The Danish presidency reported on the progress of its technical work on the European Commission's proposal to introduce a FTT at the Ecofin Council meeting on 13 March.

The Council decided to further analyse the Commission's proposal, whilst also exploring possible compromise solutions and alternative routes. The presidency asked the Commission to work on a comprehensive assessment of the tax contribution made by the financial sector and of the impact on growth and employment, and to help provide a clearer picture of the costs associated with financial regulation in general. Experts will continue work on the proposal for the Council's policy debate on the matter at its meeting on 21 June.