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Barroso outlines plans for EU financial transaction tax

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Barroso outlines plans for EU financial transaction tax


The European Commission President has called for more economic integration and power at European level, to tackle the crisis in the eurozone.

In his State of the Union address in Strasbourg, José Manuel Barroso vowed that Greece would remain in the euro but had to implement its commitments.

Without going into detail, he outlined plans for a new EU-wide financial transaction tax.

“In the last three years, member states – I should say, taxpayers – have granted aid and provided guarantees of 4.6 trillion euros to the financial sector. It is time for the financial sector to make a contribution back to society. That’s why I’m very proud to say that today the Commission adopted a proposal for the ‘Financial Transaction Tax’ that, if implemented, may generate a revenue of about 55 billion euros per year,” he said.

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