Barroso calls for financial transactions tax

FXstreet.com (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.

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