The Council and the Commission present the conclusions of the special ECOFIN Council meeting of 7 September 2010 to the European Parliament during the plenary session in Strasbourg.

Strasbourg

debate

plenary session

BARNIER, Michel (FR)

BULLMANN, Udo (S&D, DE)

GIEGOLD, Sven (Greens/EFA, DE)

GOULARD, Sylvie (ALDE, FR)

SWINBURNE, Kay (ECR, UK)

REYNDERS, Didier (BE, EC)

WORTMANN-KOOL, Corien (EPP, NL)

PORTAS, Miguel (GUE/NGL, PT)

Special ECOFIN Council meeting 7 September 2010 (T)

Conclusions of the special ECOFIN Council meeting of 7 September 2010: extracts from the statements by the Council and Commission and debate

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SOUNDBITE (French), Didier REYNDERS, Belgian Presidency, We have now a text that allows us as from the first of January to set in place new supervisory structures and the European Systemic risk Board that will allow us to make progress under optimum conditions with a new financial supervisory architecture.

SOUNDBITE (French), Didier REYNDERS, Belgian Presidency, As regards the banking contribution and the resolution fund. The debate that took, place in ECOFIN alloawed us to agree on a number of guidelines which will then allow the Commission to come forward with more detailed specific porposals ; I am convinced that we should be able to succed inthis area within a few months and with mechanisms that wioll allow us to ensure real coordination in the EU; Somme countries have already set inplace a levy on the banking sector but it is important that we make a ccordintaed advance here.

SOUNDBITE (French), Michel BARNIER, European Commissionner, Prevention is always cheaper than cure, that is true for the environment, that true fro fonancial crisis, an ounce of prevention is worth a pound of cure.Tax payers should not be on the front line, banks need to pay for banks; that is the starting point to create this toolbox this resolution fund is one of the elements.

SOUNDBITE (French), Michel BARNIER, European Commissionner, A debate is underway , it s a very difficult debate , this is on the taxation of financial transactions, this was delt at the G20. was not met with great enthousiasm and many of us however think that it is a fair idea.

SOUNDBITE (Dutch), Corien WORTMANN-KOOL (EPP, NL), Talking about the financial transaction tax. This is something&acute;we do have to work very hard to get that put on a more prominently place on the G20 agenda. I would warn agaoist Europe going there solo.Mr Schultz want to force us to have such a transaction tax in Europe but the disadvantages outweight the advantages because there would evasion of Europe as a result so here I think we should pursue this in the G20 context.

SOUNDBITE (German), Udo BULLMANN (S&amp;D, DE), Regulation on hedge funds managers that is a long way from a breakthrough and here I would appeal to both sides, to the COuncil and the Commission, please move! because wuthout move on your part we won't get a good regulation. We need the same law for everyone, for managers outside the EU as well; they on the long term have to be subject to the same conditions as the Europeans.

SOUNDBITE (French), Sylvie GOULARD (ALDE, FR), We have to do more work on entities and our 4 political groups are working on these entities ESMA and EBA. The work started already for the rating agencies and we expect the Commission to consider this further. Either we have a single market with European supervision and regulation or we consider that a vague coordination between Nation states is enough.

SOUNDBITE (German), Sven GIEGOLD (Greens/EFA, DE), The tax on financial transaction from the point of view of the Commission we first saw that there was cacophony , different voices on the one hand fortunatly we've got M Barnier and M Barroso supporeting this idea of a financial tax levy on others who are rejecting this so please act as as college here. it is not right that Mr SEMETA come out with a report which results have been disproved by science for a long time.

SOUNDBITE (English), Kay SWINBURNE (ECR, UK), Instead of derailing the process by calling for unachievable and unwanted Eu wide taxes that many Member States not just my own are against, we must at this as an opportunity for strengthening our member states weak public finances and allowing them to use the money as they see fit , replenishing their public coffers depleted by bank bailers and crisis managment.

SOUNDBITE (Portuguese), Miguel PORTAS (GUE/NGL, PT), The fundamental problem is that the main guidemines will be laid down by the 27 governments together and among these , we've got Germany who will tell the Greeiks what they've got to do but the other way around will never work.