ECOFIN had a public session about the progress made on Financial Transaction Tax

A tax on the financial sector has been under discussion at European level for many years. Since the proposal did not secure a majority at EU level, further discussions continued in the framework of enhanced cooperation with 10 EU Member States. Currently, all participating countries agreed again on a Financial Transaction Tax based on the French model and on the possibility to distribute the revenues generated by way of a compensation mechanism among those states wishing to introduce the tax. Once a legal text is agreed upon by the ten participating countries, it will be submitted to ECOFIN for discussion in an inclusive manner.