The Council held a policy debate on a proposed directive aimed at introducing an EU-wide financial transaction tax (FTT) on the basis of a presidency paper suggesting the way forward on the dossier (introduction of an FTT on a step-by-step basis, examination of alternative means of regulating or taxing the financial sector).
In light of the views expressed, the presidency concluded that support for an FTT as proposed by the Commission was not unanimous. It also noted the support of a significant number of delegations for considering enhanced cooperation which would allow a limited number of Member States to proceed amongst themselves, making use of the EU institutions.
The presidency noted that formal requirements for enhanced cooperation would have to be met, and that next steps will be handled by the incoming Cyprus presidency.
The Commission's proposal for an FTT was already discussed by the Council in November 2011 and at two subsequent meetings in March.
Meanwhile, after the Rio+20 Conference, President Barroso called for a global financial transaction tax as an innovative resource for funding development. He said: "A global financial transaction tax (FTT) would ensure not only that the financial sector pays a fair contribution to the economy but could provide valuable resources to fund development". He stressed the European Union's pioneer role in this call.
The EU and its Member States are already among the world's biggest providers of development assistance. Additional resources from a European financial transaction tax would ensure Europe can not only maintain current support, but go beyond.
Press release
© European Council
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article