Eleven euro zone states back financial transaction tax

The EU’s effort to introduce a tax on financial transactions was given new life onthe 9 October 2012 after 11 eurozone countries agreed to impose the levy, using the enhanced co-operation rules that allows groups of countries to move forward without the agreement of all 27 members.

The 11 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. This is the conclusion of the proposal for a Council Decision adopted by the European Commission on the 23 October 2012.

• Primary Source

European Commission: RAPID: MEMO/12/762: Statement by Commissioner Šemeta on an EU Financial Transactions Tax – ECOFIN Council http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/12/762&format=PDF&aged=0&language=EN&guiLanguage=en

Council of the European Union: Press Release: PRES/12/411: ECOFIN Council, Luxembourg, 9.10.12: Financial Transaction Tax http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/132771.pdf

ESO: Background information: Financial transaction tax: 'Now effective'? http://www.europeansources.info/record/financial-transaction-tax-now-effective/

EUObserver, 9.10.12: EU financial transactions tax gets enough support to take off http://euobserver.com/economic/117800

ESO: Background information: Barroso backs transactions tax http://www.europeansources.info/record/barroso-backs-transactions-tax/

European Commission: RAPID: Press Release, IP/12/1138: Commission proposes green light for enhanced cooperation on financial transactions tax http://europa.eu/rapid/press-release_IP-12-1138_en.pdf

Deutsche Welle, 23.10.12: 'Coalition of the willing' clears transaction tax hurdle http://www.dw.de/coalition-of-the-willing-clears-transaction-tax-hurdle/a-16326151

European Commission: Memo/12/799: Enhanced Cooperation on Financial Transaction Tax – Questions and Answers http://europa.eu/rapid/press-release_MEMO-12-799_en.htm

European Commission: Speech/12/757: Algirdas Šemeta: Statement on enhance co-operation decision on financial transaction tax http://europa.eu/rapid/press-release_SPEECH-12-757_en.htm

EUObserver, 24.10.12: EU commission tables financial tax for 11 states http://euobserver.com/economic/117975

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