Barroso calls for financial transactions tax (Barcelona) - José Manuel Barroso, the President of the European Commission spoke today about the gravity of the EU debt crisis before the European Parliament in Strasbourg. He assured however, that the EU is still capable of fending it off, if the member countries join forces, agree on strengthening the EFSF and accelerate its implementation.

Barroso also presented the plan of creating the new financial transactions tax for the EU, opposed by the US and some EU countries. If adopted, the tax could raise 55 billion euros a year.

Later today the eurodeputies will vote on a new procedure which will allow the EC to sanction EU countries with excessive deficit.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.