IMF: Experts Warn Against Complacency in Euro Reform

ID

507618

DESCRIPTION
Washington, DC --- 19 April 2018

** PROGRAM FEED – SHOTS CHANGE THROUGHOUT**

1. Wide IMF forum on Reforming the Euro Area
2. Mid officials taking seats at beginning of forum
3. SOUNDBITE: (English) Christine Lagarde, Managing Director of the International Monetary Fund
“You may remember, that it was not so long ago that we had a euro area crisis and that some newspapers, we won’t mention them, were predicting the fall of the euro, the breakup of the euro zone and the complete interruption of this extraordinary experiment that has been going on for a few years. So, something has happened. And, some of the members on the panel here have had something to do with it.”
4. Wide panel
5. SOUNDBITE: (English) Pier Carlo Padoan, Minister of Economy and Finance, Italy
“There is no shortcut. Indeed, there is what we like to call the narrow path. The climbing slowly but continuously over a mountain path between reducing debt and adjusting the fiscal stance and supporting growth. From that point of view, let me say that our interaction with Europe and European authorities has been very positive. Sometimes harsh, sometimes conflictual but never uncooperative. Always very cooperative and this is a political plus of Europe which must never be forgotten.”
6. Wide panel
7. SOUNDBITE: (English) Jack Lew, former U.S. Treasury Secretary
“From the outside it certainly looked like it would have been more effective if the action could have been taken more quickly. It would’ve been more effective if some of the groundwork had been laid in advance. And, the challenge, I think it is appropriate as we think about where we are today, is how do you take those steps at a moment that is not a moment of crisis. Because, the political will required to take those kinds of actions is easier to find when you’re responding to a crisis than when you’re in a relatively good moment. And, happily, I was saying to some of my former colleagues this is the first time we’ve had a chance to talk when the economy was good here and in Europe and in so many places.”
8. Wide panel
9. SOUNDBITE: (English) Olaf Scholz, Minister of Finance, Germany
“A new crisis might come in five, ten or 15 years. We hope it will be a long time before we have to face a situation like this, but we have to be prepared. And, to my point of view it is this year or the next year more or less, where we have to take the necessary decisions. It’s not some years to come, it will be this one and the next year where we have to do the necessary decisions, especially about the question of the banking union and what has to be done there.
10. Wide panel at end of forum
11. Wide of audience applauding
SHOTLIST
Washington, DC --- 19 April 2018

** PROGRAM FEED – SHOTS CHANGE THROUGHOUT**

1. Wide IMF forum on Reforming the Euro Area
2. Mid officials taking seats at beginning of forum
3. SOUNDBITE: (English) Christine Lagarde, Managing Director of the International Monetary Fund
“You may remember, that it was not so long ago that we had a euro area crisis and that some newspapers, we won’t mention them, were predicting the fall of the euro, the breakup of the euro zone and the complete interruption of this extraordinary experiment that has been going on for a few years. So, something has happened. And, some of the members on the panel here have had something to do with it.”
4. Wide panel
5. SOUNDBITE: (English) Pier Carlo Padoan, Minister of Economy and Finance, Italy
“There is no shortcut. Indeed, there is what we like to call the narrow path. The climbing slowly but continuously over a mountain path between reducing debt and adjusting the fiscal stance and supporting growth. From that point of view, let me say that our interaction with Europe and European authorities has been very positive. Sometimes harsh, sometimes conflictual but never uncooperative. Always very cooperative and this is a political plus of Europe which must never be forgotten.”
6. Wide panel
7. SOUNDBITE: (English) Jack Lew, former U.S. Treasury Secretary
“From the outside it certainly looked like it would have been more effective if the action could have been taken more quickly. It would’ve been more effective if some of the groundwork had been laid in advance. And, the challenge, I think it is appropriate as we think about where we are today, is how do you take those steps at a moment that is not a moment of crisis. Because, the political will required to take those kinds of actions is easier to find when you’re responding to a crisis than when you’re in a relatively good moment. And, happily, I was saying to some of my former colleagues this is the first time we’ve had a chance to talk when the economy was good here and in Europe and in so many places.”
8. Wide panel
9. SOUNDBITE: (English) Olaf Scholz, Minister of Finance, Germany
“A new crisis might come in five, ten or 15 years. We hope it will be a long time before we have to face a situation like this, but we have to be prepared. And, to my point of view it is this year or the next year more or less, where we have to take the necessary decisions. It’s not some years to come, it will be this one and the next year where we have to do the necessary decisions, especially about the question of the banking union and what has to be done there.
10. Wide panel at end of forum
11. Wide of audience applauding
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