GERMANY: French Finance Minister Moscovici says European banking union plan must have advanced substantially by end of June

Record ID: 863491

  • Title: GERMANY: French Finance Minister Moscovici says European banking union plan must have advanced substantially by end of June
  • Date: 7th May 2013
  • Summary: BERLIN, GERMANY (MAY 7, 2013) (REUTERS) GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE ARRIVING FOR NEWS CONFERENCE PHOTOGRAPHER SCHAEUBLE AND FRENCH FINANCE MINISTER PIERRE MOSCOVICI ON PODIUM EU, FRENCH AND GERMAN FLAG (SOUNDBITE) (German) GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE, SAYING: "I don't see the risk of wrong incentives, I have always said that the European system offers enough leeway to react appropriately to different economic developments. In Germany we call this 'automatic stabilizers' since the 90s. Moreover I trust the Commission, but especially I trust France and therefore we don't have to criticize the decision. And we believe that it is adequate." JOURNALIST TYPING ON LAPTOP WIDE OF PODIUM SCHAEUBLE SPEAKING JOURNALIST LISTENING WITH HEADPHONES (SOUNDBITE) (French) FRENCH FINANCE MINISTER, PIERRE MOSCOVICI, SAYING: "By the end of June - and I am not talking about the German elections - the European banking union must show decisive progress, thanks also to our joint efforts." VARIOUS OF PHOTOGRAPHERS SCHAEUBLE AND MOSCOVICI LISTENING TO QUESTIONS PODIUM SEEN THROUGH VIEWFINDER OF CAMERA WIDE OF NEWS CONFERENCE ONGOING
  • Embargoed: 22nd May 2013 13:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: International Relations,Economy,Politics
  • Reuters ID: LVAD0XUH2C434J7WXGRNDT9E290K
  • Aspect Ratio:
  • Story Text: The European Union must aim to have made "decisive progress" by the end of June on its plans to create a banking union, French Finance Minister Pierre Moscovici said on Tuesday (May 7).
    Moscovici was speaking at a joint news conference with his German counterpart Wolfgang Schaeuble in Berlin. Schaeuble commented on the decision by the European Commission to allow France more time to reach its budget targets. "I don't see the risk of wrong incentives, I have always said that the European system offers enough leeway to react appropriately to different economic developments. In Germany we call this 'automatic stabilizers' since the 90s. Moreover I trust the Commission, but especially I trust France and therefore we don't have to criticize the decision. And we believe that it is adequate," Schaeuble said.
    Moscovici emphasised the importance of advanced banking union plans. "By the end of June - and I am not talking about the German elections - the European banking union must show decisive progress, thanks also to our joint efforts," he said.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2013. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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