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| EU 'faces its greatest challenge' - Jose Manuel Barroso | |
| (40 minutes later) | |
| The head of the European Commission has told Euro MPs that Greece will stay in the eurozone, but warned that the EU was facing its "greatest challenge". | The head of the European Commission has told Euro MPs that Greece will stay in the eurozone, but warned that the EU was facing its "greatest challenge". |
| "Greece is, and Greece will remain, a member of the euro area," Jose Manuel Barroso said in his annual State of the Union address in Strasbourg. | "Greece is, and Greece will remain, a member of the euro area," Jose Manuel Barroso said in his annual State of the Union address in Strasbourg. |
| Appealing for patience over the Greek economic crisis, he said: "This is not a sprint but a marathon." | Appealing for patience over the Greek economic crisis, he said: "This is not a sprint but a marathon." |
| He called for greater EU economic integration, warning of fragmentation. | He called for greater EU economic integration, warning of fragmentation. |
| Mr Barroso called for the creation of eurobonds and a financial transactions tax. | Mr Barroso called for the creation of eurobonds and a financial transactions tax. |
| Eurobonds 'natural step' | Eurobonds 'natural step' |
| Mr Barroso's comments about Greece remaining in the eurozone were met with applause. | Mr Barroso's comments about Greece remaining in the eurozone were met with applause. |
| "Greece must implement its commitments in full and on time," Mr Barroso added. | "Greece must implement its commitments in full and on time," Mr Barroso added. |
| "In turn, the other euro area members have pledged to support Greece and each other." | "In turn, the other euro area members have pledged to support Greece and each other." |
| Speaking about the scale of the crisis, the European Commission chief said: "We are today faced with the greatest challenge our union has known in all its history." | Speaking about the scale of the crisis, the European Commission chief said: "We are today faced with the greatest challenge our union has known in all its history." |
| However, he argued, it was both "possible" and "necessary" to overcome it. | However, he argued, it was both "possible" and "necessary" to overcome it. |
| Mr Barroso said eurobonds would be "advantageous" for the EU. | Mr Barroso said eurobonds would be "advantageous" for the EU. |
| "Once the euro area is fully equipped with the instruments necessary to ensure both integration and discipline, the issuance of joint debt will be seen as a natural and advantageous step for all," he said. | "Once the euro area is fully equipped with the instruments necessary to ensure both integration and discipline, the issuance of joint debt will be seen as a natural and advantageous step for all," he said. |
| On the financial transactions tax, he said the financial services sector must "make a contribution". | On the financial transactions tax, he said the financial services sector must "make a contribution". |