European Commission head Jose Manuel Barroso called Wednesday for more European unity in light of the EU’s economic crisis.

Addressing the European Parliament in Strasbourg, France, Barroso called for a new financial transaction tax. The tax could raise nearly $75 billion annually. Over the last three years, the EU has provided nearly $6.3 trillion in financial assistance to European governments.

Additionally, the speech proposed the creation of Eurobonds, which would allow debt sharing among the 17 nations that use the euro. The eurozone is divided over the bond issue though Barroso is in favor of the financial debt sharing measure.

Barroso called the current financial crisis the most severe in the history of the EU.

The Greek Parliament approved a controversial new property tax Tuesday. The tax is the latest Greek government effort to satisfy its creditors and show a commitment to cutting the national debt. Greece is attempting to obtain a new round of financial aid in October and avoid a government default.

Greek Prime Minister George Papandreou told German business leaders that he can “guarantee” that Greece will live up to its financial commitments made to its creditors. Mr. Papandreou predicted that his country will emerge from the current debt crisis and return to growth and prosperity.