Following the formal request of 10 Member States (Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain), the European Commission issued a proposal for a Council Decision authorising enhanced cooperation in the area of financial transaction tax (FTT). The Commission's proposal will be discussed at the Economic and Financial Affairs Council (ECOFIN).

According to the Commission, the rights, competences and obligations of non-participating Member States will be fully respected with enhanced cooperation on FTT. For example, non-participating Member States would not be precluded from having their own national FTT if they should so wish, outside the harmonised system.

No further projections have been put forward on possible revenue to be raised by FTT under enhanced cooperation. However, as per the Commission, the 10 Member States that have so far signed up for enhanced cooperation currently constitute 2/3 of the EU economy so the original projections of annual FTT of €57 billion based on 27 Member States will be adjusted accordingly. The Commission nonetheless predicts that tens of billions of euros will be raised through the FTT.

For full details of the Commission's press release see http://europa.eu/rapid/press-release_MEMO-12-799_en.htm

For details of the proposal submitted by the Commission to Council see http://ec.europa.eu/taxation_customs/resources/documents/taxation/com_2012_631_en.pdf