Jose Manuel Barroso, president of the European Commission, has called on EU governments to finish a plan for a banking union. "What we can and must do, first and foremost, is delivering the banking union," he said in his State of the Union speech. "It is the first and most urgent phase on the way to deepen our economic and monetary union." Barroso also said economic recovery is on the horizon. European finance officials are scheduled to discuss the banking union at an informal gathering Friday.