Barroso Calls for Banking Union, Financial Transactions Tax

Bulgaria in EU | September 12, 2012, Wednesday // 17:01|  views

European Commission president Jose Manuel Barroso is seen prior to the presentation of his flagship plans to the parliament in his annual State of the Union speech at a plenary session of the European Parliament in Strasbourg. EPA/BGNES

European Commission President Jose Manuel Barroso has strongly supported the implementation of an EU banking union in his annual State of the Union address Saturday.

The Commission President did that in the framework of a comprehensive strategy dubbed "A Decisive Deal for Europe," which would see ever closer economic and fiscal integration amongst EU members, based on a closer political union.

Barroso further called for the implementation of a much discussed financial transactions tax, as a matter of both fairness and restoring financial stability.

"The EC will continue to fight for a fair and ambitious Financial Transactions Tax that would ensure that taxpayers benefit from the financial sector, not just that the financial sector benefits from taxpayers. It is clear that agreement on this can only happen through enhanced cooperation," said he in front of the European Parliament sitting in Strasbourg.

Barroso also stated, "We must create a banking union and a fiscal union and the corresponding institutional and political mechanisms."

He said that to that end the EU Treaties might have to be revised, something that the Commission is ready to present proposals on before EP elections in 2014.

"Today, the Commission is presenting legislative proposals for a single European supervisory mechanism. This is the stepping stone to a banking union. The crisis has shown that while banks became transnational, rules and oversight remained national. And when things went wrong, it was the taxpayers who had to pick up the bill," explained the EC President.

Barroso further strongly stressed that the EU must work hard at boosting high added value sectors of its economy, as well as to create and implement tools for ever more integrated economic and fiscal policies of member states.

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Tags: State of the Union, Jose Manuel Barroso, European parliament, European Commission, EU, financial transactions tax, Integration, EU Treaties, fiscal union, banking union


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