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The EU to continue promoting the implementation of a global tax on financial transactions in the G-20 in Cannes (France) in November, said European Commission President Jose Manuel Barroso.

“In line with the findings of our last meeting, the Commission will complete its evaluation and present a formal legislative proposal after the summer (northern hemisphere),” said Barroso in a letter to European Council President, Herman van Rompuy. “Our analysis shows that there are arguments for a tax on the financial sector in the European Union as a first step,” said Barroso.

“Looking particularly at the G-20 in Cannes, we will continue to work for an agreement on a global tax on transactions,” he said in a letter to Van Rompuy before the European Union summit on Thursday and Friday of this week. On the other hand, the finance ministers of the eurozone have given two weeks to Greece to approve more spending cuts and tax increases in exchange for another 12 billion euros in emergency loans, raising the pressure to put its finances in Athens in order.

After two days of talks, the ministers sent an ultimatum to Athens, saying that the Government, Congress and all of Greek society have until July 3rd to approve a new austerity package that includes privatization, in order to receive the following loans by the IMF and the EU. Greece runs the risk of default if the next stage, the fifth schedule of the 110 billion (155 billion) agreed to Athens in May 2010, not released on time.

Indeed, the European Central Bank President Jean-Claude Trichet warned on the eve of global imbalances in growth after the financial crisis, calling them one of the main challenges for the economy. “That after a partial reduction caused by the crisis, global imbalances are beginning to rise again and is worrisome,” said Trichet in a speech prepared for a ceremony to receive the Global Economy Prize 2011 from the Institute of World Economics of Kiel, Germany.

These imbalances increase the challenges for international monetary cooperation and fiscal policies, Trichet said, calling the imbalances as “one of the biggest challenges facing the global economy and global community.” “The global economy has much to do if it wants to meet these challenges,” he added. Trichet said the eurozone does not contribute to global imbalances and outlined the International Monetary Fund forecasts that see the current accounts broadly balanced for this year until 2015.