed to. up to 381 00:38:46,366 --> 00:38:49,600 at least proposed to. up to 500. at the capital market by 382 00:38:49,600 --> 00:38:53,900 500. at the capital market by issuing bonds and the question 383 00:38:53,900 --> 00:38:58,533 issuing bonds and the question is how this should be paid and 384 00:38:58,533 --> 00:39:00,801 is how this should be paid and actually the two opportunities 385 00:39:00,801 --> 00:39:04,367 actually the two opportunities either to have Italy the stage 386 00:39:04,367 --> 00:39:05,732 either to have Italy the stage when the different forms are 387 00:39:05,732 --> 00:39:08,766 when the different forms are mature 388 00:39:08,766 --> 00:39:08,800 mature higher 389 00:39:08,800 --> 00:39:12,132 higher make contributions or 390 00:39:12,132 --> 00:39:15,333 higher make contributions or you introduce so-called new 391 00:39:15,333 --> 00:39:20,099 you introduce so-called new resources which have the. To 392 00:39:20,099 --> 00:39:25,198 resources which have the. To repay this at the at the late 393 00:39:25,198 --> 00:39:28,199 repay this at the at the late stage and I don’t see any 394 00:39:28,199 --> 00:39:29,499 stage and I don’t see any appetite amongst member States 395 00:39:29,499 --> 00:39:33,067 appetite amongst member States to have now or even later I. 396 00:39:33,067 --> 00:39:35,099 to have now or even later I. National contributions. so the 397 00:39:35,099 --> 00:39:37,298 National contributions. so the real alternative a new only 398 00:39:37,298 --> 00:39:38,599 real alternative a new only source is something by the way 399 00:39:38,599 --> 00:39:41,333 source is something by the way the European Parliament for 400 00:39:41,333 --> 00:39:43,067 the European Parliament for different reasons has already 401 00:39:43,067 --> 00:39:48,132 different reasons has already asked for many years and here. 402 00:39:48,132 --> 00:39:52,232 asked for many years and here. We have a proposed some new 403 00:39:52,232 --> 00:39:54,533 We have a proposed some new resources. It’s not if you like 404 00:39:54,533 --> 00:39:59,066 resources. It’s not if you like an exhaustive list, but it’s 405 00:39:59,066 --> 00:39:59,166 an exhaustive list, but it’s it’s about. 406 00:39:59,166 --> 00:40:02,701 it’s about. the proposals which 407 00:40:02,701 --> 00:40:04,702 it’s about. the proposals which are under the discussions and 408 00:40:04,702 --> 00:40:07,035 are under the discussions and seem to have more support than 409 00:40:07,035 --> 00:40:09,835 seem to have more support than others. Also nobody is 410 00:40:09,835 --> 00:40:11,435 others. Also nobody is a hundred percent happy, but 411 00:40:11,435 --> 00:40:13,467 a hundred percent happy, but it’s for very different 412 00:40:13,467 --> 00:40:16,501 it’s for very different reasons. I want to go not in 413 00:40:16,501 --> 00:40:19,168 reasons. I want to go not in too many details but only to 414 00:40:19,168 --> 00:40:22,668 too many details but only to describe quickly. 415 00:40:51,635 --> 00:40:54,835 so it’s a much more climate 416 00:40:54,835 --> 00:40:56,335 so it’s a much more climate friendly technologies, then 417 00:40:56,335 --> 00:40:58,800 friendly technologies, then maybe outside Europe so this is 418 00:40:58,800 --> 00:41:00,333 maybe outside Europe so this is what the reason why this 419 00:41:00,333 --> 00:41:02,166 what the reason why this product from outside Europe 420 00:41:02,166 --> 00:41:06,232 product from outside Europe could be to Europe cheaper than 421 00:41:06,232 --> 00:41:08,132 could be to Europe cheaper than the same Botox would use in 422 00:41:08,132 --> 00:41:10,866 the same Botox would use in Europe and here to have an 423 00:41:10,866 --> 00:41:12,165 Europe and here to have an equal level playing field is 424 00:41:12,165 --> 00:41:14,866 equal level playing field is something which I personally 425 00:41:14,866 --> 00:41:18,266 something which I personally consider more than fair. and by 426 00:41:18,266 --> 00:41:20,767 consider more than fair. and by the way it’s also trying to see 427 00:41:20,767 --> 00:41:23,566 the way it’s also trying to see the global. Behavioral 428 00:41:23,566 --> 00:41:27,167 the global. Behavioral behavioral when it comes to you 429 00:41:27,167 --> 00:41:30,032 behavioral when it comes to you the the the Paris payment and 430 00:41:30,032 --> 00:41:31,667 the the the Paris payment and other proposal could be an 431 00:41:31,667 --> 00:41:35,598 other proposal could be an extension of the it is even 432 00:41:35,598 --> 00:41:39,600 extension of the it is even towards Maui and aviation 433 00:41:39,600 --> 00:41:42,933 towards Maui and aviation assert could be because it’s 434 00:41:42,933 --> 00:41:45,933 assert could be because it’s about also respecting our 435 00:41:45,933 --> 00:41:48,566 about also respecting our political priorities to deal 436 00:41:48,566 --> 00:41:50,667 political priorities to deal Digitalization Fair taxation 437 00:41:50,667 --> 00:41:53,667 Digitalization Fair taxation is. 438 00:42:24,800 --> 00:42:28,368 It’s to use the benefits the 439 00:42:28,368 --> 00:42:32,201 It’s to use the benefits the savings here to have a little 440 00:42:32,201 --> 00:42:34,234 savings here to have a little so that’s a contribution is 441 00:42:34,234 --> 00:42:37,668 so that’s a contribution is also something one could see as 442 00:42:37,668 --> 00:42:40,436 also something one could see as a as an issue of fairness and 443 00:42:40,436 --> 00:42:42,334 a as an issue of fairness and the other so they proposed the 444 00:42:42,334 --> 00:42:46,569 the other so they proposed the final proposal. Digital text. I 445 00:42:46,569 --> 00:42:50,102 final proposal. Digital text. I teach Susie contribution which 446 00:42:50,102 --> 00:42:53,667 teach Susie contribution which is nothing else. which is 447 00:42:53,667 --> 00:42:55,368 is nothing else. which is discussed not only inside the 448 00:42:55,368 --> 00:42:57,069 discussed not only inside the European Union, but also at 449 00:42:57,069 --> 00:43:01,666 European Union, but also at the. To a CD but I mean in the 450 00:43:01,666 --> 00:43:03,165 the. To a CD but I mean in the last couple of months, we have 451 00:43:03,165 --> 00:43:05,632 last couple of months, we have seen that Internet companies 452 00:43:05,632 --> 00:43:09,133 seen that Internet companies have made additional profit 453 00:43:09,133 --> 00:43:11,167 have made additional profit which is okay But on the other 454 00:43:11,167 --> 00:43:13,733 which is okay But on the other hand we should not forget that 455 00:43:13,733 --> 00:43:19,100 hand we should not forget that many small. companies shops 456 00:43:19,100 --> 00:43:23,265 many small. companies shops have been locked down and they 457 00:43:23,265 --> 00:43:26,199 have been locked down and they usually have a bigger expert 458 00:43:26,199 --> 00:43:29,900 usually have a bigger expert than the. 459 00:43:59,366 --> 00:44:00,799 If we will try and take some 460 00:44:00,799 --> 00:44:02,033 If we will try and take some questions, but I want to come 461 00:44:02,033 --> 00:44:04,367 questions, but I want to come back on the idea of resilience 462 00:44:04,367 --> 00:44:05,900 back on the idea of resilience because I think it’s a very 463 00:44:05,900 --> 00:44:07,166 because I think it’s a very interesting word which you 464 00:44:07,166 --> 00:44:08,366 interesting word which you know, maybe an economist would 465 00:44:08,366 --> 00:44:11,133 know, maybe an economist would say has has no macroeconomic 466 00:44:11,133 --> 00:44:12,767 say has has no macroeconomic relevance. in terms of what it 467 00:44:12,767 --> 00:44:14,933 relevance. in terms of what it actually means, and it seems 468 00:44:14,933 --> 00:44:15,533 actually means, and it seems that a lot of the members that 469 00:44:15,533 --> 00:44:16,700 that a lot of the members that seem to think the resilience 470 00:44:16,700 --> 00:44:17,867 seem to think the resilience could mean very different 471 00:44:17,867 --> 00:44:20,100 could mean very different things. Perhaps if you’re a 472 00:44:20,100 --> 00:44:21,733 things. Perhaps if you’re a Spanish Prime Minister 473 00:44:21,733 --> 00:44:22,666 Spanish Prime Minister Resilience means that you spend 474 00:44:22,666 --> 00:44:24,333 Resilience means that you spend money on Green and digital 475 00:44:24,333 --> 00:44:25,266 money on Green and digital priorities, but if you’re a 476 00:44:25,266 --> 00:44:26,633 priorities, but if you’re a Dutch Prime Minister resilience 477 00:44:26,633 --> 00:44:27,733 Dutch Prime Minister resilience means that you have to reform 478 00:44:27,733 --> 00:44:30,300 means that you have to reform your pens. System your labor 479 00:44:30,300 --> 00:44:32,700 your pens. System your labor market and your taxation What 480 00:44:32,700 --> 00:44:34,300 market and your taxation What do you think you seem to 481 00:44:34,300 --> 00:44:35,666 do you think you seem to suggest earlier in the 482 00:44:35,666 --> 00:44:36,767 suggest earlier in the conversation that resilience is 483 00:44:36,767 --> 00:44:38,233 conversation that resilience is actually something a lot 484 00:44:38,233 --> 00:44:40,166 actually something a lot deeper. it’s about a deeper 485 00:44:40,166 --> 00:44:41,633 deeper. it’s about a deeper level of structural form and 486 00:44:41,633 --> 00:44:42,367 level of structural form and economy. Can you just clarify 487 00:44:42,367 --> 00:44:44,900 economy. Can you just clarify just exactly that ambiguity 488 00:44:44,900 --> 00:44:46,267 just exactly that ambiguity around this world? What the 489 00:44:46,267 --> 00:44:47,233 around this world? What the Commission really means when it 490 00:44:47,233 --> 00:44:51,200 Commission really means when it says resilience. Yeah more than 491 00:44:51,200 --> 00:44:52,766 says resilience. Yeah more than general note that we just 492 00:44:52,766 --> 00:44:55,233 general note that we just received the report of a fiscal 493 00:44:55,233 --> 00:44:58,400 received the report of a fiscal board and they they said that 494 00:44:58,400 --> 00:45:03,698 board and they they said that since 2014 the net investment. 495 00:45:36,066 --> 00:45:37,866 Realizations If you like, of 496 00:45:37,866 --> 00:45:41,767 Realizations If you like, of course I used to give a very I 497 00:45:41,767 --> 00:45:44,000 course I used to give a very I think a very impressive example 498 00:45:44,000 --> 00:45:47,233 think a very impressive example in order not to speak about the 499 00:45:47,233 --> 00:45:49,634 in order not to speak about the the usual countries it’s about 500 00:45:49,634 --> 00:45:52,300 the usual countries it’s about Croatia Croatia to come in 501 00:45:52,300 --> 00:45:55,034 Croatia Croatia to come in Europe, which is the most 502 00:45:55,034 --> 00:45:58,667 Europe, which is the most dependent on income from the 503 00:45:58,667 --> 00:46:01,566 dependent on income from the tourism sector. 25 percent of 504 00:46:01,566 --> 00:46:03,432 tourism sector. 25 percent of its National income is based on 505 00:46:03,432 --> 00:46:07,166 its National income is based on tourism and the next. Come in 506 00:46:07,166 --> 00:46:08,232 tourism and the next. Come in the next couple of countries we 507 00:46:08,232 --> 00:46:12,466 the next couple of countries we have countries like cases I 508 00:46:12,466 --> 00:46:15,432 have countries like cases I think Portugal where the tour 509 00:46:15,432 --> 00:46:18,633 think Portugal where the tour is around 14 percent and if 510 00:46:18,633 --> 00:46:21,099 is around 14 percent and if it’s about risk sharing 35 511 00:46:21,099 --> 00:46:24,634 it’s about risk sharing 35 percent is definitely too much. 512 00:46:24,634 --> 00:46:29,133 percent is definitely too much. and here the answer should be 513 00:46:29,133 --> 00:46:31,167 and here the answer should be not of course to reduce the 514 00:46:31,167 --> 00:46:33,699 not of course to reduce the tourism but to boost the 515 00:46:33,699 --> 00:46:35,766 tourism but to boost the economy to diversify the 516 00:46:35,766 --> 00:46:40,600 economy to diversify the economy in order to. 517 00:47:33,566 --> 00:47:35,366 More money for the pension 518 00:47:35,366 --> 00:47:38,466 More money for the pension system the health system as we 519 00:47:38,466 --> 00:47:40,966 system the health system as we have seen is also something 520 00:47:40,966 --> 00:47:43,467 have seen is also something which might be more and more 521 00:47:43,467 --> 00:47:45,733 which might be more and more expensive and we have to see 522 00:47:45,733 --> 00:47:48,367 expensive and we have to see how we can improve this kind of 523 00:47:48,367 --> 00:47:51,133 how we can improve this kind of systems in order to make it 524 00:47:51,133 --> 00:47:53,666 systems in order to make it affordable and still accessible 525 00:47:53,666 --> 00:47:55,234 affordable and still accessible to everybody, which is one of 526 00:47:55,234 --> 00:47:58,567 to everybody, which is one of the big achievements of Europe 527 00:47:58,567 --> 00:48:00,333 the big achievements of Europe compared to other parts of the 528 00:48:00,333 --> 00:48:02,000 compared to other parts of the world. But again, I think the 529 00:48:02,000 --> 00:48:04,800 world. But again, I think the main focus. On the economy 530 00:48:04,800 --> 00:48:08,100 main focus. On the economy because if the economy is not 531 00:48:08,100 --> 00:48:10,700 because if the economy is not performing you cannot afford to 532 00:48:10,700 --> 00:48:13,200 performing you cannot afford to keep our living standards as it 533 00:48:13,200 --> 00:48:16,233 keep our living standards as it is. 534 00:49:41,133 --> 00:49:45,200 Bed in transforming research 535 00:49:45,200 --> 00:49:47,666 Bed in transforming research outcomes into business cases 536 00:49:47,666 --> 00:49:50,733 outcomes into business cases here we have to see how we can. 537 00:49:50,733 --> 00:49:52,767 here we have to see how we can. improve this, but this is also 538 00:49:52,767 --> 00:49:57,066 improve this, but this is also partly I would say a problem of 539 00:49:57,066 --> 00:50:01,199 partly I would say a problem of mentality in Europe 540 00:50:01,199 --> 00:50:03,699 mentality in Europe unfortunately if somebody fails 541 00:50:03,699 --> 00:50:06,666 unfortunately if somebody fails in his business activities go 542 00:50:06,666 --> 00:50:12,467 in his business activities go back up. one is immediately 543 00:50:43,634 --> 00:50:46,000 A kind of mentality change 544 00:50:46,000 --> 00:50:48,533 A kind of mentality change amongst ourselves as strong as 545 00:50:48,533 --> 00:50:52,100 amongst ourselves as strong as support to those who try to go 546 00:50:52,100 --> 00:50:56,100 support to those who try to go ahead and take the risk and so 547 00:50:56,100 --> 00:50:58,067 ahead and take the risk and so this is more of the 548 00:50:58,067 --> 00:51:00,266 this is more of the psychological side if you like 549 00:51:00,266 --> 00:51:02,632 psychological side if you like on the social behavior side, 550 00:51:02,632 --> 00:51:05,133 on the social behavior side, but also we have to offer if 551 00:51:05,133 --> 00:51:08,967 but also we have to offer if you like more venture capital 552 00:51:08,967 --> 00:51:11,634 you like more venture capital You offers two less venture 553 00:51:11,634 --> 00:51:14,366 You offers two less venture capital. Here we are another 554 00:51:14,366 --> 00:51:16,567 capital. Here we are another week compared to the United 555 00:51:16,567 --> 00:51:18,500 week compared to the United States Most of our companies 556 00:51:18,500 --> 00:51:21,700 States Most of our companies our financed by the banking 557 00:51:21,700 --> 00:51:24,566 our financed by the banking sector, 80 percent banks pay 558 00:51:24,566 --> 00:51:28,900 sector, 80 percent banks pay definition risk. and therefore 559 00:51:28,900 --> 00:51:32,300 definition risk. and therefore it’s a huge handicap for start 560 00:51:32,300 --> 00:51:36,533 it’s a huge handicap for start ups for the development of 561 00:51:36,533 --> 00:51:39,067 ups for the development of companies etcetera. Thank you 562 00:51:39,067 --> 00:51:40,900 companies etcetera. Thank you we have to make changes I think 563 00:51:40,900 --> 00:51:43,767 we have to make changes I think over a year. The Union, the 564 00:51:43,767 --> 00:51:46,334 over a year. The Union, the Union was its budget could 565 00:51:46,334 --> 00:51:49,800 Union was its budget could spearhead the changes and and 566 00:51:49,800 --> 00:51:51,766 spearhead the changes and and for this funds invest you could 567 00:51:51,766 --> 00:51:53,966 for this funds invest you could be quite an interesting 568 00:51:53,966 --> 00:51:59,233 be quite an interesting programs for startups for is it 569 00:52:02,266 --> 00:52:05,766 Thank you. can you can you hear 570 00:52:05,766 --> 00:52:07,865 Thank you. can you can you hear me? Yeah? Yeah. Yes. Okay. So 571 00:52:07,865 --> 00:52:09,800 me? Yeah? Yeah. Yes. Okay. So I’m just asking for sure 572 00:52:09,800 --> 00:52:13,700 I’m just asking for sure because for some problems now, 573 00:52:13,700 --> 00:52:15,533 because for some problems now, let me ask you a question about 574 00:52:15,533 --> 00:52:19,200 let me ask you a question about the timeline. I mean many of us 575 00:52:19,200 --> 00:52:20,667 the timeline. I mean many of us has a crystal ball so we don’t 576 00:52:20,667 --> 00:52:22,066 has a crystal ball so we don’t know whether the European 577 00:52:22,066 --> 00:52:24,634 know whether the European Council doors and compromise 578 00:52:24,634 --> 00:52:27,333 Council doors and compromise next week or not. But my 579 00:52:27,333 --> 00:52:28,566 next week or not. But my question is that if there will 580 00:52:28,566 --> 00:52:30,566 question is that if there will be an agreement next week, do 581 00:52:30,566 --> 00:52:32,767 be an agreement next week, do you think that? Rest of the 582 00:52:32,767 --> 00:52:34,366 you think that? Rest of the year will be sufficient to put 583 00:52:34,366 --> 00:52:36,000 year will be sufficient to put in place or other legislation 584 00:52:36,000 --> 00:52:37,534 in place or other legislation so that all programs can start 585 00:52:37,534 --> 00:52:39,267 so that all programs can start from the first of January next 586 00:52:39,267 --> 00:52:41,434 from the first of January next year and for the country What 587 00:52:41,434 --> 00:52:43,333 year and for the country What risks you’ll see that if there 588 00:52:43,333 --> 00:52:45,367 risks you’ll see that if there is no agreement next week, then 589 00:52:45,367 --> 00:52:47,733 is no agreement next week, then is there is that the program 590 00:52:47,733 --> 00:52:50,133 is there is that the program you’ll be delayed. to the to 591 00:52:50,133 --> 00:52:53,234 you’ll be delayed. to the to the current 2014 and 2020 year 592 00:52:53,234 --> 00:52:56,833 the current 2014 and 2020 year frame for agreement was reached 593 00:52:56,833 --> 00:52:59,700 frame for agreement was reached 2013 and simply many projects 594 00:52:59,700 --> 00:53:01,169 2013 and simply many projects programs couldn’t start the 595 00:53:01,169 --> 00:53:05,102 programs couldn’t start the first of January 20. 596 00:53:17,835 --> 00:53:19,469 Exactly for the reasons you 597 00:53:19,469 --> 00:53:21,734 Exactly for the reasons you have described I mean when we 598 00:53:21,734 --> 00:53:24,134 have described I mean when we presented more than a month 599 00:53:24,134 --> 00:53:29,201 presented more than a month ago, I worry but. it was 600 00:53:29,201 --> 00:53:35,168 ago, I worry but. it was accompanied with a. 20 - two 601 00:53:35,168 --> 00:53:40,102 accompanied with a. 20 - two legal proposal and this has to 602 00:53:40,102 --> 00:53:43,302 legal proposal and this has to be and definitely already in 603 00:53:43,302 --> 00:53:46,534 be and definitely already in in. here’s time constraints. so 604 00:53:46,534 --> 00:53:51,068 in. here’s time constraints. so I hope and I I can only Leaders 605 00:53:51,068 --> 00:53:53,702 I hope and I I can only Leaders to get an agreement what I 606 00:53:53,702 --> 00:53:56,701 to get an agreement what I sense is that in particular the 607 00:53:56,701 --> 00:53:59,334 sense is that in particular the German presidency the ego to 608 00:53:59,334 --> 00:54:02,199 German presidency the ego to get the agreement and today I 609 00:54:02,199 --> 00:54:05,767 get the agreement and today I will talk to five finance and 610 00:54:05,767 --> 00:54:07,966 will talk to five finance and European Affairs ministers or 611 00:54:07,966 --> 00:54:09,866 European Affairs ministers or barley have already talked to 612 00:54:09,866 --> 00:54:14,165 barley have already talked to them. days from the different 613 00:54:14,165 --> 00:54:17,665 them. days from the different parts of Europe. for different 614 00:54:17,665 --> 00:54:19,298 parts of Europe. for different reasons but to stay interest to 615 00:54:19,298 --> 00:54:22,800 reasons but to stay interest to get a deal. 616 00:55:24,600 --> 00:55:26,400 Etan signal by the European 617 00:55:26,400 --> 00:55:30,100 Etan signal by the European Union European leaders that 618 00:55:30,100 --> 00:55:32,933 Union European leaders that they are able to take decisions 619 00:55:32,933 --> 00:55:35,733 they are able to take decisions and by taking this specific 620 00:55:35,733 --> 00:55:38,167 and by taking this specific decisions they like the 621 00:55:38,167 --> 00:55:39,700 decisions they like the European institutions and 622 00:55:39,700 --> 00:55:41,167 European institutions and therefore the European citizens 623 00:55:41,167 --> 00:55:43,233 therefore the European citizens finally is the necessary 624 00:55:43,233 --> 00:55:46,200 finally is the necessary financial firepower to be 625 00:55:46,200 --> 00:55:51,666 financial firepower to be prepared to to of say thank you 626 00:55:51,666 --> 00:55:53,800 prepared to to of say thank you and to be prepared for this 627 00:55:53,800 --> 00:55:56,933 and to be prepared for this current. 628 00:56:27,666 --> 00:56:29,966 You’ll never know and it’s good 629 00:56:29,966 --> 00:56:32,733 You’ll never know and it’s good to be also financially well 630 00:56:32,733 --> 00:56:33,933 to be also financially well prepared and also for this 631 00:56:33,933 --> 00:56:36,800 prepared and also for this reason we need a decision so 632 00:56:36,800 --> 00:56:38,199 reason we need a decision so that people can really enjoy 633 00:56:38,199 --> 00:56:41,767 that people can really enjoy the holidays and return healthy 634 00:56:41,767 --> 00:56:43,932 the holidays and return healthy feedback from the holidays to 635 00:56:43,932 --> 00:56:47,633 feedback from the holidays to be fit and ready to take all 636 00:56:47,633 --> 00:56:50,401 be fit and ready to take all the challenges in autumn well 637 00:56:50,401 --> 00:56:52,998 the challenges in autumn well but also for this reason we are 638 00:56:52,998 --> 00:56:53,832 but also for this reason we are looking at my watch and I think 639 00:56:53,832 --> 00:56:54,800 looking at my watch and I think we’ve actually run out of time, 640 00:56:54,800 --> 00:56:57,467 we’ve actually run out of time, but that’s a very. note to end 641 00:56:57,467 --> 00:57:01,201 but that’s a very. note to end it on I’m sure my staff will be 642 00:57:01,201 --> 00:57:01,968 it on I’m sure my staff will be following the Council and maybe 643 00:57:01,968 --> 00:57:04,302 following the Council and maybe the next few weeks and of 644 00:57:04,302 --> 00:57:06,035 the next few weeks and of August but we’ll see you 645 00:57:06,035 --> 00:57:08,502 August but we’ll see you whenever this does get resolved 646 00:57:08,502 --> 00:57:09,303 whenever this does get resolved will be before it very closely. 647 00:57:09,303 --> 00:57:11,902 will be before it very closely. So I think my love is to say 648 00:57:11,902 --> 00:57:12,502 So I think my love is to say thank you very much for joining 649 00:57:12,502 --> 00:57:14,035 thank you very much for joining us. I apologize to everyone on 650 00:57:14,035 --> 00:57:15,968 us. I apologize to everyone on this team and also to 651 00:57:15,968 --> 00:57:17,235 this team and also to Commissioner so I had technical 652 00:57:17,235 --> 00:57:18,068 Commissioner so I had technical difficulties. I think there was 653 00:57:18,068 --> 00:57:19,801 difficulties. I think there was some Russ that you could you 654 00:57:19,801 --> 00:57:20,635 some Russ that you could you could hear early on, but I 655 00:57:20,635 --> 00:57:22,902 could hear early on, but I think we managed to fix the 656 00:57:22,902 --> 00:57:25,534 think we managed to fix the because so thank you once again 657 00:57:25,534 --> 00:57:27,267 because so thank you once again and good luck with it all. 658 00:57:27,267 --> 00:57:33,235 and good luck with it all. Thank you. you know. 659 00:57:34,368 --> 00:57:36,068 the Thank you very much I think 660 00:57:36,068 --> 00:57:36,636 the Thank you very much I think there was some problems that 661 00:57:36,636 --> 00:57:39,202 there was some problems that you could put on your own. I 662 00:57:39,202 --> 00:57:42,802 you could put on your own. I think you want to. so thank you 663 00:57:42,802 --> 00:57:44,201 think you want to. so thank you once again and good luck to you 664 00:57:44,201 --> 00:57:53,668 once again and good luck to you all. Thank you. to the party. 665 00:57:58,035 --> 00:58:01,766 thanks very much. there was 666 00:58:01,766 --> 00:58:07,098 thanks very much. there was some funds. 667 00:58:10,700 --> 00:58:13,800 of that.