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The so-called ‘Tobin tax’ was projected to generate between €30 and 35 billion annually in the original proposal tabled by the European Commission in 2013.
There were initially 11 member states participating in the initiative, using a rarely-used “enhanced cooperation” procedure foreseen by the EU treaties.
But a document circulating among the 10 countries supporting the initiative reduced that figure tenfold. Senior officials participating in the process met last Monday on the margins of the Ecofin Council.
The group includes Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
The documents says that the figure is “slightly conservative”, and it is based on the actual French FTT revenues. France’s recent FTT was the model for the Franco-German version put forward last December. [...]