On 28 September 2011, José Manuel Barroso, President of the EC, made his annual speech on the State of the Union during a plenary session of the EP in Strasbourg. During this speech the President of the EC announced that he was proposing to introduce a financial transaction tax (FTT). His speech came during a deepening economic crisis in the Euro zone, with growing concerns over Greece's ability to pay its debts. However he assured MEPs that Greece will remain a member of the euro area. He made a call for more integration among EU Member States, including greater political union and more pooling of efforts in the defence sector. #SOTEU