Speaking to the European Parliament in his annual State of the Union Address, European Commission President José Manuel Barroso said “the economic outlook that we face is very difficult. We are confronted with the negative effects of an ongoing global re-assessment of risks. It is therefore our responsibility to rebuild confidence and trust in the euro and our Union as a whole. And we can do this by showing that we are able to take all the decisions needed to run a common currency and an integrated economy in a competitive, inclusive and resource-efficient way.”
In his speech, President Barroso also outlined the European Commission’s proposal for a Financial Transaction Tax.