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The European Commission announced today the details of the implementation of the Financial Transaction Tax (FTT), under the procedure of the enhanced cooperation. It must be noted that such a procedure may be launched at the request of at least nine EU member states. Incidentally, the eleven member states actually wishing to introduce a financial transaction tax through enhanced cooperation are Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia. Any other member state may join the enhanced cooperation, if they so wish.

Today’s Commission action comes after the decision of 22 January 2013 by the Ecofin council which regroups the 27 Financial ministers of the EU, to give the green light for this enhanced cooperation, leading to the introduction of an FTT. The European Parliament has already authorised the implementation of the tax, which is expected to be applied as from 1 January 2014.

The Commission…

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