A European Financial Transaction Tax

In September 2011, the European Commission initially proposed that a financial transaction tax (“FTT”) be implemented by all 27 EU Member States, although it soon became clear that a significant proportion of the Member States would not agree to implement a tax of the nature proposed.

As a result, a smaller number of Member States, who felt strongly that they wished to proceed with such a tax, wrote to the European Commission in the autumn of 2012, officially requesting a little-known process of “enhanced co-operation” in relation to the FTT. This process involves a group of at least nine EU Member States resolving to progress an initiative proposed by the EU Commission, once it has become clear that unanimous agreement would not be reached across the EU as a whole within a reasonable period of time.

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