Meeting of the Committee on Economic and Monetary Affairs on the Economic Dialogue, in the EP in Brussels. Statements by Jeroen DIJSSELBLOEM, ECOFIN President and Minister of Finance of the Netherlands, Esther de LANGE (EPP, NL), Elisa FERREIRA (S&amp;D, PT), and Sylvie GOULARD (ALDE, FR)

Brussels

exchange of views

meeting

Committee on Economic and Monetary Affairs

economic dialogue (T)

DIJSSELBLOEM, Jeroen

DE LANGE, Esther (EPP, NL)

GOULARD, Sylvie (ALDE, FR)

FERREIRA, Elisa (S&D, PT, EC)

Economic Dialogue and exchange of views with Jeroen DIJSSELBLOEM, ECOFIN President and Minister of Finance of the Netherlands: extracts from the meeting of the Committee on Economic and Monetary Affairs

SOUNDBITE (English), Esther de LANGE (EPP, NL), "My specific question is on timing and admirals (markets). We've had the Chair of the SRB (Single Resolution Board) told ECON that the admirals will only be available at the end of this year, and then only at group level, and that in some cases, that might be, and these are her words 'considerably higher than 8%'. So my concrete question is how does this relates to the European Commission wishes, so actually start EDIS (European Deposit Insurance Scheme) in 2017."

SOUNDBITE (English), Jeroen DIJSSELBLOEM, President of the Eurogroup, "In the regulation rules is set that the admirals will be designed per institution, weather that is at group level or not. There is no standard for all of our banks or all of our systemic banks for the admirals, so they will be designed by institution, and this is where Resolution Board has a strong role to play. We must realise that this is just one example of measures that we need to define and implement, on let's say, risk reduction measures. So it's very much about at what level will they be designed and set, and how long time do we give for institutions - how many years - to implement those new standards."

SOUNDBITE (English), Jeroen DIJSSELBLOEM, President of the Eurogroup, "We must realise - whether you like the EDIS or not - I think in the end it's make a lot of sense to have it like an integral part of the Banking Union, and like when we designed the single resolution fund, some people said that we ned a very large resolution front right up front, from day one. Yes, maybe that's true, but ... who is going to pay for it? So we are doing it gradually. It's being field gradually, and the risks are mutualised gradually. You may think that is a very European way to do it, but it also make sense."

SOUNDBITE (English), Elisa FERREIRA (S&amp;D, PT), "In concrete terms 38 % of the foreign direct investment of Portugal was driven to the Netherlands. So my question is again about calendars: What is the calendar for countries like the Netherlands or Luxembourg to adjust their tax system? Would you accept to approve it if it was a country specific recommendation during the semester? Or how can we help you? Should we relay ask Commission to use the art 116 article of the Treaty to be able to make you move forward?"

SOUNDBITE (English), Jeroen DIJSSELBLOEM, President of the Eurogroup, "On the common 'backstop', you have a fair point. This is about the single resolution fund as you know we will gradually mutualise the use of the funds.., and that also means that the national credit lines, through the funds, will gradually become gradually less important. So there is a need to become over time, we need a common credit line or a common 'backstop'."

SOUNDBITE (English), Jeroen DIJSSELBLOEM, President of the Eurogroup, "We are doing a number of things as Dutch government on our own, for example already on the innovation box, or pattern boxes as it's called in some countries. We are changing our regime, we will put the legislation to our Parliament and we are moving on a number of issues. But the key issue here - and I think you will agree - is that we need international standards, and hard law and all of us must comply to it."

SOUNDBITE (English), Sylvie GOULARD (ALDE, FR), "If you look at the agreement right now, we accept that we change the single framework, we accept that the euro is not more the single currency of the EU, we accept something that is not in the Treaty, and we are going along the road in which you have countries not contributing to the euro zone funds, so not being part, but still having a say on the institutional bodies with their parliamentarians here, with the members of the Court of Justice, with their Commissioner. This is not a fairly treatment of the Eurozone, I'm sorry."

SOUNDBITE (English), Jeroen DIJSSELBLOEM, President of the Eurogroup, "We can look at the issue of the currency of the EU from one perspective. There is at most stating the facts, stating the obvious, or there is more than that. In the text is also said that those countries that have committed to join the Euro, once the conditions are fulfilled, that obligation is still intact. So once again is a reaffirmation of what it is already in the treaties. You could also say what's the point there on in saying it again? But there is a political point, there is concern in the UK, that as the Eurozone becomes larger, and it's now 19 countries, that their interests will not be respected. I will say again and again, certainly also as President of the Eurogroup, that we will respect their interest, but for a large parts, and certainly when the financial sector is concerned, we have a joint interest here. It is one internal market regime, and it should be maintained."