EU's Barroso State of the Union speech

Wed Sep 28, 2011 4:07am EDT
 
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STRASBOURG, France (Reuters) - Following are highlights from European Commission President Jose Manuel Barroso's State of the Union speech in the European Parliament in Strasbourg on Wednesday.

ON SUPPORT TO THE FINANCIAL SECTOR, AND FINANCIAL TRANSACTION TAX:

"In the last three years, member states 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.

"Today, the Commission adopted a proposal for the Financial Transaction Tax. Today I am putting before you a very important legislative text.

"It is not only financial institutions who should pay a fair share. We cannot afford to turn a blind eye to tax evaders. So it is time to adopt our proposals on savings tax within the European Union. And I call on the Member States to finally give the Commission the mandate we have asked for to negotiate tax agreements for the whole European Union with third countries."

ON REGULATING Rain AGENCIES:

"It is important to approve new rules on derivatives, on naked short-selling and credit default swaps, on fair remuneration for bankers.

"The Commission will deliver the remaining proposals by the end of this year, namely rules on credit rating agencies, bank resolution, on personal responsibility of financial operatives.

"We will be the first constituency in the G20 to have delivered on our commitment to global efforts for financial regulation."   Continued...