Brussels, 06/10/2011 (Agence Europe) - The economic agenda, together with the recapitalisation of the banks and entry into force of the EFSF (European Financial Stability Facility) with a view to the next European Council (17-18 October) dominated the meeting on Thursday 6 October in Brussels between José Manuel Barroso and the Finnish prime minister, Jyrki Katainen (see other articles in general news coverage).
Finland, however, was also visiting Brussels to call for a stronger and more integrated European Union. The prime minister appealed for a strong European Commission. Finland and Barroso also discussed other subjects considered to be of mutual interest. These included implementation at a national level of the sulphur directive (reduction of sulphur emissions from maritime fuels), “which will incur a significant surcharge to the country”, according to the Finns. Katainen said, however, that they had to find a way to resolve this issue. He was quite pleased with the proposals that the Commission is expected to adopt next week on reform of the common agricultural policy (CAP). Nonetheless, he did warn against administrative costs stemming from the “greening” of certain direct agricultural payments
“We are of course committed to the entry into force of the enhanced European Financial Stability Facility, the EFSF”, pointed out José Manuel Barroso. He expressed hope that this process would soon be concluded. “These are times when the markets need all the reassurance we can give them! So let me also say this: we are determined to do everything necessary to ensure that Europe's banks are able to play their essential role in lending to citizens and businesses”, stated Barroso. He also said that additional efforts might be needed to recapitalise the banks. He finished on an optimistic note and quoted an example from Finland: “In the early 1990s, Finland was in the midst of a severe banking crisis - and a deep recession. Its response was determined: it overhauled financial regulation, embraced structural reform, and invested heavily in education and innovation. This is exactly what we are doing now at the European level.” The results speak for themselves: “Finland is one of the most competitive economies not only in Europe, but in the world.” (LC/transl.fl)