00:00Good morning. Today we will continue our discussion, of course on Ukraine first of all, the state of play of
00:12sanctions, the implementation of sanctions, coordination among member states and the impact in short and midterm on our economies.
00:30I think it will be a new opportunity to show unity and determination, which is strongly needed in the situation
00:41of the war continuing in these hours.
00:48We will also have two important issues about taxation and on the first on the proposal for the agreement, the
01:03global agreement on minimal taxation.
01:06And second on this carbon border adjustment mechanism.
01:13I hope that this meeting of ECOFIN will be the opportunity to make progress on both these files because they
01:23are very important for the sustainability of our economy, the minimal taxation.
01:28We need public resources in these times and because of the sustainability challenge that we have.
01:40So the carbon border mechanism will help not only to protect our industries, but also to move forward towards a
01:51global agreement, which is needed on carbon pricing.
01:55And so we will also support what we call a carbon club to coordinate all the global initiatives in this
02:06direction.
02:07So I do hope that this meeting could give us some progress on both these important files.
02:15Commissioner, you call for unity.
02:16Commissioner, you call for unity.
02:16Where do you see differences among the member states in a response to the crisis?
02:21Well, there are I think we we showed that an impressive level of unity.
02:28Honestly, I think that no one would have expected.
02:32And maybe also the Russian leadership didn't expect such a unity among European member states.
02:42Maybe they were counting on the possibility of divisions, of vetoing, of blocking sanctions.
02:51And I think until now, and I'm sure we will strengthen this also today, the reaction was impressively a united
03:01one.
03:02What will you do to ensure that the sanctions can't be bypassed?
03:06Well, there is a lot of activity.
03:11Of course, the activity is also coming from central banks about the risk of using cryptocurrency to bypass sanctions.
03:27In my portfolio, I'm working hard with all the customs to coordinate customs activity to avoid these things.
03:41But of course, we know that there is always a risk of bypassing sanctions.
03:47But the fact is that the Russian economy is strongly affected.
03:52The level of trade is clearly diminished.
03:57So sanctions are operating.
04:01This doesn't mean, unfortunately, that they will change the course of the war tomorrow.
04:08So we will insist.
04:11We will stay united.
04:13But unfortunately, we have also to support our Ukrainian, the Ukrainian people delivering arms to defend themselves.
04:25Because economic sanctions are not alone able to change the course of the war.
04:31Thank you.
04:31We already know any governments.
04:32That's all it is.
04:33Grazie a tutti.
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