First, on Greece. The solution found this morning includes a credible and appropriate degree of private sector involvement. This will ease market pressure on Greece and allow the country to continue its programme of reforms. We are determined to conclude work on a second financial assistance programme by the end of the year.
Second, the agreement on the leveraging of the EFSF means that we have also maximised the potential of our backstops. The mix of providing credit enhancement and maximised funding arrangements will increase the EFSF's leverage effect up to four or five times.
Third, on banks. The decisions taken yesterday by Member States will pave the way for a restoration of confidence in the European banking sector. We are working to design an approach for medium- and long-term funding of banks, while also requiring banks to hold a significantly higher capital ratio after taking account of sovereign debt exposures.
The Commission will continue to work hand in hand with the European Banking Authority, the ECB and the EIB to implement these measures through a fully coordinated approach at European Union level.
The independent and objective authority of the Commission is even more important – a view often expressed by this Parliament.
Today, I can announce to you that I intend to entrust Olli Rehn with a reinforced status and additional working instruments. He is to become Commission Vice-President for economic and monetary affairs and the euro. This is the best way to guarantee the independence, objectivity and efficiency in the exercise of the Commission's responsibility of coordination, surveillance and enforcement in the area of economic governance of the Union and of the euro area in particular. I think it is also important and relevant not only from a substantive, but also from a symbolic point of view, and symbols are important, that having a Commissioner specially dedicated to the euro, we assert that we want the euro governance to take place inside the community method and with the community institutions.
At the same time, I believe that it is also important to ensure the credibility and to further reinforce the independence and the objectivity of all our technical work, not only in terms of economic preparations, but also in terms of the independent collection of statistical data. I will therefore entrust the responsibility for Eurostat to the Commissioner for audit –Algirdas Šemeta.
These decisions will be transmitted to this House before the November plenary session, and both Olli Rehn and Algirdas Šemeta are ready to appear before the relevant parliamentary committee.
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