11:12 am Rehn draws parallels between Europe today and the situation faced by the United States after that country's Revolution, when Alexander Hamiltonmade it possible for the federal government to assume states' war debts in exchange for greater central-government powers
11:15 am Bartiromo says she will soon open the floor to questions from the audience
11:18 am Schauble says he disagrees with George Soros' assessment that Europe needs more stimulus or else it will suffer a "lost decade." He says the reduction of deficits, as Germany has demonstrated in the past, does not destroy economic growth. If you want more internal demand, "you have to deliver some confidence." That means sustainable deficits. This works in Germany, he says.
11:25 am An audience member asks for firm information from Guindos Jurado on what Spain is going to do in order to meet its debt reduction targets. Guindos Jurado says the new government of Spain, in place since December, began taking action to hit its debt targets almost immediately when it came into office. He said individual Spanish regions' new spending rules are more strict than what Brussels would have put in place for them. Spain will in the near term put forward a reform of its banking industry.
11:28 am Baroin agrees with Schauble that debt reduction is necessary, and he says that France will hit its targets. But France must also grow. And it will achieve both targets to reducing the cost of labor. Each European country, Baroin says, will tackle the dual challenge in its own way, depending on its own situation. For France, the problem, he says, is labor costs.
11:30 am A member of the audience who also happens to be a Member of the European Parliament for Sweden asks what the ministers will do to ensure that there's transparency about the process of negotiation that they're undertaking at this time. In jest, Schauble offers to give her UK Prime Minister David Cameron's phone number. Becoming serious again, Schauble says the existing political process in Europe will be respected. Rehn reiterates Schauble's stance.
11:32 am Bartiromo concludes the event.