| Author (Person) | Chaffin, Joshua |
|---|---|
| Series Title | Financial Times |
| Series Details | 29.9.11 |
| Publication Date | 29/09/2011 |
| Content Type | News |
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Report of the State of the Union speech given by the President of the European Commission José Manuel Barroso in the European Parliament, 28 September 2011. Amongst other suggestion he has proposed a tax on financial transactions to help rebuild public finances across the EU, calling it a matter of fairness. The proposal will require unanimous approval from the European Union’s 27 member states. It enjoys the backing of Germany and France, the EU's largest member states, while the UK government is strongly opposed unless the proposals were adopted as part of a global initiative. Business and financial groups decried the proposal calling it an assault on the City of London and on companies seeking to protect themselves against market uncertainty. The proposal was acclaimed by the European Parliament's largest Political Groups, trade unions and development NGOs. Mr Barroso also said that the countries that use the euro must embark on closer co-ordination of their economies to protect the single currency, and that changing the EU treaties – an arduous and divisive process – might be necessary to achieve this. |
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| Subject Categories | Business and Industry, Politics and International Relations, Taxation |
| Countries / Regions | Europe |
