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The European Union and the United States agreed on Thursday (14 February) to implement the new global Basel III capital adequacy rules for banks as soon as possible, EU financial services chief Michel Barnier said after a meeting in Washington.

The European Commission formally proposed a tax on financial trading in 11 countries yesterday (14 February), saying the levy could raise up to €35 billion each year and make banks more accountable following the 2008 banking crisis.

The eurozone slipped deeper into recession in the last three months of 2012 after its largest economies, Germany and France, shrank markedly at the end of the year. It marked the currency bloc's first full year in which no quarter produced growth, extending back to 1995.

Turkey is committed to joining the European Union despite mounting frustration over decades of talks on the issue, but has little appetite for adopting the euro currency, a senior Turkish official said yesterday (13 February).

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