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. At the end of the debate following the State of the Union Address José Manuel Barroso delivered a closing speech. #SOTEU