President Barroso expressed confidence in Europe's medium-term future, saying that despite pessimistic short-term economic forecasts "we can create the conditions for growth to resume. We have done it before. We must and we can do it again."
He also pointed out that Europe was on track to become "the first constituency in the G20 to have delivered on our commitment to global efforts for financial regulation". Announcing the Commission's proposal for a financial transaction tax, he added: "taxpayers have granted aid and provided guarantees of € 4.6 trillion to the financial sector. It is time for the financial sector to make a contribution back to society."