Neal Todd and Alan Sinyor consider the EC’s proposals for enhanced cooperation on the financial transaction tax.
On 14 February the European Commission adopted a proposal for a Council Directive implementing enhanced cooperation in the area of the financial transaction tax (FTT). The Commission hopes that the FTT will ensure that the financial sector will properly participate in the cost of re-building European economies and bolstering the public finances of the participating Member States.
Despite the Commission’s enthusiasm to implement the tax it became clear last year that there was only partial support amongst Member States for a common system of FTT in the EU as a whole. Accordingly those Member States who...
