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I’m very proud of 

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that’s two. Yeah I think that 

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that’s two. Yeah I think that 
that is in here but I’ll give 

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that is in here but I’ll give 
you this No you eat you to all 

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you this No you eat you to all 
of you and you go to the to 

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of you and you go to the to 
pretending the day’s gonna be 

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pretending the day’s gonna be 
with the cake here you have 

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with the cake here you have 
Germany, Belgium so close by 

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Germany, Belgium so close by 
and all three countries. For 

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and all three countries. For 
real, I think they should all 

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real, I think they should all 
be working as one of the latte 

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be working as one of the latte 
together. at least they didn’t 

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together. at least they didn’t 
go in together but come out of 

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go in together but come out of 
it. a good time to defeat the 

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it. a good time to defeat the 
current of Iris in Slovenia, 

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current of Iris in Slovenia, 
but you don’t defeat the virus 

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but you don’t defeat the virus 
its like you’re never gonna 

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its like you’re never gonna 
solve the issue unless you keep 

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solve the issue unless you keep 
the borders closed forever and 

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the borders closed forever and 
I hope that we would work 

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I hope that we would work 
together to solve problems like 

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together to solve problems like 
this with this, we can see that 

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this with this, we can see that 
it’s necessary and that also 

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it’s necessary and that also 
pans to other issues like 

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pans to other issues like 
climate change This dramatical 

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climate change This dramatical 
borders were always it was 

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borders were always it was 
always present uh because it 

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always present uh because it 
was. You know in the 90s 

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was. You know in the 90s 
because of the war uh you know 

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because of the war uh you know 
in Boston uh you know it was 

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in Boston uh you know it was 
always uh it was part of 

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always uh it was part of 
people’s lives so it was not 

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people’s lives so it was not 
just the part of the artistic 

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just the part of the artistic 
discourse because of our age. 

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discourse because of our age. 
We’ve never saw it like a I’m 

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We’ve never saw it like a I’m 
uh I’m only Slovenia or only a 

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uh I’m only Slovenia or only a 
part of the bar and countries 

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part of the bar and countries 
are only Europeans much more 

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are only Europeans much more 
openness. I think especially 

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openness. I think especially 
for our generation that we went 

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for our generation that we went 
through like our first. Was uh 

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through like our first. Was uh 
do you want to be part of the 

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do you want to be part of the 
EU? So it’s like a really 

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EU? So it’s like a really 
important moment. Slovenia just 

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important moment. Slovenia just 
got really involved in this 

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got really involved in this 
project project that supported 

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project project that supported 
mobility to young people and 

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mobility to young people and 
this really brought broaden 

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this really brought broaden 
their horizons and I’m worried 

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their horizons and I’m worried 
that this will really um limit 

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that this will really um limit 
this possibility and I think we 

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this possibility and I think we 
should all work together. I 

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should all work together. I 
would like the tear up with 

54
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would like the tear up with 
just maybe be more connected 

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just maybe be more connected 
and um this way that they 

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and um this way that they 
would. 

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Project for different cultures 

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Project for different cultures 
to meet since Italy has such uh 

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to meet since Italy has such uh 
becoming of immigrants and all 

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becoming of immigrants and all 
the people that want to go away 

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the people that want to go away 
from their country for the 

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from their country for the 
problems that they have there 

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problems that they have there 
should be something that help 

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should be something that help 
the union distribute all the 

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the union distribute all the 
people that are coming. These 

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people that are coming. These 
are people that died in the sea 

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are people that died in the sea 
and um it’s numbers when you 

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and um it’s numbers when you 
read them in a newspaper but it 

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read them in a newspaper but it 
becomes humans when you talk to 

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becomes humans when you talk to 
their relatives. I’m not proud 

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their relatives. I’m not proud 
of it. That’s. Aspects of 

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of it. That’s. Aspects of 
European politics, We’re lucky 

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European politics, We’re lucky 
to be born in the European 

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to be born in the European 
Union. We also have been 

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Union. We also have been 
somewhere 

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somewhere 
else 

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double AI. am not I am a human 

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double AI. am not I am a human 
I don’t like uh uh what’s 

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I don’t like uh uh what’s 
happening now in America. It’s 

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happening now in America. It’s 
not for him of murder It’s 

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not for him of murder It’s 
program with the mentality of. 

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program with the mentality of. 
I think that you should stop 

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I think that you should stop 
being in denial of it’s own 

84
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being in denial of it’s own 
racism. I think that the 

85
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racism. I think that the 
European level we have a lot of 

86
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European level we have a lot of 
work, but we could potentially 

87
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work, but we could potentially 
do like the uh systemization of 

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do like the uh systemization of 
ethnic data in Europe. we have 

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ethnic data in Europe. we have 
that should be narrative of 

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that should be narrative of 
Europe. You know it doesn’t 

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Europe. You know it doesn’t 
matter if you are black white 

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matter if you are black white 
if you can bring something to 

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if you can bring something to 
to Europe, that’s uh that that 

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to Europe, that’s uh that that 
that’s how you should come 

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that’s how you should come 
today On, Of course, I’ll go to 

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today On, Of course, I’ll go to 
long term an advantage. enfin 

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long term an advantage. enfin 
de on peut tirer des 

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leçons de la crise. 

99
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Hello and a very warm welcome 

100
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Hello and a very warm welcome 
to our session today um on 

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to our session today um on 
together for Europe’s recovery 

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together for Europe’s recovery 
and for a better and more 

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and for a better and more 
sovereign Europe, my name is 

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sovereign Europe, my name is 
Juan and I’m the director of 

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Juan and I’m the director of 
Blue and I’m honored and 

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Blue and I’m honored and 
pleased to be joined today by 

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pleased to be joined today by 
uh all of shorts what of shorts 

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uh all of shorts what of shorts 
um is the Minister of Finance 

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um is the Minister of Finance 
uh of Germany and um uh as 

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uh of Germany and um uh as 
we’ve learned recently after he 

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we’ve learned recently after he 
had already agreed to speak 

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had already agreed to speak 
here um he’s also. Candidate 

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here um he’s also. Candidate 
for becoming a German 

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for becoming a German 
chancellor in the next next 

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chancellor in the next next 
federal election um for the 

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federal election um for the 
social Democratic Party uh 

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social Democratic Party uh 
mister shorts, we are very very 

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mister shorts, we are very very 
honored and pleased to have you 

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honored and pleased to have you 
here with us today um and uh 

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here with us today um and uh 
the title already looks 

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the title already looks 
wonderful looks very 

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wonderful looks very 
provocative. Also, I think it 

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provocative. Also, I think it 
will trigger a lot of debate 

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will trigger a lot of debate 
and um following your 

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and um following your 
presentation uh we will have a 

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presentation uh we will have a 
bit of time um to uh discuss um 

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bit of time um to uh discuss um 
there’s my colleague doctor 

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there’s my colleague doctor 
Maria Mats sitting here next to 

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Maria Mats sitting here next to 
me at Ego’s Office. Uh she will 

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me at Ego’s Office. Uh she will 
kick us off with some 

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kick us off with some 
questions. I will answer some 

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questions. I will answer some 
questions, but then we will 

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questions, but then we will 
also take some questions from 

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also take some questions from 
the audience so for all of 

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the audience so for all of 
those watching us live stream, 

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those watching us live stream, 
please go on slider and type in 

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please go on slider and type in 
uh twenty BAM twenty um and 

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uh twenty BAM twenty um and 
then type your questions. Um we 

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then type your questions. Um we 
will then try to take um at 

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will then try to take um at 
least some of those questions 

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least some of those questions 
in the course of the hour that 

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in the course of the hour that 
we have ahead of us um our 

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we have ahead of us um our 
shorts um welcome again uh for 

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shorts um welcome again uh for 
this. Event in Thank you ähm 

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this. Event in Thank you ähm 
entwe look forward äh to your 

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entwe look forward äh to your 
welcoming äh to your 

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welcoming äh to your 
introductory speach 

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Um I’m afraid you have to push 

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Um I’m afraid you have to push 
the microwave. I’m sorry. Thank 

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the microwave. I’m sorry. Thank 
you. I’m very happy to have the 

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you. I’m very happy to have the 
opportunity to take part in 

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opportunity to take part in 
this year’s brutal annual 

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this year’s brutal annual 
meeting and I’m grateful to the 

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meeting and I’m grateful to the 
organizers for making it happen 

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organizers for making it happen 
all of us connecting digitally 

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all of us connecting digitally 
is perhaps a perfect example of 

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is perhaps a perfect example of 
our current new normal and uh 

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our current new normal and uh 
and of how the pandemic is 

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and of how the pandemic is 
changing the world Politics Two 

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changing the world Politics Two 
is a very different animal. 

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is a very different animal. 
these days we have to take. 

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Europe has shown a strong 

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Europe has shown a strong 
response to this crisis, 

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response to this crisis, 
Perhaps it didn’t look like it 

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Perhaps it didn’t look like it 
at first of nineteen Europe 

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at first of nineteen Europe 
relatively early on in the 

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relatively early on in the 
global pandemic and in many 

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global pandemic and in many 
European countries, it had 

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European countries, it had 
heart. Parts of Europe uh among 

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heart. Parts of Europe uh among 
the most affected regions in 

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the most affected regions in 
the world, we have seen 

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the world, we have seen 
nationalistic reflexes despite 

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nationalistic reflexes despite 
the cross border nature of the 

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the cross border nature of the 
pandemic. Some commentators 

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pandemic. Some commentators 
have asked whether the open 

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have asked whether the open 
liberal and Democratic 

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liberal and Democratic 
societies are actually capable 

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societies are actually capable 
of dealing with this kind of 

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of dealing with this kind of 
crisis. Europe has shown that 

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crisis. Europe has shown that 
yes, we are capable in fact the 

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yes, we are capable in fact the 
characteristics that define our 

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characteristics that define our 
European model of democracy are 

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European model of democracy are 
also our best. 

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In treating patients from 

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In treating patients from 
neighboring countries or like 

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neighboring countries or like 
helping out with much needed 

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helping out with much needed 
medical equipment in this 

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medical equipment in this 
crisis, Europe is living up to 

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crisis, Europe is living up to 
its core principles of 

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its core principles of 
solidarity and we are putting 

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solidarity and we are putting 
our money where our mouth is it 

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our money where our mouth is it 
was only in April that you your 

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was only in April that you your 
group agreed on a 540000000000 

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group agreed on a 540000000000 
safety net to protect workers 

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safety net to protect workers 
businesses and states now. 

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businesses and states now. 
Working out the details of our 

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Working out the details of our 
750000000000 recovery program 

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750000000000 recovery program 
to get Europe’s economy going 

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to get Europe’s economy going 
again, and that brings me to my 

200
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again, and that brings me to my 
second point for recovery to be 

201
00:10:00,733 --> 00:10:03,467
second point for recovery to be 
truly successful, We must 

202
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truly successful, We must 
recover together and use this 

203
00:10:04,966 --> 00:10:08,800
recover together and use this 
opportunity to transform our 

204
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opportunity to transform our 
economy together for Europe’s 

205
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economy together for Europe’s 
recovery. Look for nothing Have 

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recovery. Look for nothing Have 
we choose this as our motto for 

207
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we choose this as our motto for 
Germany’s council presidency. 

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Germany’s council presidency. 
Will only work if we do it 

209
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Will only work if we do it 
together, We must make sure 

210
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together, We must make sure 
that all parts of the EU can 

211
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that all parts of the EU can 
overcome this crisis, 

212
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overcome this crisis, 
especially those that are 

213
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especially those that are 
hardest hit. Ultimately, this 

214
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hardest hit. Ultimately, this 
is a question of the cohesion 

215
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is a question of the cohesion 
of the single market and 

216
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of the single market and 
therefore of a major source of 

217
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therefore of a major source of 
our prosperity together. This 

218
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our prosperity together. This 
describes the health of our 

219
00:10:43,233 --> 00:10:44,767
describes the health of our 
recovery the what of our 

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recovery the what of our 
recovery is investment to get 

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recovery is investment to get 
Europe’s. Back on track 

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Europe’s. Back on track 
investment is key capital with 

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investment is key capital with 
smart credible reform packages 

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smart credible reform packages 
it can create growth 

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it can create growth 
opportunities and make our 

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opportunities and make our 
economies more resilient but to 

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economies more resilient but to 
have a lasting positive effect, 

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have a lasting positive effect, 
it must also be the right kind 

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it must also be the right kind 
of investment. I’m talking 

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of investment. I’m talking 
about ecological and digital 

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about ecological and digital 
transformation, but making sure 

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transformation, but making sure 
that Europe and it’s economic 

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that Europe and it’s economic 
economy of fit for the twenty 

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economy of fit for the twenty 
of the century. That is why 

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of the century. That is why 
I’ve pushed for ambitious 

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I’ve pushed for ambitious 
cohesive and transformative 

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cohesive and transformative 
recovery program. We have spell 

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recovery program. We have spell 
out such a program in the joint 

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out such a program in the joint 
Franco German proposal and now 

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Franco German proposal and now 
with next generation EU and 

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with next generation EU and 
it’s recovery and the 

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it’s recovery and the 
resilience facility. We have a 

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resilience facility. We have a 
program on the table that has 

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program on the table that has 
been agreed by all member 

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been agreed by all member 
states Next, we must continue a 

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states Next, we must continue a 
pass and finish the legislative 

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pass and finish the legislative 
process so that funds can 

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process so that funds can 
become a variable at the start 

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become a variable at the start 
of 21 driving. Recovery Program 

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of 21 driving. Recovery Program 
forward will be a priority 

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forward will be a priority 
during Germany’s council 

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during Germany’s council 
presidency and it is connected 

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presidency and it is connected 
to another priority, finalizing 

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to another priority, finalizing 
the next MFF, the multi and 

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the next MFF, the multi and 
financial framework. 

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And the recovery program 

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And the recovery program 
elevate Europe’s financial 

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elevate Europe’s financial 
policy to a completely new 

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policy to a completely new 
level, a level that moves us 

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level, a level that moves us 
closer to a physical union. The 

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closer to a physical union. The 
You will issue a substantial 

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You will issue a substantial 
amount of debt together. the 

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amount of debt together. the 
simple fact that the EU will 

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simple fact that the EU will 
also repay this debt together 

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also repay this debt together 
calls for among other things. 

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calls for among other things. 
more you own resources we will 

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more you own resources we will 
discuss this topic at the 

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discuss this topic at the 
informal it could fit in Berlin 

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informal it could fit in Berlin 
next week. A fiscal union with 

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next week. A fiscal union with 
complete the economic and 

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complete the economic and 
monetary Union this way we can 

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monetary Union this way we can 
increase the stability of 

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increase the stability of 
financial markets We can 

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financial markets We can 
strengthen the role of the 

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strengthen the role of the 
euro, putting it on a similar 

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euro, putting it on a similar 
level to the US dollar in a way 

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level to the US dollar in a way 
that reflects our economic 

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that reflects our economic 
growth as the world’s largest 

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growth as the world’s largest 
trading block we can ensure our 

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trading block we can ensure our 
financial independence and 

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financial independence and 
there our 

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sovereignty in the person of 

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sovereignty in the person of 
building a better European 

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building a better European 
union. We need other pieces 

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union. We need other pieces 
too. Ahead on minimum corporate 

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too. Ahead on minimum corporate 
taxation to ensure that 

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taxation to ensure that 
everyone contributes their fair 

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everyone contributes their fair 
share more decision taking with 

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share more decision taking with 
qualified majority, especially 

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qualified majority, especially 
in text messages or foreign 

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in text messages or foreign 
policy so that Europe cannot be 

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policy so that Europe cannot be 
divided easily and further 

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divided easily and further 
integration of financial 

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integration of financial 
markets by deepening the 

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markets by deepening the 
banking Union and the capital 

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banking Union and the capital 
markets Union. We will work 

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markets Union. We will work 
towards progress in all these 

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towards progress in all these 
areas during Germany. The 

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areas during Germany. The 
presidency the pandemic has 

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presidency the pandemic has 
shown how much we as 

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shown how much we as 
individuals are all depend on 

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individuals are all depend on 
each other. The same goes for 

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each other. The same goes for 
Europe now European country can 

304
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Europe now European country can 
go it alone. Strengthening the 

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go it alone. Strengthening the 
EU is a question of sovereignty 

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EU is a question of sovereignty 
of holding our own with the 

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of holding our own with the 
United States or with China who 

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United States or with China who 
are forcefully asserting their 

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are forcefully asserting their 
national interests only 

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national interests only 
together can we defend our 

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together can we defend our 
European way of life for me? 

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European way of life for me? 
And Unite Europe is Germany’s 

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And Unite Europe is Germany’s 
primary national interest 

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primary national interest 
progress to this end we require 

315
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progress to this end we require 
perseverance and leadership, we 

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perseverance and leadership, we 
will have lots to do in the 

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will have lots to do in the 
coming months and years it is 

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coming months and years it is 
entirely up to us Europeans if 

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entirely up to us Europeans if 
we want to emerge from this 

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we want to emerge from this 
crisis with the better, more 

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crisis with the better, more 
social and more sovereign 

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social and more sovereign 
European Union. 

323
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Thank you very much uh minister 

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Thank you very much uh minister 
for this um the speech this 

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for this um the speech this 
very clear um set out and I 

326
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very clear um set out and I 
noted in particular um this 

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noted in particular um this 
very strong sentence is strong 

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very strong sentence is strong 
and United Europe is in 

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and United Europe is in 
Germany’s interest. Um I think 

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Germany’s interest. Um I think 
the sentence that um certainly 

331
00:15:44,733 --> 00:15:47,366
the sentence that um certainly 
I as a German in process um 

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I as a German in process um 
subscribe to and I think that 

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00:15:48,000 --> 00:15:49,400
subscribe to and I think that 
probably many in Germany also 

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00:15:49,400 --> 00:15:51,233
probably many in Germany also 
subscribe to, but they’re 

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subscribe to, but they’re 
certainly big debate on this um 

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00:15:53,300 --> 00:15:55,866
certainly big debate on this um 
let me push you um before I 

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let me push you um before I 
give the floor to uh to Maria 

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give the floor to uh to Maria 
on on one point um which is um 

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on on one point um which is um 
really. To the term to the term 

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really. To the term to the term 
sovereign, you mentioned uh 

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sovereign, you mentioned uh 
fiscal union um you mentioned 

342
00:16:07,600 --> 00:16:09,400
fiscal union um you mentioned 
we are moving closer to a 

343
00:16:09,400 --> 00:16:10,800
we are moving closer to a 
fiscal union and you are a 

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00:16:10,800 --> 00:16:13,467
fiscal union and you are a 
lawyer of course and um uh when 

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00:16:13,467 --> 00:16:14,933
lawyer of course and um uh when 
you talk when I talk with 

346
00:16:14,933 --> 00:16:17,533
you talk when I talk with 
lawyers in our home country, 

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lawyers in our home country, 
Germany, I often get the 

348
00:16:19,067 --> 00:16:20,234
Germany, I often get the 
response that sovereignty is 

349
00:16:20,234 --> 00:16:21,933
response that sovereignty is 
really something that only 

350
00:16:21,933 --> 00:16:23,333
really something that only 
belongs to a nation state. 

351
00:16:23,333 --> 00:16:24,866
belongs to a nation state. 
You’ve talked also of the 

352
00:16:24,866 --> 00:16:28,200
You’ve talked also of the 
Milton moment. um are we really 

353
00:16:28,200 --> 00:16:31,134
Milton moment. um are we really 
talking here about um a step 

354
00:16:31,134 --> 00:16:32,466
talking here about um a step 
change in European integration? 

355
00:16:32,466 --> 00:16:35,666
change in European integration? 
where? where you know we. From 

356
00:16:35,666 --> 00:16:37,667
where? where you know we. From 
a group of states that are 

357
00:16:37,667 --> 00:16:39,533
a group of states that are 
bound by a common but still a 

358
00:16:39,533 --> 00:16:41,100
bound by a common but still a 
group of states towards 

359
00:16:41,100 --> 00:16:43,234
group of states towards 
something where there is at 

360
00:16:43,234 --> 00:16:46,434
something where there is at 
least a nucleus of really 

361
00:16:46,434 --> 00:16:47,700
least a nucleus of really 
sovereignty decision-making 

362
00:16:47,700 --> 00:16:49,733
sovereignty decision-making 
power with QV you mentioned for 

363
00:16:49,733 --> 00:16:51,533
power with QV you mentioned for 
policy you mentioned tax policy 

364
00:16:51,533 --> 00:16:52,933
policy you mentioned tax policy 
at the European level. would 

365
00:16:52,933 --> 00:16:55,800
at the European level. would 
that be also your agenda um if 

366
00:16:55,800 --> 00:16:59,333
that be also your agenda um if 
you were elected the German 

367
00:16:59,333 --> 00:16:59,933
you were elected the German 
chancellor, thank you for your 

368
00:16:59,933 --> 00:17:03,967
chancellor, thank you for your 
question and uh let me draw a 

369
00:17:03,967 --> 00:17:07,234
question and uh let me draw a 
picture. Of 2015 will be a 

370
00:17:07,234 --> 00:17:10,534
picture. Of 2015 will be a 
world of possibly 10000000000 

371
00:17:10,534 --> 00:17:12,234
world of possibly 10000000000 
people. This is quite a lot and 

372
00:17:12,234 --> 00:17:13,800
people. This is quite a lot and 
the European Union will be 400 

373
00:17:13,800 --> 00:17:16,867
the European Union will be 400 
or 500000000 as part of this 

374
00:17:16,867 --> 00:17:18,667
or 500000000 as part of this 
world. There will be a lot of 

375
00:17:18,667 --> 00:17:21,067
world. There will be a lot of 
uh very influential states it 

376
00:17:21,067 --> 00:17:24,266
uh very influential states it 
will be Russia and the and the 

377
00:17:24,266 --> 00:17:25,799
will be Russia and the and the 
US still, but it will be also 

378
00:17:25,799 --> 00:17:28,799
US still, but it will be also 
China, but it will not be just 

379
00:17:28,799 --> 00:17:30,233
China, but it will not be just 
the three that will be in 

380
00:17:30,233 --> 00:17:32,133
the three that will be in 
India. There will be many other 

381
00:17:32,133 --> 00:17:33,900
India. There will be many other 
Asian nations that might be one 

382
00:17:33,900 --> 00:17:36,866
Asian nations that might be one 
or two from Latin America and 

383
00:17:36,866 --> 00:17:39,733
or two from Latin America and 
also Africa and if. This the 

384
00:17:39,733 --> 00:17:43,400
also Africa and if. This the 
only way of keeping our 

385
00:17:43,400 --> 00:17:44,834
only way of keeping our 
sovereignty will be that we do 

386
00:17:44,834 --> 00:17:47,634
sovereignty will be that we do 
it together as 27 Democratic 

387
00:17:47,634 --> 00:17:49,800
it together as 27 Democratic 
states in Europe, forming the 

388
00:17:49,800 --> 00:17:51,667
states in Europe, forming the 
European Union and this is I 

389
00:17:51,667 --> 00:17:53,833
European Union and this is I 
think the necessary 

390
00:17:53,833 --> 00:17:55,399
think the necessary 
understanding we have with all 

391
00:17:55,399 --> 00:17:57,767
understanding we have with all 
the things we are going to do 

392
00:17:57,767 --> 00:17:59,233
the things we are going to do 
and looking at that. It’s 

393
00:17:59,233 --> 00:18:01,666
and looking at that. It’s 
absolutely clear that a lot of 

394
00:18:01,666 --> 00:18:02,467
absolutely clear that a lot of 
decisions that are of 

395
00:18:02,467 --> 00:18:03,800
decisions that are of 
importance for us and our 

396
00:18:03,800 --> 00:18:05,867
importance for us and our 
citizens can only be done 

397
00:18:05,867 --> 00:18:07,467
citizens can only be done 
together. This is the case with 

398
00:18:07,467 --> 00:18:10,700
together. This is the case with 
foreign policy. This is A. Of 

399
00:18:10,700 --> 00:18:12,234
foreign policy. This is A. Of 
our common border, this is a 

400
00:18:12,234 --> 00:18:13,966
our common border, this is a 
question which links to 

401
00:18:13,966 --> 00:18:15,134
question which links to 
migration. This is a question, 

402
00:18:15,134 --> 00:18:17,433
migration. This is a question, 
which is important if we think 

403
00:18:17,433 --> 00:18:19,399
which is important if we think 
about technological sovereignty 

404
00:18:19,399 --> 00:18:21,667
about technological sovereignty 
and uh and the way how Europe 

405
00:18:21,667 --> 00:18:23,334
and uh and the way how Europe 
is doing, it’s economic way. 

406
00:18:23,334 --> 00:18:25,833
is doing, it’s economic way. 
and this is also a question 

407
00:18:25,833 --> 00:18:28,300
and this is also a question 
that relates to social cohesion 

408
00:18:28,300 --> 00:18:29,867
that relates to social cohesion 
and a question that is 

409
00:18:29,867 --> 00:18:31,333
and a question that is 
important for banking and 

410
00:18:31,333 --> 00:18:33,533
important for banking and 
fiscal union, for instance, so 

411
00:18:33,533 --> 00:18:35,200
fiscal union, for instance, so 
it is necessary that we get 

412
00:18:35,200 --> 00:18:37,466
it is necessary that we get 
this progress in this very 

413
00:18:37,466 --> 00:18:38,534
this progress in this very 
understandable fields of 

414
00:18:38,534 --> 00:18:44,834
understandable fields of 
quality. Many of the claims on 

415
00:18:44,834 --> 00:18:46,900
quality. Many of the claims on 
Europe, we’re always saying 

416
00:18:46,900 --> 00:18:48,900
Europe, we’re always saying 
it’s uh they they were 

417
00:18:48,900 --> 00:18:51,300
it’s uh they they were 
discussing about questions of 

418
00:18:51,300 --> 00:18:53,733
discussing about questions of 
of common regulations. Many 

419
00:18:53,733 --> 00:18:56,234
of common regulations. Many 
people are speaking about very 

420
00:18:56,234 --> 00:18:59,033
people are speaking about very 
not important questions, but 

421
00:18:59,033 --> 00:19:02,600
not important questions, but 
the real. 

422
00:19:02,867 --> 00:19:05,167
Things people bother is about 

423
00:19:05,167 --> 00:19:06,801
Things people bother is about 
foreign policy is about 

424
00:19:06,801 --> 00:19:08,267
foreign policy is about 
borders. It’s about migration. 

425
00:19:08,267 --> 00:19:09,700
borders. It’s about migration. 
It’s about economic success. 

426
00:19:09,700 --> 00:19:12,167
It’s about economic success. 
It’s about all the questions I 

427
00:19:12,167 --> 00:19:14,667
It’s about all the questions I 
already mentioned and so we 

428
00:19:14,667 --> 00:19:15,734
already mentioned and so we 
must deliver there and this is 

429
00:19:15,734 --> 00:19:18,834
must deliver there and this is 
the way of creating serenity. I 

430
00:19:18,834 --> 00:19:21,133
the way of creating serenity. I 
think we are doing now and with 

431
00:19:21,133 --> 00:19:22,767
think we are doing now and with 
the decisions we took we are 

432
00:19:22,767 --> 00:19:25,799
the decisions we took we are 
taking this year. I think a big 

433
00:19:25,799 --> 00:19:28,301
taking this year. I think a big 
progress is necessary to be to 

434
00:19:28,301 --> 00:19:30,834
progress is necessary to be to 
be to to do and it is 

435
00:19:30,834 --> 00:19:33,434
be to to do and it is 
absolutely unavoidable if we 

436
00:19:33,434 --> 00:19:35,267
absolutely unavoidable if we 
look at the questions of the 

437
00:19:35,267 --> 00:19:36,899
look at the questions of the 
debt who is taking a lot of a 

438
00:19:36,899 --> 00:19:40,333
debt who is taking a lot of a 
big that. This has a common 

439
00:19:40,333 --> 00:19:41,233
big that. This has a common 
responsibility in paying for it 

440
00:19:41,233 --> 00:19:43,566
responsibility in paying for it 
and this needs more progress, 

441
00:19:43,566 --> 00:19:45,299
and this needs more progress, 
for instance, in the question 

442
00:19:45,299 --> 00:19:48,634
for instance, in the question 
of resources. Thank you so 

443
00:19:48,634 --> 00:19:50,267
of resources. Thank you so 
creating European sovereignty. 

444
00:19:50,267 --> 00:19:52,301
creating European sovereignty. 
I think it’s uh it’s uh it’s a 

445
00:19:52,301 --> 00:19:54,800
I think it’s uh it’s uh it’s a 
very um important phrase of 

446
00:19:54,800 --> 00:19:56,201
very um important phrase of 
Maria. would you like to 

447
00:19:56,201 --> 00:19:57,800
Maria. would you like to 
perhaps um as one or two 

448
00:19:57,800 --> 00:19:58,866
perhaps um as one or two 
questions? yes, Of course, 

449
00:19:58,866 --> 00:19:59,467
questions? yes, Of course, 
thank you Minister. Thank you 

450
00:19:59,467 --> 00:20:01,899
thank you Minister. Thank you 
so much for joining us for 

451
00:20:01,899 --> 00:20:03,234
so much for joining us for 
accepting to be uh at the 

452
00:20:03,234 --> 00:20:05,000
accepting to be uh at the 
brutal today um and thank you 

453
00:20:05,000 --> 00:20:08,300
brutal today um and thank you 
for giving us so many uh issues 

454
00:20:08,300 --> 00:20:10,767
for giving us so many uh issues 
to think about in such a little 

455
00:20:10,767 --> 00:20:12,400
to think about in such a little 
time um in everything you said 

456
00:20:12,400 --> 00:20:13,867
time um in everything you said 
there is an underlying message 

457
00:20:13,867 --> 00:20:16,333
there is an underlying message 
and that is one of unity, one 

458
00:20:16,333 --> 00:20:17,600
and that is one of unity, one 
of the common approach. but if 

459
00:20:17,600 --> 00:20:21,400
of the common approach. but if 
I if I. Um Europe is not just 

460
00:20:21,400 --> 00:20:22,833
I if I. Um Europe is not just 
the one thing uh Europe is many 

461
00:20:22,833 --> 00:20:25,399
the one thing uh Europe is many 
things and it is different 

462
00:20:25,399 --> 00:20:26,733
things and it is different 
economic industries so 

463
00:20:26,733 --> 00:20:27,967
economic industries so 
different economic models 

464
00:20:27,967 --> 00:20:29,400
different economic models 
different capacities if you 

465
00:20:29,400 --> 00:20:30,533
different capacities if you 
think of just the fiscal 

466
00:20:30,533 --> 00:20:31,967
think of just the fiscal 
capacity and how it showed 

467
00:20:31,967 --> 00:20:33,234
capacity and how it showed 
itself in plate itself during 

468
00:20:33,234 --> 00:20:35,867
itself in plate itself during 
the epidemic different legal 

469
00:20:35,867 --> 00:20:37,400
the epidemic different legal 
systems different foreign 

470
00:20:37,400 --> 00:20:38,834
systems different foreign 
policy is different. global 

471
00:20:38,834 --> 00:20:39,967
policy is different. global 
outreach different economic 

472
00:20:39,967 --> 00:20:41,667
outreach different economic 
interest. if I may say, so you 

473
00:20:41,667 --> 00:20:42,900
interest. if I may say, so you 
are the or the driving seat now 

474
00:20:42,900 --> 00:20:44,099
are the or the driving seat now 
being the president of the 

475
00:20:44,099 --> 00:20:46,400
being the president of the 
European Union, but also a big 

476
00:20:46,400 --> 00:20:47,734
European Union, but also a big 
country who is expected to give 

477
00:20:47,734 --> 00:20:50,234
country who is expected to give 
us leadership on this issue. 

478
00:20:50,234 --> 00:20:51,699
us leadership on this issue. 
How May I ask how do you are 

479
00:20:51,699 --> 00:20:52,767
How May I ask how do you are 
you intending to unite us 

480
00:20:52,767 --> 00:20:55,266
you intending to unite us 
behind all the challenges that? 

481
00:20:55,266 --> 00:20:59,034
behind all the challenges that? 
You raised. 

482
00:21:00,234 --> 00:21:02,000
First, I think that uh looking 

483
00:21:02,000 --> 00:21:04,267
First, I think that uh looking 
at the global development 

484
00:21:04,267 --> 00:21:08,300
at the global development 
already spoke about uh it is 

485
00:21:08,300 --> 00:21:09,867
already spoke about uh it is 
absolutely unavoidable that we 

486
00:21:09,867 --> 00:21:12,733
absolutely unavoidable that we 
make the necessary progress. 

487
00:21:12,733 --> 00:21:14,000
make the necessary progress. 
Second, there is a good chance 

488
00:21:14,000 --> 00:21:16,199
Second, there is a good chance 
for us because if we look at 

489
00:21:16,199 --> 00:21:18,734
for us because if we look at 
the economy, it’s much more a 

490
00:21:18,734 --> 00:21:20,800
the economy, it’s much more a 
European economy and not a 

491
00:21:20,800 --> 00:21:22,867
European economy and not a 
really national one. If you 

492
00:21:22,867 --> 00:21:24,266
really national one. If you 
look at all the different 

493
00:21:24,266 --> 00:21:26,699
look at all the different 
countries if you just look at 

494
00:21:26,699 --> 00:21:29,700
countries if you just look at 
the many big companies that are 

495
00:21:29,700 --> 00:21:31,100
the many big companies that are 
working all over Europe, people 

496
00:21:31,100 --> 00:21:32,466
working all over Europe, people 
understand that it is it would 

497
00:21:32,466 --> 00:21:36,699
understand that it is it would 
be. To look at this integrated 

498
00:21:36,699 --> 00:21:38,566
be. To look at this integrated 
economy with a view that might 

499
00:21:38,566 --> 00:21:39,966
economy with a view that might 
have been right in the 60s or 

500
00:21:39,966 --> 00:21:43,966
have been right in the 60s or 
70s or 80s or even in in in in 

501
00:21:43,966 --> 00:21:46,366
70s or 80s or even in in in in 
in the 2000s, there has been a 

502
00:21:46,366 --> 00:21:47,867
in the 2000s, there has been a 
big change and we are much more 

503
00:21:47,867 --> 00:21:50,233
big change and we are much more 
integrated So it’s is 

504
00:21:50,233 --> 00:21:50,933
integrated So it’s is 
absolutely necessary that we 

505
00:21:50,933 --> 00:21:53,200
absolutely necessary that we 
work together even if we look 

506
00:21:53,200 --> 00:21:54,767
work together even if we look 
at our response to the crisis, 

507
00:21:54,767 --> 00:21:57,233
at our response to the crisis, 
we will find that saving a 

508
00:21:57,233 --> 00:21:59,733
we will find that saving a 
company mostly done by one 

509
00:21:59,733 --> 00:22:01,600
company mostly done by one 
country is also helping a lot 

510
00:22:01,600 --> 00:22:07,400
country is also helping a lot 
of uh. Employees. In many other 

511
00:22:07,400 --> 00:22:09,200
of uh. Employees. In many other 
countries, there are a lot of 

512
00:22:09,200 --> 00:22:10,000
countries, there are a lot of 
plants and we are not just 

513
00:22:10,000 --> 00:22:13,600
plants and we are not just 
looking at the one the country 

514
00:22:13,600 --> 00:22:17,433
looking at the one the country 
where they where the company 

515
00:22:17,433 --> 00:22:19,400
where they where the company 
had. offers is located and 

516
00:22:19,400 --> 00:22:21,167
had. offers is located and 
because of that, I think it is 

517
00:22:21,167 --> 00:22:22,967
because of that, I think it is 
a wrong view to think that we 

518
00:22:22,967 --> 00:22:25,966
a wrong view to think that we 
all have to have a chance not 

519
00:22:25,966 --> 00:22:27,300
all have to have a chance not 
to cooperate. We have to do it. 

520
00:22:27,300 --> 00:22:29,867
to cooperate. We have to do it. 
It’s absolutely in anyone’s 

521
00:22:29,867 --> 00:22:31,267
It’s absolutely in anyone’s 
interest. Yes, there are a lot 

522
00:22:31,267 --> 00:22:33,533
interest. Yes, there are a lot 
of discussions. There are a lot 

523
00:22:33,533 --> 00:22:37,966
of discussions. There are a lot 
of uh. Views on this question 

524
00:22:37,966 --> 00:22:40,466
of uh. Views on this question 
and as we all remember that was 

525
00:22:40,466 --> 00:22:44,400
and as we all remember that was 
a debate before the council 

526
00:22:44,400 --> 00:22:46,066
a debate before the council 
deciding on the program with 

527
00:22:46,066 --> 00:22:47,966
deciding on the program with 
the MF and the recovery 

528
00:22:47,966 --> 00:22:50,733
the MF and the recovery 
program, but in the end, it was 

529
00:22:50,733 --> 00:22:53,466
program, but in the end, it was 
a consensus and different to 

530
00:22:53,466 --> 00:22:55,799
a consensus and different to 
the situation 5 years ago or so 

531
00:22:55,799 --> 00:22:59,733
the situation 5 years ago or so 
it was just a very small debate 

532
00:22:59,733 --> 00:23:01,867
it was just a very small debate 
and if we look at this time uh 

533
00:23:01,867 --> 00:23:04,267
and if we look at this time uh 
from uh from the perspective of 

534
00:23:04,267 --> 00:23:06,734
from uh from the perspective of 
someone who is a historian and 

535
00:23:06,734 --> 00:23:08,466
someone who is a historian and 
writing the book about this 

536
00:23:08,466 --> 00:23:10,433
writing the book about this 
year, he will not he will not 

537
00:23:10,433 --> 00:23:13,533
year, he will not he will not 
he will not have words for. He 

538
00:23:13,533 --> 00:23:14,900
he will not have words for. He 
would just say this was the 

539
00:23:14,900 --> 00:23:17,199
would just say this was the 
year when you decided to 

540
00:23:17,199 --> 00:23:18,733
year when you decided to 
respond to a big crisis 

541
00:23:18,733 --> 00:23:20,467
respond to a big crisis 
together and this is the 

542
00:23:20,467 --> 00:23:26,233
together and this is the 
change. Let me um push you um 

543
00:23:26,233 --> 00:23:27,734
change. Let me um push you um 
and move away a bit from the 

544
00:23:27,734 --> 00:23:29,734
and move away a bit from the 
big picture questions a bit 

545
00:23:29,734 --> 00:23:31,433
big picture questions a bit 
more on some of the concrete um 

546
00:23:31,433 --> 00:23:33,767
more on some of the concrete um 
issues that are now on your 

547
00:23:33,767 --> 00:23:35,600
issues that are now on your 
table of being in the chair of 

548
00:23:35,600 --> 00:23:37,934
table of being in the chair of 
the president of the council 

549
00:23:37,934 --> 00:23:39,833
the president of the council 
and and also having to 

550
00:23:39,833 --> 00:23:41,667
and and also having to 
negotiate the package that the 

551
00:23:41,667 --> 00:23:43,833
negotiate the package that the 
European Council has agreed. 

552
00:23:43,833 --> 00:23:45,834
European Council has agreed. 
but that is still in the trial 

553
00:23:45,834 --> 00:23:47,834
but that is still in the trial 
was European Parliament um, of 

554
00:23:47,834 --> 00:23:50,400
was European Parliament um, of 
course the commission and the 

555
00:23:50,400 --> 00:23:51,800
course the commission and the 
council and and really one of 

556
00:23:51,800 --> 00:23:54,933
council and and really one of 
the big debates around this 

557
00:23:54,933 --> 00:23:56,734
the big debates around this 
recovering resolution. Next 

558
00:23:56,734 --> 00:23:59,800
recovering resolution. Next 
generation you fund um is it’s 

559
00:23:59,800 --> 00:24:03,633
generation you fund um is it’s 
governance and how will payouts 

560
00:24:03,633 --> 00:24:06,133
governance and how will payouts 
um be a supervised. How will we 

561
00:24:06,133 --> 00:24:08,000
um be a supervised. How will we 
make sure that when there is a 

562
00:24:08,000 --> 00:24:10,266
make sure that when there is a 
payout that is actually the 

563
00:24:10,266 --> 00:24:12,834
payout that is actually the 
money is gonna be well spent 

564
00:24:12,834 --> 00:24:14,467
money is gonna be well spent 
and you know in what direction 

565
00:24:14,467 --> 00:24:17,499
and you know in what direction 
the funds will also be used and 

566
00:24:17,499 --> 00:24:19,567
the funds will also be used and 
um who’s gonna supervise and 

567
00:24:19,567 --> 00:24:21,467
um who’s gonna supervise and 
the European Parliament uh top 

568
00:24:21,467 --> 00:24:23,366
the European Parliament uh top 
leaders from the European 

569
00:24:23,366 --> 00:24:24,000
leaders from the European 
Parliament have come out very 

570
00:24:24,000 --> 00:24:25,400
Parliament have come out very 
clearly and loudly saying well, 

571
00:24:25,400 --> 00:24:27,399
clearly and loudly saying well, 
we want to have a say we want a 

572
00:24:27,399 --> 00:24:29,467
we want to have a say we want a 
red car mechanism uh something 

573
00:24:29,467 --> 00:24:33,733
red car mechanism uh something 
where. And we can stop payouts 

574
00:24:33,733 --> 00:24:35,367
where. And we can stop payouts 
um uh when uh when they are not 

575
00:24:35,367 --> 00:24:37,699
um uh when uh when they are not 
in line with strategic 

576
00:24:37,699 --> 00:24:39,767
in line with strategic 
priorities um can you give us a 

577
00:24:39,767 --> 00:24:41,933
priorities um can you give us a 
sense? Where where you where we 

578
00:24:41,933 --> 00:24:43,299
sense? Where where you where we 
are in these negotiations in 

579
00:24:43,299 --> 00:24:45,167
are in these negotiations in 
the trial, and you know whether 

580
00:24:45,167 --> 00:24:47,167
the trial, and you know whether 
Germany in the end would 

581
00:24:47,167 --> 00:24:48,933
Germany in the end would 
support uh some significant 

582
00:24:48,933 --> 00:24:50,700
support uh some significant 
role uh for the European 

583
00:24:50,700 --> 00:24:55,434
role uh for the European 
Parliament in this. The first I 

584
00:24:55,434 --> 00:24:57,800
Parliament in this. The first I 
think there has been a very 

585
00:24:57,800 --> 00:24:59,833
think there has been a very 
clear message coming from the 

586
00:24:59,833 --> 00:25:01,633
clear message coming from the 
decision of the council. This 

587
00:25:01,633 --> 00:25:02,766
decision of the council. This 
is that we will do something 

588
00:25:02,766 --> 00:25:06,400
is that we will do something 
which most should have in the 

589
00:25:06,400 --> 00:25:07,800
which most should have in the 
beginning and in the in the 

590
00:25:07,800 --> 00:25:10,467
beginning and in the in the 
first year, so it is designed 

591
00:25:10,467 --> 00:25:13,900
first year, so it is designed 
for 2021 and two and possibly 

592
00:25:13,900 --> 00:25:15,667
for 2021 and two and possibly 
three. It’s not just more money 

593
00:25:15,667 --> 00:25:20,833
three. It’s not just more money 
for the uh for the uh MFF and I 

594
00:25:20,833 --> 00:25:22,833
for the uh for the uh MFF and I 
think it’s absolutely key that 

595
00:25:22,833 --> 00:25:26,201
think it’s absolutely key that 
we understand that anyone has. 

596
00:25:26,201 --> 00:25:27,867
we understand that anyone has. 
For programs and activities 

597
00:25:27,867 --> 00:25:30,434
For programs and activities 
that could be done to fight 

598
00:25:30,434 --> 00:25:32,834
that could be done to fight 
against the crisis and this 

599
00:25:32,834 --> 00:25:35,867
against the crisis and this 
time and then we will have uh a 

600
00:25:35,867 --> 00:25:38,534
time and then we will have uh a 
way of accepting the programs, 

601
00:25:38,534 --> 00:25:39,666
way of accepting the programs, 
which is designed in the 

602
00:25:39,666 --> 00:25:42,700
which is designed in the 
decision of the council and to 

603
00:25:42,700 --> 00:25:45,500
decision of the council and to 
clear the representing um um 

604
00:25:45,500 --> 00:25:47,134
clear the representing um um 
the the the state of the 

605
00:25:47,134 --> 00:25:49,200
the the the state of the 
European Union, I will discuss 

606
00:25:49,200 --> 00:25:52,633
European Union, I will discuss 
from this uh from this proposal 

607
00:25:52,633 --> 00:25:54,400
from this uh from this proposal 
and we are just at the starting 

608
00:25:54,400 --> 00:25:55,734
and we are just at the starting 
point discussing with the 

609
00:25:55,734 --> 00:25:59,533
point discussing with the 
Parliament I. 

610
00:26:16,234 --> 00:26:18,767
Um May I go back to the 

611
00:26:18,767 --> 00:26:19,966
Um May I go back to the 
recovery Fund. I think that’s a 

612
00:26:19,966 --> 00:26:20,667
recovery Fund. I think that’s a 
very interesting instrument 

613
00:26:20,667 --> 00:26:22,733
very interesting instrument 
that has been uh it’s been uh 

614
00:26:22,733 --> 00:26:24,667
that has been uh it’s been uh 
introduced and in many senses 

615
00:26:24,667 --> 00:26:26,701
introduced and in many senses 
of the word, it is a remarkable 

616
00:26:26,701 --> 00:26:28,967
of the word, it is a remarkable 
instrument um which is moving 

617
00:26:28,967 --> 00:26:31,400
instrument um which is moving 
Europe uh much more forward as 

618
00:26:31,400 --> 00:26:32,733
Europe uh much more forward as 
you said, also in in your 

619
00:26:32,733 --> 00:26:34,766
you said, also in in your 
speech, you mentioned also the 

620
00:26:34,766 --> 00:26:36,234
speech, you mentioned also the 
um the issue of fiscal union 

621
00:26:36,234 --> 00:26:38,799
um the issue of fiscal union 
and actually I see that many of 

622
00:26:38,799 --> 00:26:40,499
and actually I see that many of 
our audience are actually 

623
00:26:40,499 --> 00:26:42,099
our audience are actually 
wanting to dwell on the of the 

624
00:26:42,099 --> 00:26:44,334
wanting to dwell on the of the 
fiscal union in many is many 

625
00:26:44,334 --> 00:26:46,767
fiscal union in many is many 
forms. can you give us? Vision 

626
00:26:46,767 --> 00:26:48,634
forms. can you give us? Vision 
of what you believe the end 

627
00:26:48,634 --> 00:26:50,300
of what you believe the end 
game is in terms of European 

628
00:26:50,300 --> 00:26:54,166
game is in terms of European 
fiscal union. 

629
00:26:54,799 --> 00:26:56,834
Quite difficult for the idea of 

630
00:26:56,834 --> 00:26:59,700
Quite difficult for the idea of 
the end game because uh in the 

631
00:26:59,700 --> 00:27:01,301
the end game because uh in the 
political process, we are 

632
00:27:01,301 --> 00:27:02,634
political process, we are 
moving forward and then we will 

633
00:27:02,634 --> 00:27:06,200
moving forward and then we will 
see how the end will be but uh 

634
00:27:06,200 --> 00:27:07,700
see how the end will be but uh 
the next step in this case is 

635
00:27:07,700 --> 00:27:10,767
the next step in this case is 
really that we understand that 

636
00:27:10,767 --> 00:27:13,400
really that we understand that 
we need our own resources and 

637
00:27:13,400 --> 00:27:15,666
we need our own resources and 
yes there have been a very long 

638
00:27:15,666 --> 00:27:17,267
yes there have been a very long 
debate on our resources and we 

639
00:27:17,267 --> 00:27:19,900
debate on our resources and we 
already have some but not too 

640
00:27:19,900 --> 00:27:22,334
already have some but not too 
many. But now there is a big 

641
00:27:22,334 --> 00:27:23,900
many. But now there is a big 
change and this I think is 

642
00:27:23,900 --> 00:27:26,233
change and this I think is 
important for. You mentioned 

643
00:27:26,233 --> 00:27:29,834
important for. You mentioned 
the big change is that now 

644
00:27:29,834 --> 00:27:34,334
the big change is that now 
after we will take this debt. 

645
00:27:34,334 --> 00:27:39,266
after we will take this debt. 
It’s just that we will have the 

646
00:27:39,266 --> 00:27:40,667
It’s just that we will have the 
decision on their own 

647
00:27:40,667 --> 00:27:43,167
decision on their own 
resources. There is no room for 

648
00:27:43,167 --> 00:27:46,333
resources. There is no room for 
maneuver in postponing a 

649
00:27:46,333 --> 00:27:47,500
maneuver in postponing a 
decision because if we don’t 

650
00:27:47,500 --> 00:27:50,500
decision because if we don’t 
find a solution how to finance 

651
00:27:50,500 --> 00:27:53,400
find a solution how to finance 
the payback, this would mean 

652
00:27:53,400 --> 00:27:54,667
the payback, this would mean 
that this will be on the cost 

653
00:27:54,667 --> 00:27:56,866
that this will be on the cost 
of the multi annual financial 

654
00:27:56,866 --> 00:27:58,400
of the multi annual financial 
framework and this is something 

655
00:27:58,400 --> 00:27:59,966
framework and this is something 
no one could agree with and I 

656
00:27:59,966 --> 00:28:01,966
no one could agree with and I 
really see no one that would so 

657
00:28:01,966 --> 00:28:05,500
really see no one that would so 
it is now the best. Moment for 

658
00:28:05,500 --> 00:28:09,367
it is now the best. Moment for 
a reform, which will then 

659
00:28:09,367 --> 00:28:11,699
a reform, which will then 
develop something which is a 

660
00:28:11,699 --> 00:28:13,233
develop something which is a 
more successful fiscal union 

661
00:28:13,233 --> 00:28:16,266
more successful fiscal union 
because then we have common on 

662
00:28:16,266 --> 00:28:17,400
because then we have common on 
result, we have our own 

663
00:28:17,400 --> 00:28:18,733
result, we have our own 
resources, which will be able 

664
00:28:18,733 --> 00:28:21,301
resources, which will be able 
to manage the activities of the 

665
00:28:21,301 --> 00:28:22,966
to manage the activities of the 
European Union and uh I think 

666
00:28:22,966 --> 00:28:25,500
European Union and uh I think 
this is the decisive moment and 

667
00:28:25,500 --> 00:28:28,333
this is the decisive moment and 
doing it will change many 

668
00:28:28,333 --> 00:28:32,400
doing it will change many 
things my wish is that this is 

669
00:28:32,400 --> 00:28:34,667
things my wish is that this is 
done with the perspective of 

670
00:28:34,667 --> 00:28:36,033
done with the perspective of 
thinking about something that 

671
00:28:36,033 --> 00:28:40,267
thinking about something that 
is related to Europe. So if a. 

672
00:28:40,267 --> 00:28:41,966
is related to Europe. So if a. 
Own resources is only drawn by 

673
00:28:41,966 --> 00:28:43,467
Own resources is only drawn by 
the idea we need money. It’s 

674
00:28:43,467 --> 00:28:46,701
the idea we need money. It’s 
not enough one must be able to 

675
00:28:46,701 --> 00:28:48,167
not enough one must be able to 
understand why this is 

676
00:28:48,167 --> 00:28:49,133
understand why this is 
something that has to do with 

677
00:28:49,133 --> 00:28:53,000
something that has to do with 
the European level of the 

678
00:28:53,000 --> 00:28:56,133
the European level of the 
union. 

679
00:28:56,167 --> 00:28:59,966
At the whole body, so my view 

680
00:28:59,966 --> 00:29:02,467
At the whole body, so my view 
is it’s great to be now discuss 

681
00:29:02,467 --> 00:29:07,067
is it’s great to be now discuss 
on possibly emission um trade 

682
00:29:07,067 --> 00:29:09,267
on possibly emission um trade 
in the question of firing and 

683
00:29:09,267 --> 00:29:13,266
in the question of firing and 
uh and and uh and and uh our 

684
00:29:13,266 --> 00:29:14,733
uh and and uh and and uh our 
business that we discussed on 

685
00:29:14,733 --> 00:29:18,333
business that we discussed on 
on the question of uh of uh of 

686
00:29:18,333 --> 00:29:19,966
on the question of uh of uh of 
uh the taxation this will 

687
00:29:19,966 --> 00:29:22,266
uh the taxation this will 
discuss about the question of 

688
00:29:22,266 --> 00:29:23,734
discuss about the question of 
uh a financial transaction tax 

689
00:29:23,734 --> 00:29:26,599
uh a financial transaction tax 
because this are. Anyone can 

690
00:29:26,599 --> 00:29:27,801
because this are. Anyone can 
understand what this will have 

691
00:29:27,801 --> 00:29:29,333
understand what this will have 
to do with Europe and if we 

692
00:29:29,333 --> 00:29:30,933
to do with Europe and if we 
think in this way, I think this 

693
00:29:30,933 --> 00:29:33,400
think in this way, I think this 
could be also important. My 

694
00:29:33,400 --> 00:29:37,300
could be also important. My 
view is also that we are trying 

695
00:29:37,300 --> 00:29:38,800
view is also that we are trying 
to learn that the easiest way 

696
00:29:38,800 --> 00:29:41,133
to learn that the easiest way 
to get the necessary progress 

697
00:29:41,133 --> 00:29:44,801
to get the necessary progress 
that we use the already 

698
00:29:44,801 --> 00:29:46,934
that we use the already 
existing chances anonymously 

699
00:29:46,934 --> 00:29:49,200
existing chances anonymously 
deciding that on several topics 

700
00:29:49,200 --> 00:29:50,967
deciding that on several topics 
that will be a majority of 

701
00:29:50,967 --> 00:29:53,167
that will be a majority of 
qualified majority decision 

702
00:29:53,167 --> 00:29:55,600
qualified majority decision 
possible. This would be really 

703
00:29:55,600 --> 00:29:58,833
possible. This would be really 
a breakthrough. I want to come 

704
00:29:58,833 --> 00:30:02,201
a breakthrough. I want to come 
back to uh to your previous 

705
00:30:02,201 --> 00:30:05,400
back to uh to your previous 
response um on um on how to use 

706
00:30:05,400 --> 00:30:07,333
response um on um on how to use 
the recovery fund and you 

707
00:30:07,333 --> 00:30:10,399
the recovery fund and you 
mentioned very much um that you 

708
00:30:10,399 --> 00:30:12,734
mentioned very much um that you 
want speedy disbursements so 

709
00:30:12,734 --> 00:30:14,299
want speedy disbursements so 
fastest person so that a lot of 

710
00:30:14,299 --> 00:30:17,167
fastest person so that a lot of 
money can flow 2122 already 

711
00:30:17,167 --> 00:30:19,067
money can flow 2122 already 
helping us to recover and sort 

712
00:30:19,067 --> 00:30:22,634
helping us to recover and sort 
of as an anti cyclical Kansan 

713
00:30:22,634 --> 00:30:24,734
of as an anti cyclical Kansan 
counter counter physically 

714
00:30:24,734 --> 00:30:25,900
counter counter physically 
policy. policy. Now the problem 

715
00:30:25,900 --> 00:30:28,300
policy. policy. Now the problem 
is a. You funding uh takes a 

716
00:30:28,300 --> 00:30:30,800
is a. You funding uh takes a 
long time until it’s dispersed 

717
00:30:30,800 --> 00:30:34,333
long time until it’s dispersed 
and um I’m wondering whether we 

718
00:30:34,333 --> 00:30:35,200
and um I’m wondering whether we 
put perhaps a bit too much 

719
00:30:35,200 --> 00:30:39,966
put perhaps a bit too much 
emphasis on speedy payout 

720
00:30:39,966 --> 00:30:42,767
emphasis on speedy payout 
instead of quality and goods 

721
00:30:42,767 --> 00:30:46,666
instead of quality and goods 
good payout um that helps us 

722
00:30:46,666 --> 00:30:49,267
good payout um that helps us 
recover from this recession 

723
00:30:49,267 --> 00:30:51,034
recover from this recession 
with a better gross pass and 

724
00:30:51,034 --> 00:30:52,267
with a better gross pass and 
also as you mentioned in 

725
00:30:52,267 --> 00:30:53,967
also as you mentioned in 
ecological and the digital 

726
00:30:53,967 --> 00:30:55,000
ecological and the digital 
transformation, I mean, 

727
00:30:55,000 --> 00:30:58,801
transformation, I mean, 
shouldn’t we. Um take a bit of 

728
00:30:58,801 --> 00:31:01,633
shouldn’t we. Um take a bit of 
time um to design um the whole 

729
00:31:01,633 --> 00:31:05,299
time um to design um the whole 
mechanism um in a way that um 

730
00:31:05,299 --> 00:31:08,367
mechanism um in a way that um 
the payouts uh when they occur 

731
00:31:08,367 --> 00:31:09,967
the payouts uh when they occur 
really occur and transform. and 

732
00:31:09,967 --> 00:31:11,833
really occur and transform. and 
as you say, I think you 

733
00:31:11,833 --> 00:31:13,301
as you say, I think you 
mentioned the word benefit to 

734
00:31:13,301 --> 00:31:15,666
mentioned the word benefit to 
you as a whole. so create some 

735
00:31:15,666 --> 00:31:17,200
you as a whole. so create some 
European public goods. I mean 

736
00:31:17,200 --> 00:31:20,234
European public goods. I mean 
really boost um a new way of uh 

737
00:31:20,234 --> 00:31:23,034
really boost um a new way of uh 
uh of of having the European 

738
00:31:23,034 --> 00:31:25,333
uh of of having the European 
economic growth more instead of 

739
00:31:25,333 --> 00:31:27,166
economic growth more instead of 
trying to sort of very speedy 

740
00:31:27,166 --> 00:31:29,934
trying to sort of very speedy 
uh go for. Quick payouts in 

741
00:31:29,934 --> 00:31:31,700
uh go for. Quick payouts in 
twenty-one where uh you know 

742
00:31:31,700 --> 00:31:33,333
twenty-one where uh you know 
the good use of those payouts. 

743
00:31:33,333 --> 00:31:35,467
the good use of those payouts. 
uh maybe more difficult to 

744
00:31:35,467 --> 00:31:41,699
uh maybe more difficult to 
insure. I disagree um just to 

745
00:31:41,699 --> 00:31:43,266
insure. I disagree um just to 
tell you a short story when I 

746
00:31:43,266 --> 00:31:46,299
tell you a short story when I 
was a minister of labor in 2008 

747
00:31:46,299 --> 00:31:48,700
was a minister of labor in 2008 
and nine in Germany during that 

748
00:31:48,700 --> 00:31:50,667
and nine in Germany during that 
financial crisis, we had to 

749
00:31:50,667 --> 00:31:52,866
financial crisis, we had to 
after the bankruptcy of Lehman 

750
00:31:52,866 --> 00:31:56,200
after the bankruptcy of Lehman 
Brothers. uh we took a lot of 

751
00:31:56,200 --> 00:31:58,267
Brothers. uh we took a lot of 
decisions to help the economy 

752
00:31:58,267 --> 00:32:00,400
decisions to help the economy 
when some years later, I became 

753
00:32:00,400 --> 00:32:04,266
when some years later, I became 
the mayor of Hamburg in 2011, I 

754
00:32:04,266 --> 00:32:08,000
the mayor of Hamburg in 2011, I 
was uh. 

755
00:32:08,201 --> 00:32:10,000
I was in the situation where I 

756
00:32:10,000 --> 00:32:13,199
I was in the situation where I 
was uh supporting the start of 

757
00:32:13,199 --> 00:32:15,801
was uh supporting the start of 
some anti crisis programs that 

758
00:32:15,801 --> 00:32:17,367
some anti crisis programs that 
are starting in Hamburg in 2011 

759
00:32:17,367 --> 00:32:18,899
are starting in Hamburg in 2011 
and twelve. so this is nothing 

760
00:32:18,899 --> 00:32:20,634
and twelve. so this is nothing 
that has to do with the 

761
00:32:20,634 --> 00:32:22,799
that has to do with the 
fighting against the crisis. So 

762
00:32:22,799 --> 00:32:24,433
fighting against the crisis. So 
the reason why we are doing 

763
00:32:24,433 --> 00:32:26,901
the reason why we are doing 
this. The reason why we got an 

764
00:32:26,901 --> 00:32:29,399
this. The reason why we got an 
anonymous agreement between the 

765
00:32:29,399 --> 00:32:31,767
anonymous agreement between the 
heads of states the leaders on 

766
00:32:31,767 --> 00:32:33,299
heads of states the leaders on 
the necessary decision is that 

767
00:32:33,299 --> 00:32:34,767
the necessary decision is that 
we are fighting against the 

768
00:32:34,767 --> 00:32:36,467
we are fighting against the 
crisis and we should stick to 

769
00:32:36,467 --> 00:32:39,200
crisis and we should stick to 
that um. Not in other reason 

770
00:32:39,200 --> 00:32:41,367
that um. Not in other reason 
for doing something you already 

771
00:32:41,367 --> 00:32:43,334
for doing something you already 
wanted to do it is something 

772
00:32:43,334 --> 00:32:45,267
wanted to do it is something 
which has must have to do with 

773
00:32:45,267 --> 00:32:46,833
which has must have to do with 
the crisis so it must be very 

774
00:32:46,833 --> 00:32:49,367
the crisis so it must be very 
early that we use the money and 

775
00:32:49,367 --> 00:32:51,234
early that we use the money and 
uh it is not financing budgets. 

776
00:32:51,234 --> 00:32:53,733
uh it is not financing budgets. 
It’s uh financing programs and 

777
00:32:53,733 --> 00:32:55,434
It’s uh financing programs and 
activities that will support 

778
00:32:55,434 --> 00:32:57,699
activities that will support 
recovery and let me add that 

779
00:32:57,699 --> 00:32:59,700
recovery and let me add that 
that happiness a debate about 

780
00:32:59,700 --> 00:33:01,900
that happiness a debate about 
the increase in public debt for 

781
00:33:01,900 --> 00:33:03,266
the increase in public debt for 
many countries, which would be 

782
00:33:03,266 --> 00:33:05,466
many countries, which would be 
a problem if we help them to 

783
00:33:05,466 --> 00:33:07,433
a problem if we help them to 
get out to this crisis without 

784
00:33:07,433 --> 00:33:11,167
get out to this crisis without 
that much increase, it is also. 

785
00:33:11,167 --> 00:33:13,667
that much increase, it is also. 
Correct that we stick to the 

786
00:33:13,667 --> 00:33:16,067
Correct that we stick to the 
reason for all these activities 

787
00:33:16,067 --> 00:33:19,700
reason for all these activities 
and that this crisis. 

788
00:33:20,233 --> 00:33:21,967
Let let me um uh thank you uh 

789
00:33:21,967 --> 00:33:24,300
Let let me um uh thank you uh 
let me ask one uh one more 

790
00:33:24,300 --> 00:33:26,033
let me ask one uh one more 
question on taxation because 

791
00:33:26,033 --> 00:33:27,533
question on taxation because 
you mentioned um I mean you 

792
00:33:27,533 --> 00:33:29,200
you mentioned um I mean you 
mentioned the own resources 

793
00:33:29,200 --> 00:33:29,867
mentioned the own resources 
part and I think a lot of 

794
00:33:29,867 --> 00:33:32,767
part and I think a lot of 
people uh in in process with 

795
00:33:32,767 --> 00:33:34,899
people uh in in process with 
certainly entirely groups with 

796
00:33:34,899 --> 00:33:36,534
certainly entirely groups with 
that uh proper resources would 

797
00:33:36,534 --> 00:33:37,834
that uh proper resources would 
be would be wonderful to have 

798
00:33:37,834 --> 00:33:39,334
be would be wonderful to have 
and I think the ETS might be 

799
00:33:39,334 --> 00:33:42,000
and I think the ETS might be 
the way to go to the emission 

800
00:33:42,000 --> 00:33:43,467
the way to go to the emission 
trading system, but then you 

801
00:33:43,467 --> 00:33:44,933
trading system, but then you 
mentioned very much also um the 

802
00:33:44,933 --> 00:33:47,567
mentioned very much also um the 
question of QMV and text 

803
00:33:47,567 --> 00:33:49,200
question of QMV and text 
matters um so qualified 

804
00:33:49,200 --> 00:33:51,134
matters um so qualified 
majority voting in tax matters 

805
00:33:51,134 --> 00:33:54,066
majority voting in tax matters 
and whether. Make some progress 

806
00:33:54,066 --> 00:33:57,300
and whether. Make some progress 
in that direction to be able to 

807
00:33:57,300 --> 00:33:58,866
in that direction to be able to 
um I think at the end of the 

808
00:33:58,866 --> 00:34:00,400
um I think at the end of the 
day, raise taxes where uh 

809
00:34:00,400 --> 00:34:02,000
day, raise taxes where uh 
currently there’s competition 

810
00:34:02,000 --> 00:34:04,500
currently there’s competition 
between U countries and there’s 

811
00:34:04,500 --> 00:34:07,767
between U countries and there’s 
um an unwillingness to agree on 

812
00:34:07,767 --> 00:34:09,933
um an unwillingness to agree on 
at least a minimum of taxation 

813
00:34:09,933 --> 00:34:11,867
at least a minimum of taxation 
and I think if you look at um 

814
00:34:11,867 --> 00:34:13,934
and I think if you look at um 
the text incidents uh for 

815
00:34:13,934 --> 00:34:17,234
the text incidents uh for 
example of big companies uh my 

816
00:34:17,234 --> 00:34:17,967
example of big companies uh my 
national companies, you will 

817
00:34:17,967 --> 00:34:20,567
national companies, you will 
see a lot of tax revenues um 

818
00:34:20,567 --> 00:34:23,334
see a lot of tax revenues um 
corporate tax revenue. Going to 

819
00:34:23,334 --> 00:34:25,400
corporate tax revenue. Going to 
two three small countries in 

820
00:34:25,400 --> 00:34:27,367
two three small countries in 
the UX, the revenues are 

821
00:34:27,367 --> 00:34:30,233
the UX, the revenues are 
generated in those countries. 

822
00:34:30,233 --> 00:34:31,300
generated in those countries. 
So can you can you give us a 

823
00:34:31,300 --> 00:34:33,334
So can you can you give us a 
bit of a sense? What’s your 

824
00:34:33,334 --> 00:34:34,834
bit of a sense? What’s your 
strategic agenda here and how 

825
00:34:34,834 --> 00:34:36,733
strategic agenda here and how 
you want to bring this forward 

826
00:34:36,733 --> 00:34:38,267
you want to bring this forward 
because it seems to me this 

827
00:34:38,267 --> 00:34:41,400
because it seems to me this 
issue of taxation and text um 

828
00:34:41,400 --> 00:34:43,699
issue of taxation and text um 
competition is really one of 

829
00:34:43,699 --> 00:34:46,634
competition is really one of 
the key issues when it comes to 

830
00:34:46,634 --> 00:34:48,899
the key issues when it comes to 
inequality. It comes to you 

831
00:34:48,899 --> 00:34:50,600
inequality. It comes to you 
know the A lot of feeling also 

832
00:34:50,600 --> 00:34:52,666
know the A lot of feeling also 
where people say well, perhaps 

833
00:34:52,666 --> 00:34:54,400
where people say well, perhaps 
Europe, the US is is is after 

834
00:34:54,400 --> 00:34:55,800
Europe, the US is is is after 
all, it’s not for the small 

835
00:34:55,800 --> 00:34:56,833
all, it’s not for the small 
people. It’s just for the big 

836
00:34:56,833 --> 00:34:58,600
people. It’s just for the big 
companies and I think fighting 

837
00:34:58,600 --> 00:34:59,433
companies and I think fighting 
that kind of perception is very 

838
00:34:59,433 --> 00:35:01,466
that kind of perception is very 
important. So this is. Seems to 

839
00:35:01,466 --> 00:35:03,934
important. So this is. Seems to 
be a very important agenda, but 

840
00:35:03,934 --> 00:35:05,234
be a very important agenda, but 
many people have tried it 

841
00:35:05,234 --> 00:35:07,600
many people have tried it 
before and so I’m I’m wondering 

842
00:35:07,600 --> 00:35:09,667
before and so I’m I’m wondering 
where do you want to hit with 

843
00:35:09,667 --> 00:35:14,467
where do you want to hit with 
this? so first? um I’ve I think 

844
00:35:14,467 --> 00:35:16,167
this? so first? um I’ve I think 
we should absolutely clear it 

845
00:35:16,167 --> 00:35:18,300
we should absolutely clear it 
should be absolutely clear a 

846
00:35:18,300 --> 00:35:21,267
should be absolutely clear a 
fiscal union without uh 

847
00:35:21,267 --> 00:35:22,967
fiscal union without uh 
avoiding uh text arbitrage will 

848
00:35:22,967 --> 00:35:26,267
avoiding uh text arbitrage will 
not work so minimum taxation is 

849
00:35:26,267 --> 00:35:29,200
not work so minimum taxation is 
a key aspect of this progress. 

850
00:35:29,200 --> 00:35:30,334
a key aspect of this progress. 
We will not have the one 

851
00:35:30,334 --> 00:35:31,900
We will not have the one 
without the other. This is 

852
00:35:31,900 --> 00:35:36,667
without the other. This is 
unthinkable and. A second, we 

853
00:35:36,667 --> 00:35:39,434
unthinkable and. A second, we 
are now on a path that progress 

854
00:35:39,434 --> 00:35:42,700
are now on a path that progress 
is really very near as you know 

855
00:35:42,700 --> 00:35:44,166
is really very near as you know 
there is an international 

856
00:35:44,166 --> 00:35:45,933
there is an international 
debate within the OCD on 

857
00:35:45,933 --> 00:35:49,600
debate within the OCD on 
minimum taxation uh which is 

858
00:35:49,600 --> 00:35:51,400
minimum taxation uh which is 
nearly to come to a conclusion 

859
00:35:51,400 --> 00:35:54,733
nearly to come to a conclusion 
in this autumn and uh we think 

860
00:35:54,733 --> 00:35:55,500
in this autumn and uh we think 
that we will get the 

861
00:35:55,500 --> 00:35:57,466
that we will get the 
blueprints, which is very 

862
00:35:57,466 --> 00:35:59,400
blueprints, which is very 
concrete for a possible 

863
00:35:59,400 --> 00:36:01,633
concrete for a possible 
decision this year as I already 

864
00:36:01,633 --> 00:36:03,334
decision this year as I already 
said, and we have a good. 

865
00:36:03,334 --> 00:36:05,100
said, and we have a good. 
Because in this field we are 

866
00:36:05,100 --> 00:36:07,666
Because in this field we are 
together with the United States 

867
00:36:07,666 --> 00:36:09,633
together with the United States 
who have uh sort of minimum 

868
00:36:09,633 --> 00:36:13,634
who have uh sort of minimum 
taxation, which they decided on 

869
00:36:13,634 --> 00:36:16,201
taxation, which they decided on 
unilaterally. It’s called 

870
00:36:16,201 --> 00:36:18,699
unilaterally. It’s called 
guilty and uh my view is that 

871
00:36:18,699 --> 00:36:20,367
guilty and uh my view is that 
getting an agreement on the 

872
00:36:20,367 --> 00:36:21,634
getting an agreement on the 
international level is a very 

873
00:36:21,634 --> 00:36:23,366
international level is a very 
good progress and it will mean 

874
00:36:23,366 --> 00:36:25,967
good progress and it will mean 
that the same will be relevant 

875
00:36:25,967 --> 00:36:28,301
that the same will be relevant 
for the European Union. This is 

876
00:36:28,301 --> 00:36:29,800
for the European Union. This is 
also the same with the the 

877
00:36:29,800 --> 00:36:32,333
also the same with the the 
question of the changing the 

878
00:36:32,333 --> 00:36:34,699
question of the changing the 
texting of international. In 

879
00:36:34,699 --> 00:36:37,767
texting of international. In 
the field of the detour. 

880
00:36:37,767 --> 00:36:40,200
the field of the detour. 
platform. platforms and the 

881
00:36:40,200 --> 00:36:41,967
platform. platforms and the 
companies, this is a bit more 

882
00:36:41,967 --> 00:36:43,634
companies, this is a bit more 
difficult, but I think there is 

883
00:36:43,634 --> 00:36:45,367
difficult, but I think there is 
also a good chance that we 

884
00:36:45,367 --> 00:36:47,134
also a good chance that we 
reach an agreement for a 

885
00:36:47,134 --> 00:36:49,333
reach an agreement for a 
blueprint this autumn this year 

886
00:36:49,333 --> 00:36:51,900
blueprint this autumn this year 
and this is what we are working 

887
00:36:51,900 --> 00:36:56,433
and this is what we are working 
on very hard. I’m I see there’s 

888
00:36:56,433 --> 00:36:57,467
on very hard. I’m I see there’s 
a lot of appetite to talk about 

889
00:36:57,467 --> 00:36:59,333
a lot of appetite to talk about 
the fiscal architecture of 

890
00:36:59,333 --> 00:37:00,600
the fiscal architecture of 
European uh in the future now 

891
00:37:00,600 --> 00:37:01,534
European uh in the future now 
and in the future with your 

892
00:37:01,534 --> 00:37:03,167
and in the future with your 
permission can we move on to 

893
00:37:03,167 --> 00:37:05,133
permission can we move on to 
some other issues on the 

894
00:37:05,133 --> 00:37:05,900
some other issues on the 
financial architecture? Or is 

895
00:37:05,900 --> 00:37:07,433
financial architecture? Or is 
it let’s let’s just if you 

896
00:37:07,433 --> 00:37:09,233
it let’s let’s just if you 
don’t mind because there’s one 

897
00:37:09,233 --> 00:37:11,333
don’t mind because there’s one 
question from the audience by 

898
00:37:11,333 --> 00:37:14,066
question from the audience by 
um by uh who’s exactly asking 

899
00:37:14,066 --> 00:37:15,500
um by uh who’s exactly asking 
on on a point that you just 

900
00:37:15,500 --> 00:37:17,199
on on a point that you just 
raised, which is the digital 

901
00:37:17,199 --> 00:37:20,233
raised, which is the digital 
text and he’s wondering uh will 

902
00:37:20,233 --> 00:37:21,967
text and he’s wondering uh will 
you be able to agree on a 

903
00:37:21,967 --> 00:37:24,234
you be able to agree on a 
digital text if there isn’t? 

904
00:37:24,234 --> 00:37:27,699
digital text if there isn’t? 
OECD Agreement Agreement I’m 

905
00:37:27,699 --> 00:37:29,600
OECD Agreement Agreement I’m 
quite confident that we will 

906
00:37:29,600 --> 00:37:33,600
quite confident that we will 
have to OCD agreements because 

907
00:37:33,600 --> 00:37:36,801
have to OCD agreements because 
it would be a very dangerous. 

908
00:37:36,801 --> 00:37:38,599
it would be a very dangerous. 
Moment for the international 

909
00:37:38,599 --> 00:37:40,899
Moment for the international 
economy if we won’t get an 

910
00:37:40,899 --> 00:37:43,167
economy if we won’t get an 
agreement in this field, so if 

911
00:37:43,167 --> 00:37:46,533
agreement in this field, so if 
you look at the fact that some 

912
00:37:46,533 --> 00:37:48,533
you look at the fact that some 
countries within and outside of 

913
00:37:48,533 --> 00:37:52,300
countries within and outside of 
the U already decided to 

914
00:37:52,300 --> 00:37:53,899
the U already decided to 
collect taxes like the UK, for 

915
00:37:53,899 --> 00:37:56,399
collect taxes like the UK, for 
instance or within Europe, 

916
00:37:56,399 --> 00:37:58,300
instance or within Europe, 
France and uh and Spain and 

917
00:37:58,300 --> 00:37:59,666
France and uh and Spain and 
Italy, for instance and some 

918
00:37:59,666 --> 00:38:01,801
Italy, for instance and some 
others or outside of Europe. 

919
00:38:01,801 --> 00:38:04,634
others or outside of Europe. 
also the also Turkey or India 

920
00:38:04,634 --> 00:38:07,434
also the also Turkey or India 
and the clear view of the 

921
00:38:07,434 --> 00:38:08,934
and the clear view of the 
United States that this is uh 

922
00:38:08,934 --> 00:38:10,799
United States that this is uh 
to the point of view mostly 

923
00:38:10,799 --> 00:38:13,933
to the point of view mostly 
about California companies. We 

924
00:38:13,933 --> 00:38:15,167
about California companies. We 
will have a very big conflict, 

925
00:38:15,167 --> 00:38:17,967
will have a very big conflict, 
which is not the right idea for 

926
00:38:17,967 --> 00:38:20,167
which is not the right idea for 
a word that is still suffering 

927
00:38:20,167 --> 00:38:22,433
a word that is still suffering 
with the Corona virus and a lot 

928
00:38:22,433 --> 00:38:24,933
with the Corona virus and a lot 
of text trade conflicts, which 

929
00:38:24,933 --> 00:38:28,900
of text trade conflicts, which 
are for the for instance, the 

930
00:38:28,900 --> 00:38:29,967
are for the for instance, the 
one between the United States 

931
00:38:29,967 --> 00:38:32,834
one between the United States 
and China. My view is that uh 

932
00:38:32,834 --> 00:38:35,267
and China. My view is that uh 
this is all enough pressure for 

933
00:38:35,267 --> 00:38:36,800
this is all enough pressure for 
a compromise, and this is what 

934
00:38:36,800 --> 00:38:41,801
a compromise, and this is what 
I’m reaching for. There’s one 

935
00:38:41,801 --> 00:38:42,667
I’m reaching for. There’s one 
more question that I would like 

936
00:38:42,667 --> 00:38:44,167
more question that I would like 
to take from the audience 

937
00:38:44,167 --> 00:38:45,867
to take from the audience 
exactly on this on this issues, 

938
00:38:45,867 --> 00:38:47,301
exactly on this on this issues, 
it’s coming from Adrian’s 

939
00:38:47,301 --> 00:38:48,833
it’s coming from Adrian’s 
health, who’s asking if the 

940
00:38:48,833 --> 00:38:50,000
health, who’s asking if the 
recovery fund does not run 

941
00:38:50,000 --> 00:38:52,800
recovery fund does not run 
through the SM are the consents 

942
00:38:52,800 --> 00:38:54,267
through the SM are the consents 
of a weekend supervision by the 

943
00:38:54,267 --> 00:38:57,133
of a weekend supervision by the 
commission justified and then 

944
00:38:57,133 --> 00:38:57,967
commission justified and then 
perhaps we can move to other 

945
00:38:57,967 --> 00:39:00,000
perhaps we can move to other 
issues. I think there is a 

946
00:39:00,000 --> 00:39:02,600
issues. I think there is a 
proposal which is done now with 

947
00:39:02,600 --> 00:39:04,566
proposal which is done now with 
the commissions and uh the the 

948
00:39:04,566 --> 00:39:05,700
the commissions and uh the the 
heads of states proposed of the 

949
00:39:05,700 --> 00:39:07,067
heads of states proposed of the 
council and we are discussing 

950
00:39:07,067 --> 00:39:08,366
council and we are discussing 
about the question, but 

951
00:39:08,366 --> 00:39:10,267
about the question, but 
obviously we will have to look 

952
00:39:10,267 --> 00:39:11,767
obviously we will have to look 
at the money is used for what 

953
00:39:11,767 --> 00:39:15,567
at the money is used for what 
it is for. 

954
00:39:43,666 --> 00:39:45,800
Actually find a problem in the 

955
00:39:45,800 --> 00:39:47,967
Actually find a problem in the 
corporate side uh we might find 

956
00:39:47,967 --> 00:39:49,333
corporate side uh we might find 
problems in the banks. um I 

957
00:39:49,333 --> 00:39:51,367
problems in the banks. um I 
mean, do you think this is a 

958
00:39:51,367 --> 00:39:53,400
mean, do you think this is a 
realistic scenario. Do you 

959
00:39:53,400 --> 00:39:55,299
realistic scenario. Do you 
think there is that we are 

960
00:39:55,299 --> 00:39:55,867
think there is that we are 
better prepared now. I’m sure 

961
00:39:55,867 --> 00:39:57,566
better prepared now. I’m sure 
we are better prepared now than 

962
00:39:57,566 --> 00:39:59,201
we are better prepared now than 
we ever were certainly by 

963
00:39:59,201 --> 00:40:00,933
we ever were certainly by 
comparison 10 years ago, but 

964
00:40:00,933 --> 00:40:01,834
comparison 10 years ago, but 
you know what are we doing to 

965
00:40:01,834 --> 00:40:03,400
you know what are we doing to 
make sure that the economic 

966
00:40:03,400 --> 00:40:04,801
make sure that the economic 
crisis is the depths of the 

967
00:40:04,801 --> 00:40:05,267
crisis is the depths of the 
economic crisis we have seen 

968
00:40:05,267 --> 00:40:07,333
economic crisis we have seen 
through the epidemic does not 

969
00:40:07,333 --> 00:40:09,267
through the epidemic does not 
translate and compound into a 

970
00:40:09,267 --> 00:40:13,699
translate and compound into a 
financial crisis. My views that 

971
00:40:13,699 --> 00:40:15,200
financial crisis. My views that 
we are better prepared than we 

972
00:40:15,200 --> 00:40:17,966
we are better prepared than we 
were 10 years ago and uh it was 

973
00:40:17,966 --> 00:40:19,933
were 10 years ago and uh it was 
absolutely right after the 

974
00:40:19,933 --> 00:40:21,266
absolutely right after the 
bankruptcy of Lehman Brothers, 

975
00:40:21,266 --> 00:40:23,699
bankruptcy of Lehman Brothers, 
we decided to change a lot of 

976
00:40:23,699 --> 00:40:25,267
we decided to change a lot of 
regulation on banks and on the 

977
00:40:25,267 --> 00:40:29,299
regulation on banks and on the 
financial sector um if we look 

978
00:40:29,299 --> 00:40:31,734
financial sector um if we look 
123 years back from now, we 

979
00:40:31,734 --> 00:40:33,867
123 years back from now, we 
will see that there is a lot of 

980
00:40:33,867 --> 00:40:36,334
will see that there is a lot of 
uh people pressuring for 

981
00:40:36,334 --> 00:40:39,034
uh people pressuring for 
lowering this uh this 

982
00:40:39,034 --> 00:40:40,267
lowering this uh this 
regulation and changing it 

983
00:40:40,267 --> 00:40:41,733
regulation and changing it 
because they said it’s a good 

984
00:40:41,733 --> 00:40:43,699
because they said it’s a good 
development. Why should we have 

985
00:40:43,699 --> 00:40:46,434
development. Why should we have 
this regulation? now we learn. 

986
00:40:46,434 --> 00:40:48,933
this regulation? now we learn. 
Don’t know when the next crisis 

987
00:40:48,933 --> 00:40:50,367
Don’t know when the next crisis 
will come, but we know that 

988
00:40:50,367 --> 00:40:51,734
will come, but we know that 
sometimes there will be a 

989
00:40:51,734 --> 00:40:53,699
sometimes there will be a 
crisis and we should be 

990
00:40:53,699 --> 00:40:55,266
crisis and we should be 
prepared and so I hope that we 

991
00:40:55,266 --> 00:40:57,166
prepared and so I hope that we 
learn from the Corona virus, 

992
00:40:57,166 --> 00:40:58,300
learn from the Corona virus, 
which is something which is 

993
00:40:58,300 --> 00:41:00,700
which is something which is 
coming out out of the area of 

994
00:41:00,700 --> 00:41:04,866
coming out out of the area of 
economy economy to the to the 

995
00:41:04,866 --> 00:41:06,800
economy economy to the to the 
to the economy as a problem, 

996
00:41:06,800 --> 00:41:08,667
to the economy as a problem, 
which is hurting us very much, 

997
00:41:08,667 --> 00:41:11,167
which is hurting us very much, 
I think it is necessary that 

998
00:41:11,167 --> 00:41:12,866
I think it is necessary that 
that we continue to work on 

999
00:41:12,866 --> 00:41:15,533
that we continue to work on 
say, thanks with enough capital 

1000
00:41:15,533 --> 00:41:19,266
say, thanks with enough capital 
and so on and um. But as we 

1001
00:41:19,266 --> 00:41:22,666
and so on and um. But as we 
have done our task quite well, 

1002
00:41:22,666 --> 00:41:24,400
have done our task quite well, 
there’s a lot of things to do, 

1003
00:41:24,400 --> 00:41:26,000
there’s a lot of things to do, 
but we did a good job in the 

1004
00:41:26,000 --> 00:41:29,300
but we did a good job in the 
last year, I think we are quite 

1005
00:41:29,300 --> 00:41:31,100
last year, I think we are quite 
we are relatively good prepared 

1006
00:41:31,100 --> 00:41:33,299
we are relatively good prepared 
and the banks are also and as 

1007
00:41:33,299 --> 00:41:35,433
and the banks are also and as 
we are instructing for making 

1008
00:41:35,433 --> 00:41:37,767
we are instructing for making 
it feasible that the real 

1009
00:41:37,767 --> 00:41:39,166
it feasible that the real 
economy out of the financial 

1010
00:41:39,166 --> 00:41:43,700
economy out of the financial 
sector is uh is on the is going 

1011
00:41:43,700 --> 00:41:45,733
sector is uh is on the is going 
on the path of recovery we have 

1012
00:41:45,733 --> 00:41:47,934
on the path of recovery we have 
will have a chance to both both 

1013
00:41:47,934 --> 00:41:51,367
will have a chance to both both 
things together. We produced a 

1014
00:41:51,367 --> 00:41:56,233
things together. We produced a 
good outcome so all what we are 

1015
00:41:56,233 --> 00:41:58,000
good outcome so all what we are 
working on is that possibly in 

1016
00:41:58,000 --> 00:42:00,400
working on is that possibly in 
the beginning of 2021, we are 

1017
00:42:00,400 --> 00:42:03,366
the beginning of 2021, we are 
at level, which was before the 

1018
00:42:03,366 --> 00:42:06,000
at level, which was before the 
crisis the Corona crisis and if 

1019
00:42:06,000 --> 00:42:08,334
crisis the Corona crisis and if 
we reach there, I think we 

1020
00:42:08,334 --> 00:42:13,233
we reach there, I think we 
could be quite optimistic. Let 

1021
00:42:13,233 --> 00:42:15,434
could be quite optimistic. Let 
me continue a bit on the uh on 

1022
00:42:15,434 --> 00:42:17,334
me continue a bit on the uh on 
the architecture question um 

1023
00:42:17,334 --> 00:42:18,834
the architecture question um 
and the architecture of the 

1024
00:42:18,834 --> 00:42:19,867
and the architecture of the 
fiscal union because we get a 

1025
00:42:19,867 --> 00:42:21,367
fiscal union because we get a 
lot of questions on that point 

1026
00:42:21,367 --> 00:42:23,734
lot of questions on that point 
and I think You’r is striking 

1027
00:42:23,734 --> 00:42:25,333
and I think You’r is striking 
here because a lot of people 

1028
00:42:25,333 --> 00:42:26,600
here because a lot of people 
are thinking about this and it 

1029
00:42:26,600 --> 00:42:28,000
are thinking about this and it 
really is evolving this year. 

1030
00:42:28,000 --> 00:42:29,467
really is evolving this year. 
and as you say, I think history 

1031
00:42:29,467 --> 00:42:31,833
and as you say, I think history 
books we will look back at this 

1032
00:42:31,833 --> 00:42:34,300
books we will look back at this 
year 2020 as a year where 

1033
00:42:34,300 --> 00:42:35,900
year 2020 as a year where 
pretty significant decisions 

1034
00:42:35,900 --> 00:42:38,333
pretty significant decisions 
were taken um to support the 

1035
00:42:38,333 --> 00:42:40,133
were taken um to support the 
cohesion of of the euros on the 

1036
00:42:40,133 --> 00:42:42,400
cohesion of of the euros on the 
collision of the Europe. Union 

1037
00:42:42,400 --> 00:42:44,800
collision of the Europe. Union 
um, and I think I also very 

1038
00:42:44,800 --> 00:42:46,400
um, and I think I also very 
much took note of his statement 

1039
00:42:46,400 --> 00:42:47,966
much took note of his statement 
and I think you’re completely 

1040
00:42:47,966 --> 00:42:50,400
and I think you’re completely 
uh spot on there that you know 

1041
00:42:50,400 --> 00:42:53,301
uh spot on there that you know 
physically union uh with um 

1042
00:42:53,301 --> 00:42:55,967
physically union uh with um 
text arbitration. Abi Abi um 

1043
00:42:55,967 --> 00:42:57,367
text arbitration. Abi Abi um 
it’s really I mean very 

1044
00:42:57,367 --> 00:42:58,966
it’s really I mean very 
difficult to conceive and I 

1045
00:42:58,966 --> 00:43:00,633
difficult to conceive and I 
think it’s gonna be impossible 

1046
00:43:00,633 --> 00:43:02,266
think it’s gonna be impossible 
so we have a question here from 

1047
00:43:02,266 --> 00:43:06,266
so we have a question here from 
from visa vie. um who who is in 

1048
00:43:06,266 --> 00:43:08,800
from visa vie. um who who is in 
Finland um um and an academic 

1049
00:43:08,800 --> 00:43:11,800
Finland um um and an academic 
from Finland and he asks. Um 

1050
00:43:11,800 --> 00:43:14,533
from Finland and he asks. Um 
other institutions changes do 

1051
00:43:14,533 --> 00:43:15,666
other institutions changes do 
you see necessary for the 

1052
00:43:15,666 --> 00:43:18,333
you see necessary for the 
fiscal union to function well 

1053
00:43:18,333 --> 00:43:20,133
fiscal union to function well 
and then more specifically 

1054
00:43:20,133 --> 00:43:23,834
and then more specifically 
should the so-called no bailout 

1055
00:43:23,834 --> 00:43:24,600
should the so-called no bailout 
clause. Be part of the rule 

1056
00:43:24,600 --> 00:43:26,966
clause. Be part of the rule 
book of the fiscal Union or 

1057
00:43:26,966 --> 00:43:29,966
book of the fiscal Union or 
not. 

1058
00:43:38,300 --> 00:43:40,699
of Animation to do it’s on job, 

1059
00:43:40,699 --> 00:43:44,700
of Animation to do it’s on job, 
so we cannot the Valop äh 

1060
00:43:44,700 --> 00:43:47,266
so we cannot the Valop äh 
Union, which will be with 

1061
00:43:47,266 --> 00:43:48,967
Union, which will be with 
alternational responsibilitys, 

1062
00:43:48,967 --> 00:43:50,199
alternational responsibilitys, 
so the rust besumting that 

1063
00:43:50,199 --> 00:43:52,333
so the rust besumting that 
testry recyced in the countrys 

1064
00:43:52,333 --> 00:43:55,334
testry recyced in the countrys 
but the desision making process 

1065
00:43:55,334 --> 00:43:57,067
but the desision making process 
Ball Sides, die Vantages and 

1066
00:43:57,067 --> 00:43:58,399
Ball Sides, die Vantages and 
the Responcibilities and the 

1067
00:43:58,399 --> 00:44:00,700
the Responcibilities and the 
Riss Switcher belonging to that 

1068
00:44:00,700 --> 00:44:03,967
Riss Switcher belonging to that 
and my Of a European Union is 

1069
00:44:03,967 --> 00:44:07,234
and my Of a European Union is 
not uh will be uh all the 

1070
00:44:07,234 --> 00:44:07,967
not uh will be uh all the 
people speaking the same 

1071
00:44:07,967 --> 00:44:09,967
people speaking the same 
language. This is as anyone 

1072
00:44:09,967 --> 00:44:11,734
language. This is as anyone 
knows absolutely impossible and 

1073
00:44:11,734 --> 00:44:13,066
knows absolutely impossible and 
will not happen. We will not 

1074
00:44:13,066 --> 00:44:14,400
will not happen. We will not 
have a situation where this 

1075
00:44:14,400 --> 00:44:15,834
have a situation where this 
system of social welfare will 

1076
00:44:15,834 --> 00:44:17,900
system of social welfare will 
be the same in all the 

1077
00:44:17,900 --> 00:44:19,599
be the same in all the 
countries we need cohesion so 

1078
00:44:19,599 --> 00:44:20,900
countries we need cohesion so 
that they work together, but we 

1079
00:44:20,900 --> 00:44:22,267
that they work together, but we 
don’t need that they all are 

1080
00:44:22,267 --> 00:44:24,901
don’t need that they all are 
the same. We need some minimal 

1081
00:44:24,901 --> 00:44:25,966
the same. We need some minimal 
regulation, which, for 

1082
00:44:25,966 --> 00:44:27,167
regulation, which, for 
instance, it is important for 

1083
00:44:27,167 --> 00:44:28,666
instance, it is important for 
questions like minimum wages 

1084
00:44:28,666 --> 00:44:29,966
questions like minimum wages 
that some anyone should have 

1085
00:44:29,966 --> 00:44:31,034
that some anyone should have 
something like this, for 

1086
00:44:31,034 --> 00:44:33,300
something like this, for 
instance. Uh that will be 

1087
00:44:33,300 --> 00:44:35,300
instance. Uh that will be 
different systems in the 

1088
00:44:35,300 --> 00:44:37,467
different systems in the 
country and this is the reason 

1089
00:44:37,467 --> 00:44:39,900
country and this is the reason 
why I think we have to define 

1090
00:44:39,900 --> 00:44:42,333
why I think we have to define 
where we want to take common 

1091
00:44:42,333 --> 00:44:43,699
where we want to take common 
responsibility but when we have 

1092
00:44:43,699 --> 00:44:46,301
responsibility but when we have 
common responsibility that has 

1093
00:44:46,301 --> 00:44:47,767
common responsibility that has 
the effect that the way of how 

1094
00:44:47,767 --> 00:44:51,533
the effect that the way of how 
we do it, cannot be done by any 

1095
00:44:51,533 --> 00:44:52,934
we do it, cannot be done by any 
member state different and we 

1096
00:44:52,934 --> 00:44:55,334
member state different and we 
have to do regulations which 

1097
00:44:55,334 --> 00:44:57,100
have to do regulations which 
are making things which are 

1098
00:44:57,100 --> 00:44:59,467
are making things which are 
organizing things together, but 

1099
00:44:59,467 --> 00:45:01,366
organizing things together, but 
uh to be very clear. I think 

1100
00:45:01,366 --> 00:45:02,899
uh to be very clear. I think 
that the bailout cross is uh 

1101
00:45:02,899 --> 00:45:07,634
that the bailout cross is uh 
make sense and it should not. 

1102
00:45:07,934 --> 00:45:12,967
No yeah. Very clear um if I 

1103
00:45:12,967 --> 00:45:14,400
No yeah. Very clear um if I 
may, I will also come back to 

1104
00:45:14,400 --> 00:45:16,000
may, I will also come back to 
the to the final. uh I mean uh 

1105
00:45:16,000 --> 00:45:18,300
the to the final. uh I mean uh 
I think there is there is also 

1106
00:45:18,300 --> 00:45:19,400
I think there is there is also 
a number of questions there 

1107
00:45:19,400 --> 00:45:19,967
a number of questions there 
that are important. You 

1108
00:45:19,967 --> 00:45:21,866
that are important. You 
mentioned in your speech that 

1109
00:45:21,866 --> 00:45:23,934
mentioned in your speech that 
they need to um to fit to to to 

1110
00:45:23,934 --> 00:45:25,967
they need to um to fit to to to 
talk about the banking union 

1111
00:45:25,967 --> 00:45:26,967
talk about the banking union 
and progress with the company 

1112
00:45:26,967 --> 00:45:28,533
and progress with the company 
but Bank union, but I want to 

1113
00:45:28,533 --> 00:45:29,833
but Bank union, but I want to 
ask a question of the capital 

1114
00:45:29,833 --> 00:45:31,299
ask a question of the capital 
markets union. uh you know this 

1115
00:45:31,299 --> 00:45:32,899
markets union. uh you know this 
was a necessary thing We wanted 

1116
00:45:32,899 --> 00:45:34,299
was a necessary thing We wanted 
to advance the creation of 

1117
00:45:34,299 --> 00:45:35,900
to advance the creation of 
capital markets in Europe as a 

1118
00:45:35,900 --> 00:45:38,200
capital markets in Europe as a 
way of absorbing shocks and 

1119
00:45:38,200 --> 00:45:39,800
way of absorbing shocks and 
actually the absence of a 

1120
00:45:39,800 --> 00:45:41,967
actually the absence of a 
capital markets. This current 

1121
00:45:41,967 --> 00:45:43,600
capital markets. This current 
shock is very much felt in the 

1122
00:45:43,600 --> 00:45:44,733
shock is very much felt in the 
way that it’s affecting our 

1123
00:45:44,733 --> 00:45:46,466
way that it’s affecting our 
industrial policy. So would you 

1124
00:45:46,466 --> 00:45:48,400
industrial policy. So would you 
agree that it’s time that we 

1125
00:45:48,400 --> 00:45:50,367
agree that it’s time that we 
made some progress with with 

1126
00:45:50,367 --> 00:45:51,767
made some progress with with 
with advance with the capital 

1127
00:45:51,767 --> 00:45:54,234
with advance with the capital 
markets Union and give you what 

1128
00:45:54,234 --> 00:45:56,966
markets Union and give you what 
would it take for the creation 

1129
00:45:56,966 --> 00:45:58,200
would it take for the creation 
of capital markets and you were 

1130
00:45:58,200 --> 00:45:59,533
of capital markets and you were 
given that you know the our 

1131
00:45:59,533 --> 00:46:01,767
given that you know the our 
efforts in the past 10 years 

1132
00:46:01,767 --> 00:46:03,499
efforts in the past 10 years 
haven’t really advance as much 

1133
00:46:03,499 --> 00:46:06,000
haven’t really advance as much 
of the have so we made a lot of 

1134
00:46:06,000 --> 00:46:09,533
of the have so we made a lot of 
progress in the last year. Uh I 

1135
00:46:09,533 --> 00:46:11,900
progress in the last year. Uh I 
think. 2 years we took a lot of 

1136
00:46:11,900 --> 00:46:13,866
think. 2 years we took a lot of 
decision much more than 10 

1137
00:46:13,866 --> 00:46:15,333
decision much more than 10 
years before and all the 10 

1138
00:46:15,333 --> 00:46:18,333
years before and all the 10 
years before which have a lot 

1139
00:46:18,333 --> 00:46:20,867
years before which have a lot 
to form um the capital Mark 

1140
00:46:20,867 --> 00:46:22,133
to form um the capital Mark 
Union. But there’s still a lot 

1141
00:46:22,133 --> 00:46:23,000
Union. But there’s still a lot 
of things. There are still a 

1142
00:46:23,000 --> 00:46:25,966
of things. There are still a 
lot of things to be done and uh 

1143
00:46:25,966 --> 00:46:27,800
lot of things to be done and uh 
one of the tasks of my 

1144
00:46:27,800 --> 00:46:29,734
one of the tasks of my 
presidency is uh to make it 

1145
00:46:29,734 --> 00:46:31,700
presidency is uh to make it 
feasible that we make some 

1146
00:46:31,700 --> 00:46:32,934
feasible that we make some 
progress during this year or 

1147
00:46:32,934 --> 00:46:34,434
progress during this year or 
prepare the necessary progress 

1148
00:46:34,434 --> 00:46:36,866
prepare the necessary progress 
for the time afterwards, what 

1149
00:46:36,866 --> 00:46:41,966
for the time afterwards, what 
we need is um. um. 

1150
00:46:42,266 --> 00:46:44,800
Willingness for reforms because 

1151
00:46:44,800 --> 00:46:46,567
Willingness for reforms because 
it always takes that much time 

1152
00:46:46,567 --> 00:46:48,633
it always takes that much time 
we we are having different 

1153
00:46:48,633 --> 00:46:50,301
we we are having different 
systems, but we need to get to 

1154
00:46:50,301 --> 00:46:53,033
systems, but we need to get to 
market for making for a better 

1155
00:46:53,033 --> 00:46:54,234
market for making for a better 
and better and better 

1156
00:46:54,234 --> 00:46:56,834
and better and better 
development you cannot discuss 

1157
00:46:56,834 --> 00:46:58,366
development you cannot discuss 
about interest and not forming 

1158
00:46:58,366 --> 00:47:00,900
about interest and not forming 
a capsule marking the capital 

1159
00:47:00,900 --> 00:47:03,833
a capsule marking the capital 
Mark Union will give the 

1160
00:47:03,833 --> 00:47:05,100
Mark Union will give the 
produce the chance for better 

1161
00:47:05,100 --> 00:47:06,700
produce the chance for better 
investments all over Europe so 

1162
00:47:06,700 --> 00:47:09,100
investments all over Europe so 
that the money is not always 

1163
00:47:09,100 --> 00:47:10,466
that the money is not always 
looking for the same rare 

1164
00:47:10,466 --> 00:47:13,133
looking for the same rare 
number of. Of places where it 

1165
00:47:13,133 --> 00:47:16,300
number of. Of places where it 
could be put and uh so it is 

1166
00:47:16,300 --> 00:47:17,100
could be put and uh so it is 
nothing which is just 

1167
00:47:17,100 --> 00:47:18,934
nothing which is just 
regulation or something good to 

1168
00:47:18,934 --> 00:47:19,667
regulation or something good to 
have. it is something that 

1169
00:47:19,667 --> 00:47:21,766
have. it is something that 
really would have an impact on 

1170
00:47:21,766 --> 00:47:23,167
really would have an impact on 
growth and of the chances we 

1171
00:47:23,167 --> 00:47:25,134
growth and of the chances we 
all together. so I’m working 

1172
00:47:25,134 --> 00:47:27,500
all together. so I’m working 
very hard for this and uh there 

1173
00:47:27,500 --> 00:47:28,866
very hard for this and uh there 
are a lot of different dossier. 

1174
00:47:28,866 --> 00:47:30,667
are a lot of different dossier. 
We are working on. you’ll never 

1175
00:47:30,667 --> 00:47:32,267
We are working on. you’ll never 
know what is the one that will 

1176
00:47:32,267 --> 00:47:33,733
know what is the one that will 
be the next to to be 

1177
00:47:33,733 --> 00:47:36,233
be the next to to be 
successful, but I think we 

1178
00:47:36,233 --> 00:47:37,801
successful, but I think we 
should make this feasible. This 

1179
00:47:37,801 --> 00:47:38,833
should make this feasible. This 
is the same with the banking 

1180
00:47:38,833 --> 00:47:40,966
is the same with the banking 
union where we need more 

1181
00:47:40,966 --> 00:47:41,966
union where we need more 
progress in the last years and 

1182
00:47:41,966 --> 00:47:45,267
progress in the last years and 
this is why I made. Last year, 

1183
00:47:45,267 --> 00:47:47,766
this is why I made. Last year, 
which was discussed how to how 

1184
00:47:47,766 --> 00:47:49,366
which was discussed how to how 
this could be done. my picture 

1185
00:47:49,366 --> 00:47:51,933
this could be done. my picture 
in this field is not to to 

1186
00:47:51,933 --> 00:47:53,300
in this field is not to to 
stick to one question or the 

1187
00:47:53,300 --> 00:47:55,801
stick to one question or the 
other but to change the whole 

1188
00:47:55,801 --> 00:47:58,334
other but to change the whole 
scenario and to have a view on 

1189
00:47:58,334 --> 00:48:00,867
scenario and to have a view on 
the as you’ve set in another 

1190
00:48:00,867 --> 00:48:02,267
the as you’ve set in another 
circumstance and game in this 

1191
00:48:02,267 --> 00:48:03,700
circumstance and game in this 
field and then understanding 

1192
00:48:03,700 --> 00:48:05,301
field and then understanding 
what should be the different 

1193
00:48:05,301 --> 00:48:07,933
what should be the different 
aspects for making the reform 

1194
00:48:07,933 --> 00:48:10,366
aspects for making the reform 
and just to mention the last 

1195
00:48:10,366 --> 00:48:11,967
and just to mention the last 
thing we were we are ready on 

1196
00:48:11,967 --> 00:48:13,967
thing we were we are ready on 
in another field in the form of 

1197
00:48:13,967 --> 00:48:16,800
in another field in the form of 
ES, for instance. Anything is 

1198
00:48:16,800 --> 00:48:18,666
ES, for instance. Anything is 
agreed more or less, but 

1199
00:48:18,666 --> 00:48:20,267
agreed more or less, but 
there’s the last step of them. 

1200
00:48:20,267 --> 00:48:23,333
there’s the last step of them. 
so we cannot have it is not a 

1201
00:48:23,333 --> 00:48:24,634
so we cannot have it is not a 
good idea of having an 

1202
00:48:24,634 --> 00:48:28,234
good idea of having an 
agreement 2 years ago nearly in 

1203
00:48:28,234 --> 00:48:28,867
agreement 2 years ago nearly in 
December to 2 years ago, more 

1204
00:48:28,867 --> 00:48:31,600
December to 2 years ago, more 
or less than last year in 

1205
00:48:31,600 --> 00:48:33,966
or less than last year in 
summer, and we still not ready 

1206
00:48:33,966 --> 00:48:38,201
summer, and we still not ready 
to fix it. We should fix it. 

1207
00:48:38,201 --> 00:48:39,067
to fix it. We should fix it. 
So, of course, we’re making a 

1208
00:48:39,067 --> 00:48:41,367
So, of course, we’re making a 
big step on capital markets and 

1209
00:48:41,367 --> 00:48:43,200
big step on capital markets and 
banking union with the creation 

1210
00:48:43,200 --> 00:48:45,333
banking union with the creation 
of a European debt. I mean 

1211
00:48:45,333 --> 00:48:46,600
of a European debt. I mean 
that’s in itself the creation 

1212
00:48:46,600 --> 00:48:47,767
that’s in itself the creation 
of the European Safe asset. 

1213
00:48:47,767 --> 00:48:50,400
of the European Safe asset. 
It’s gonna help us with capital 

1214
00:48:50,400 --> 00:48:52,801
It’s gonna help us with capital 
market integration and banking 

1215
00:48:52,801 --> 00:48:53,600
market integration and banking 
integration. uh but I cannot 

1216
00:48:53,600 --> 00:48:55,967
integration. uh but I cannot 
resist um pushing you on one 

1217
00:48:55,967 --> 00:48:57,400
resist um pushing you on one 
point in capital markets union 

1218
00:48:57,400 --> 00:48:59,667
point in capital markets union 
a bit further, which is related 

1219
00:48:59,667 --> 00:49:02,834
a bit further, which is related 
to um uh to um enforcement 

1220
00:49:02,834 --> 00:49:04,533
to um uh to um enforcement 
enforcement of regulatory 

1221
00:49:04,533 --> 00:49:05,933
enforcement of regulatory 
standards Enforcement of 

1222
00:49:05,933 --> 00:49:08,434
standards Enforcement of 
accounting standards. Of good 

1223
00:49:08,434 --> 00:49:10,966
accounting standards. Of good 
governance relative to capital 

1224
00:49:10,966 --> 00:49:12,400
governance relative to capital 
market players, I mean there 

1225
00:49:12,400 --> 00:49:14,234
market players, I mean there 
has been some reforms in the 

1226
00:49:14,234 --> 00:49:18,266
has been some reforms in the 
past um but I would argue in 

1227
00:49:18,266 --> 00:49:19,967
past um but I would argue in 
the um they are significant 

1228
00:49:19,967 --> 00:49:22,433
the um they are significant 
gaps. We have gaps um as 

1229
00:49:22,433 --> 00:49:24,266
gaps. We have gaps um as 
regards anti-money laundering 

1230
00:49:24,266 --> 00:49:26,833
regards anti-money laundering 
issues um that uh my my 

1231
00:49:26,833 --> 00:49:28,000
issues um that uh my my 
colleague, Nicola von has very 

1232
00:49:28,000 --> 00:49:30,299
colleague, Nicola von has very 
much emphasize that we have 

1233
00:49:30,299 --> 00:49:32,000
much emphasize that we have 
gaps in other areas where it’s 

1234
00:49:32,000 --> 00:49:33,600
gaps in other areas where it’s 
really about enforcement and 

1235
00:49:33,600 --> 00:49:35,166
really about enforcement and 
the institutional setup of 

1236
00:49:35,166 --> 00:49:37,967
the institutional setup of 
enforcement so that. Fraud um 

1237
00:49:37,967 --> 00:49:43,633
enforcement so that. Fraud um 
such as wire fraud uh uh cannot 

1238
00:49:43,633 --> 00:49:45,733
such as wire fraud uh uh cannot 
reoccur uh do you think uh we 

1239
00:49:45,733 --> 00:49:49,200
reoccur uh do you think uh we 
should review um the 

1240
00:49:49,200 --> 00:49:51,700
should review um the 
architecture of capital markets 

1241
00:49:51,700 --> 00:49:53,467
architecture of capital markets 
supervisory enforcement um or 

1242
00:49:53,467 --> 00:49:55,667
supervisory enforcement um or 
should there be only national 

1243
00:49:55,667 --> 00:49:57,567
should there be only national 
reform um of those um 

1244
00:49:57,567 --> 00:49:59,967
reform um of those um 
supervisor architecture. I 

1245
00:49:59,967 --> 00:50:01,834
supervisor architecture. I 
think both is necessary. I’m 

1246
00:50:01,834 --> 00:50:03,801
think both is necessary. I’m 
absolutely open to reforms on 

1247
00:50:03,801 --> 00:50:05,767
absolutely open to reforms on 
the on on the European level 

1248
00:50:05,767 --> 00:50:07,967
the on on the European level 
because we need uh something 

1249
00:50:07,967 --> 00:50:11,334
because we need uh something 
which. Which is making 

1250
00:50:11,334 --> 00:50:13,667
which. Which is making 
producing also a level playing 

1251
00:50:13,667 --> 00:50:15,234
producing also a level playing 
field and it is absolutely key 

1252
00:50:15,234 --> 00:50:16,966
field and it is absolutely key 
for the market for the fiscal 

1253
00:50:16,966 --> 00:50:18,200
for the market for the fiscal 
market. For all the things we 

1254
00:50:18,200 --> 00:50:20,833
market. For all the things we 
are doing that uh we know that 

1255
00:50:20,833 --> 00:50:24,233
are doing that uh we know that 
uh this is something that is 

1256
00:50:24,233 --> 00:50:25,900
uh this is something that is 
done by a very high standards 

1257
00:50:25,900 --> 00:50:29,833
done by a very high standards 
of uh of supervision and the 

1258
00:50:29,833 --> 00:50:31,734
of uh of supervision and the 
same thing is on the national 

1259
00:50:31,734 --> 00:50:33,700
same thing is on the national 
level. so my my willing is not 

1260
00:50:33,700 --> 00:50:36,533
level. so my my willing is not 
to say let’s not do the reform 

1261
00:50:36,533 --> 00:50:37,434
to say let’s not do the reform 
on the national level because 

1262
00:50:37,434 --> 00:50:38,567
on the national level because 
we are waking to be on the 

1263
00:50:38,567 --> 00:50:40,733
we are waking to be on the 
European level and other saying 

1264
00:50:40,733 --> 00:50:41,967
European level and other saying 
that’s not do it on the 

1265
00:50:41,967 --> 00:50:43,034
that’s not do it on the 
European level because we first 

1266
00:50:43,034 --> 00:50:47,267
European level because we first 
think things have to be. 

1267
00:50:49,934 --> 00:50:51,400
Yeah, I mean there’s just a 

1268
00:50:51,400 --> 00:50:52,966
Yeah, I mean there’s just a 
quick question on this because 

1269
00:50:52,966 --> 00:50:54,133
quick question on this because 
I want to also touch on global 

1270
00:50:54,133 --> 00:50:55,467
I want to also touch on global 
issues, but there is a there is 

1271
00:50:55,467 --> 00:50:57,533
issues, but there is a there is 
a question by anonymous asking 

1272
00:50:57,533 --> 00:50:58,634
a question by anonymous asking 
on need, which is the third 

1273
00:50:58,634 --> 00:51:01,834
on need, which is the third 
pillar of banking union has the 

1274
00:51:01,834 --> 00:51:03,333
pillar of banking union has the 
position of Germany changed in 

1275
00:51:03,333 --> 00:51:04,333
position of Germany changed in 
the wake of the epidemic when 

1276
00:51:04,333 --> 00:51:05,967
the wake of the epidemic when 
it comes to the pillar the 

1277
00:51:05,967 --> 00:51:08,699
it comes to the pillar the 
eaters. As I already set 

1278
00:51:08,699 --> 00:51:10,900
eaters. As I already set 
discussing about the banking 

1279
00:51:10,900 --> 00:51:12,299
discussing about the banking 
union, I made a very broad 

1280
00:51:12,299 --> 00:51:16,699
union, I made a very broad 
proposal last year and um and 

1281
00:51:16,699 --> 00:51:22,867
proposal last year and um and 
uh this is in the idea of not 

1282
00:51:22,867 --> 00:51:24,933
uh this is in the idea of not 
sticking to the one question 

1283
00:51:24,933 --> 00:51:27,334
sticking to the one question 
because if we put like to form 

1284
00:51:27,334 --> 00:51:29,699
because if we put like to form 
a banking union, this is not 

1285
00:51:29,699 --> 00:51:33,834
a banking union, this is not 
about it is it is is one of ten 

1286
00:51:33,834 --> 00:51:35,867
about it is it is is one of ten 
aspects which are important and 

1287
00:51:35,867 --> 00:51:38,233
aspects which are important and 
my view is. That we will not 

1288
00:51:38,233 --> 00:51:40,467
my view is. That we will not 
get a progress if the one is 

1289
00:51:40,467 --> 00:51:41,767
get a progress if the one is 
sticking to the one point or 

1290
00:51:41,767 --> 00:51:42,600
sticking to the one point or 
the other is sticking to the 

1291
00:51:42,600 --> 00:51:44,801
the other is sticking to the 
other point we need a whole 

1292
00:51:44,801 --> 00:51:47,300
other point we need a whole 
scenario about successful 

1293
00:51:47,300 --> 00:51:50,500
scenario about successful 
banking union and then we can 

1294
00:51:50,500 --> 00:51:52,567
banking union and then we can 
implement all the necessary 

1295
00:51:52,567 --> 00:51:55,333
implement all the necessary 
steps that are relevant for 

1296
00:51:55,333 --> 00:51:56,733
steps that are relevant for 
this and I think one of the 

1297
00:51:56,733 --> 00:51:58,600
this and I think one of the 
mistakes of the of the debate 

1298
00:51:58,600 --> 00:52:00,400
mistakes of the of the debate 
in the last year is that the 

1299
00:52:00,400 --> 00:52:04,733
in the last year is that the 
one part taking the one part in 

1300
00:52:04,733 --> 00:52:05,967
one part taking the one part in 
the in the debate is saying we 

1301
00:52:05,967 --> 00:52:07,400
the in the debate is saying we 
need it is the other say we 

1302
00:52:07,400 --> 00:52:09,067
need it is the other say we 
will never do anything if there 

1303
00:52:09,067 --> 00:52:10,467
will never do anything if there 
is it is and then nothing 

1304
00:52:10,467 --> 00:52:13,634
is it is and then nothing 
happens so we need. Scenario of 

1305
00:52:13,634 --> 00:52:15,000
happens so we need. Scenario of 
a banking union that works and 

1306
00:52:15,000 --> 00:52:17,199
a banking union that works and 
this is that we remember what 

1307
00:52:17,199 --> 00:52:21,899
this is that we remember what 
it is for it is for that uh 

1308
00:52:21,899 --> 00:52:24,400
it is for it is for that uh 
money is going where it’s 

1309
00:52:24,400 --> 00:52:27,067
money is going where it’s 
needed and uh that this can be 

1310
00:52:27,067 --> 00:52:29,500
needed and uh that this can be 
done on the safe regulations 

1311
00:52:29,500 --> 00:52:32,267
done on the safe regulations 
and that uh we have a real 

1312
00:52:32,267 --> 00:52:33,967
and that uh we have a real 
European market and not one 

1313
00:52:33,967 --> 00:52:36,367
European market and not one 
that is fractured as it is 

1314
00:52:36,367 --> 00:52:39,633
that is fractured as it is 
today but uh and so there are 

1315
00:52:39,633 --> 00:52:41,167
today but uh and so there are 
different areas where we have 

1316
00:52:41,167 --> 00:52:42,134
different areas where we have 
to understand what we can do, 

1317
00:52:42,134 --> 00:52:43,067
to understand what we can do, 
for instance, if you look at 

1318
00:52:43,067 --> 00:52:45,167
for instance, if you look at 
the. Um there’s a clear 

1319
00:52:45,167 --> 00:52:46,533
the. Um there’s a clear 
regulation there is a 

1320
00:52:46,533 --> 00:52:48,900
regulation there is a 
supervision on the European 

1321
00:52:48,900 --> 00:52:51,467
supervision on the European 
level and the question with eh 

1322
00:52:51,467 --> 00:52:53,301
level and the question with eh 
is that there is no European 

1323
00:52:53,301 --> 00:52:58,266
is that there is no European 
supervision, but. Possibly a 

1324
00:52:58,266 --> 00:53:01,299
supervision, but. Possibly a 
national one but um but then 

1325
00:53:01,299 --> 00:53:04,000
national one but um but then 
you cannot just take European 

1326
00:53:04,000 --> 00:53:06,400
you cannot just take European 
responsibility without a common 

1327
00:53:06,400 --> 00:53:09,199
responsibility without a common 
way of supervision of any small 

1328
00:53:09,199 --> 00:53:10,299
way of supervision of any small 
bank. This is something which 

1329
00:53:10,299 --> 00:53:12,866
bank. This is something which 
one should understand so we 

1330
00:53:12,866 --> 00:53:16,666
one should understand so we 
need to to to to to to to 

1331
00:53:16,666 --> 00:53:18,167
need to to to to to to to 
understand that we need a 

1332
00:53:18,167 --> 00:53:19,833
understand that we need a 
reform that is a complete 

1333
00:53:19,833 --> 00:53:21,299
reform that is a complete 
scenario and as you know, I 

1334
00:53:21,299 --> 00:53:23,533
scenario and as you know, I 
made very concrete proposals on 

1335
00:53:23,533 --> 00:53:25,767
made very concrete proposals on 
the question. How uh European? 

1336
00:53:25,767 --> 00:53:29,800
the question. How uh European? 
Insurance could be um could be 

1337
00:53:29,800 --> 00:53:31,134
Insurance could be um could be 
designed, which is different to 

1338
00:53:31,134 --> 00:53:32,534
designed, which is different to 
the ones, which are on the 

1339
00:53:32,534 --> 00:53:33,967
the ones, which are on the 
table from others, and which is 

1340
00:53:33,967 --> 00:53:36,167
table from others, and which is 
I think more pragmatic, but 

1341
00:53:36,167 --> 00:53:39,133
I think more pragmatic, but 
it’s also part of a view which 

1342
00:53:39,133 --> 00:53:41,534
it’s also part of a view which 
is implementing other questions 

1343
00:53:41,534 --> 00:53:43,299
is implementing other questions 
and we should not forget them. 

1344
00:53:43,299 --> 00:53:46,667
and we should not forget them. 
Thank you. Thank you um 

1345
00:53:46,667 --> 00:53:48,467
Thank you. Thank you um 
minister Uh I think I mean we 

1346
00:53:48,467 --> 00:53:50,934
minister Uh I think I mean we 
could go on but I’m afraid our 

1347
00:53:50,934 --> 00:53:53,467
could go on but I’m afraid our 
our foreseen time is is coming 

1348
00:53:53,467 --> 00:53:55,900
our foreseen time is is coming 
uh coming to an end already um 

1349
00:53:55,900 --> 00:53:58,734
uh coming to an end already um 
and I think we. Also ask um 

1350
00:53:58,734 --> 00:54:00,833
and I think we. Also ask um 
most of the questions not all 

1351
00:54:00,833 --> 00:54:02,434
most of the questions not all 
of them, but most of the 

1352
00:54:02,434 --> 00:54:03,067
of them, but most of the 
questions from the audience, I 

1353
00:54:03,067 --> 00:54:04,867
questions from the audience, I 
mean there’s still questions 

1354
00:54:04,867 --> 00:54:06,533
mean there’s still questions 
that go well beyond. let’s say 

1355
00:54:06,533 --> 00:54:08,833
that go well beyond. let’s say 
your portfolio as a finance 

1356
00:54:08,833 --> 00:54:09,333
your portfolio as a finance 
minister, which concerned 

1357
00:54:09,333 --> 00:54:12,634
minister, which concerned 
foreign policy which concern um 

1358
00:54:12,634 --> 00:54:14,400
foreign policy which concern um 
uh Europe’s role in the world, 

1359
00:54:14,400 --> 00:54:17,367
uh Europe’s role in the world, 
perhaps also Europe’s relation 

1360
00:54:17,367 --> 00:54:20,033
perhaps also Europe’s relation 
to China. uh um where there’s a 

1361
00:54:20,033 --> 00:54:22,367
to China. uh um where there’s a 
lot of debate on those so I 

1362
00:54:22,367 --> 00:54:23,733
lot of debate on those so I 
mean if you still have a minute 

1363
00:54:23,733 --> 00:54:25,133
mean if you still have a minute 
of course, we would love to 

1364
00:54:25,133 --> 00:54:28,099
of course, we would love to 
hear from you. You know what’s 

1365
00:54:28,099 --> 00:54:30,733
hear from you. You know what’s 
your what’s your take on um uh 

1366
00:54:30,733 --> 00:54:32,700
your what’s your take on um uh 
on you know your strategy uh 

1367
00:54:32,700 --> 00:54:34,767
on you know your strategy uh 
visa China, which I think is is 

1368
00:54:34,767 --> 00:54:37,200
visa China, which I think is is 
the other big defining issue of 

1369
00:54:37,200 --> 00:54:39,966
the other big defining issue of 
our times um but, of course, 

1370
00:54:39,966 --> 00:54:42,801
our times um but, of course, 
only if that that that time is 

1371
00:54:42,801 --> 00:54:46,334
only if that that that time is 
still available on your end. I 

1372
00:54:46,334 --> 00:54:47,666
still available on your end. I 
just wanna get a very short 

1373
00:54:47,666 --> 00:54:49,301
just wanna get a very short 
answer to that question, which 

1374
00:54:49,301 --> 00:54:51,234
answer to that question, which 
is possibly more starting point 

1375
00:54:51,234 --> 00:54:54,401
is possibly more starting point 
for a longer debate. Sure, but 

1376
00:54:54,401 --> 00:54:56,867
for a longer debate. Sure, but 
uh my view is that in the minds 

1377
00:54:56,867 --> 00:54:58,666
uh my view is that in the minds 
of many people, there is a 

1378
00:54:58,666 --> 00:55:00,000
of many people, there is a 
mistake when they look at the 

1379
00:55:00,000 --> 00:55:02,167
mistake when they look at the 
world of the future. The 

1380
00:55:02,167 --> 00:55:06,866
world of the future. The 
mistake is that they are always 

1381
00:55:06,866 --> 00:55:08,800
mistake is that they are always 
thinking in the path of post 

1382
00:55:08,800 --> 00:55:12,733
thinking in the path of post 
war world. and there was this 

1383
00:55:12,733 --> 00:55:14,299
war world. and there was this 
uh the most bipolar world 

1384
00:55:14,299 --> 00:55:16,467
uh the most bipolar world 
between the United States and 

1385
00:55:16,467 --> 00:55:19,834
between the United States and 
the USSR. They think the only 

1386
00:55:19,834 --> 00:55:21,934
the USSR. They think the only 
way the world could be changed 

1387
00:55:21,934 --> 00:55:23,667
way the world could be changed 
is that there is a new bipolar 

1388
00:55:23,667 --> 00:55:25,901
is that there is a new bipolar 
world with the United States 

1389
00:55:25,901 --> 00:55:30,333
world with the United States 
and China. This will not work 

1390
00:55:30,333 --> 00:55:33,734
and China. This will not work 
even because a lot of 

1391
00:55:33,767 --> 00:55:35,499
big Asian nations would not 

1392
00:55:35,499 --> 00:55:39,434
big Asian nations would not 
agree. That will be that will 

1393
00:55:39,434 --> 00:55:41,266
agree. That will be that will 
be Japan that will be Vietnam 

1394
00:55:41,266 --> 00:55:42,400
be Japan that will be Vietnam 
that will be in Indonesia. 

1395
00:55:42,400 --> 00:55:44,733
that will be in Indonesia. 
there will be there will be for 

1396
00:55:44,733 --> 00:55:46,367
there will be there will be for 
instance India, but there will 

1397
00:55:46,367 --> 00:55:48,467
instance India, but there will 
be others as well and there 

1398
00:55:48,467 --> 00:55:51,366
be others as well and there 
will be still Russia Nigeria to 

1399
00:55:51,366 --> 00:55:52,800
will be still Russia Nigeria to 
set to speak about one country 

1400
00:55:52,800 --> 00:55:54,466
set to speak about one country 
from Africa will have very 

1401
00:55:54,466 --> 00:55:56,400
from Africa will have very 
early 500000000 people more 

1402
00:55:56,400 --> 00:55:58,667
early 500000000 people more 
than the European Union so the 

1403
00:55:58,667 --> 00:56:01,867
than the European Union so the 
idea of some political 

1404
00:56:01,867 --> 00:56:02,300
idea of some political 
strategists in the United 

1405
00:56:02,300 --> 00:56:04,266
strategists in the United 
States or China if they have 

1406
00:56:04,266 --> 00:56:05,799
States or China if they have 
them that this will be the 

1407
00:56:05,799 --> 00:56:07,900
them that this will be the 
right the important conflict of 

1408
00:56:07,900 --> 00:56:11,967
right the important conflict of 
the future is wrong. It would 

1409
00:56:11,967 --> 00:56:14,167
the future is wrong. It would 
be influenced by many different 

1410
00:56:14,167 --> 00:56:17,733
be influenced by many different 
uh influential countries and 

1411
00:56:17,733 --> 00:56:19,933
uh influential countries and 
and and groups and one of those 

1412
00:56:19,933 --> 00:56:25,967
and and groups and one of those 
who have the chance to. 

1413
00:56:43,800 --> 00:56:45,299
Start to stop the mistake that 

1414
00:56:45,299 --> 00:56:46,734
Start to stop the mistake that 
we are now discussing about 

1415
00:56:46,734 --> 00:56:48,433
we are now discussing about 
bipolar world, which is the 

1416
00:56:48,433 --> 00:56:50,167
bipolar world, which is the 
United States and China. This 

1417
00:56:50,167 --> 00:56:54,267
United States and China. This 
will not happen. Thank you very 

1418
00:56:54,267 --> 00:56:56,800
will not happen. Thank you very 
much, I think this was 

1419
00:56:56,800 --> 00:56:58,299
much, I think this was 
absolutely fascinating to 

1420
00:56:58,299 --> 00:57:00,400
absolutely fascinating to 
force. We discussed so many 

1421
00:57:00,400 --> 00:57:01,333
force. We discussed so many 
different issues and you gave 

1422
00:57:01,333 --> 00:57:03,400
different issues and you gave 
us really very comprehensive 

1423
00:57:03,400 --> 00:57:04,867
us really very comprehensive 
answers uh so thank you so much 

1424
00:57:04,867 --> 00:57:06,234
answers uh so thank you so much 
for your willingness to be with 

1425
00:57:06,234 --> 00:57:08,767
for your willingness to be with 
us today and um thank you uh 

1426
00:57:08,767 --> 00:57:11,300
us today and um thank you uh 
for uh your answers and good 

1427
00:57:11,300 --> 00:57:13,067
for uh your answers and good 
luck with uh finishing um the 

1428
00:57:13,067 --> 00:57:15,467
luck with uh finishing um the 
the germ presidency you have a 

1429
00:57:15,467 --> 00:57:17,866
the germ presidency you have a 
number of very important fights 

1430
00:57:17,866 --> 00:57:19,333
number of very important fights 
on your table and I think all 

1431
00:57:19,333 --> 00:57:21,667
on your table and I think all 
of all of Europe look at um the 

1432
00:57:21,667 --> 00:57:23,734
of all of Europe look at um the 
leadership. ist Speciali of 

1433
00:57:23,734 --> 00:57:25,767
leadership. ist Speciali of 
Kurs on the on the Fisky 

1434
00:57:25,767 --> 00:57:27,533
Kurs on the on the Fisky 
Recovery Package. So thank you 

1435
00:57:27,533 --> 00:57:31,234
Recovery Package. So thank you 
very much äh for joining us 

1436
00:57:31,234 --> 00:57:33,767
very much äh for joining us 
today ähm by bye. Vielen Dank. 

1437
00:57:33,767 --> 00:57:35,500
today ähm by bye. Vielen Dank. 
And you for the sife. Thank you 

1438
00:57:35,500 --> 00:57:38,667
And you for the sife. Thank you 
very much. 

1439
00:57:52,899 --> 00:57:55,966
Oh, okay. 

1440
00:57:57,533 --> 00:58:01,633
Alright. I love that make 

1441
00:58:01,633 --> 00:58:06,133
Alright. I love that make 
sense. Oh there’s.