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MEMO/11/668

Brussels, 6 October 2011

Key messages of President Barroso from his live interview with YouTube / Euronews interview

On recapitalisation of banks:

"We are now proposing to the Member states to have a coordinated action to recapitalize banks."

Bankers' responsibility:

"We are going to come with a proposal for the kind of responsibility of leaders in financial institutions, so we have personal responsibility for wrong-doing. We are going to criminalise, to propose the criminalisation of some acts. We have already adopted in the Commission some proposals for the remuneration of bankers. Now we are thinking about putting proposals for personal responsibility by the leaders of financial institutions for wrong-doing that they may cause to the society."

Financial transaction tax:

"We need to have a global tax. That is why at the G20 we are going to push for having a global tax, but if there is no agreement immediately at global level, at least someone will have to start and why not to start it here in Europe."

Use of the revenue of the Financial Transaction Tax for development

"In a few weeks, I will be asking all the leaders of the G20 why not have a financial transaction tax, a global financial transaction tax, a part of which could go to the poorest people in the world, to help the developing world. And I will push for it. It's a question of fairness."

On the election of the Commission President:

"The European Parliament elected me. I was elected in my country as Prime Minister. We are 27 different democracies, so we have the complex issue of electing the President of the Commission, it is a choice of the governments and afterwards he is elected by the Parliament. I was very proud to get the election twice. Having said this, in the future we cannot exclude the possibility of having a real election; I will be delighted if that happens one day."

Countries living beyond their means

"One country – like one family or like one company – cannot live long time above its means. And Greece was doing precisely that. So it is unavoidable now to have a fiscal consolidation to reduce the level of expenditure. It is unavoidable and this is a consequence of wrong policies. At the same time we are trying to compensate that through some measures to enhance growth. That is why I created the task force precisely to speed up the front load with the structural funds so that we can help some investments in Greece. But let's be frank, Greece and other countries living above their means have to make some painful adjustments and it is unavoidable."

Watch the video:

http://www.youtube.com/worldview

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