Speaking during the plenary session in Brussels, Barroso said that an FTT will avoid fragmentation in the internal market for financial services because there are an increasing number of uncoordinated national tax measures being put in place.
Barroso made the following comments regarding Greece:
• This European Council will take very important steps towards ensuring that the EU's economic policy-making is both more coherent and more effective.
• Agreement on the economic governance package is vital. It will make the EU far better placed to prevent the development of unsustainable public debt and deficits, as well as the emergence of harmful macroeconomic imbalances.
• Heads of State and Government are expected to endorse the Country-Specific Recommendations that the Commission presented on the 7th June. The recommendations are based on an extensive analysis by the Commission of Member States’ plans for sustainable growth and job creation married to sound public finances.
• The European Council is due to endorse the Treaty change necessary to allow for the establishment of the European Stability Mechanism in 2013, with its capacity to assist euro area Member States in financial difficulties – on the basis of strict conditionality.
• The ESM, combined with the increase of the effective lending capacity of the EFSF, are a clear demonstration of our commitment to safeguarding the stability of the euro area, on the basis of sound and sustainable public finances.
Full speech
© European Commission
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