LUXEMBOURG Oct 11 The European Commission has
been given a mandate to draft a financial transactions tax (FTT)
law but work still needs to be done on the proposal, the EU's
economics commissioner said on Tuesday.
Germany and France proposed an FTT in 2012 as much as a
political symbol as an effort to correct the excesses blamed for
the worst financial crisis for decades. The tax has been debated
ever since, with countries still disagreeing on how to levy it,
on which products, for which companies and at what rate.
Late on Monday, the finance ministers of the 10 countries
that are considering adopting FTT held a meeting in Luxembourg
on the sidelines of a regular meeting of euro zone ministers.
"My services, toghether with the technical group of the
participating countries, will now draft a legal text on which we
will seek political agreement over the next weeks," Pierre
Moscovici said in a statement released on Tuesday.
He said that ministers at Monday's meeting had agreed on
some important measures that form "the core engine" of such a
tax, but gave no further details.
Moscovici made also clear that "there is still some analysis
to be done," speaking to reporters in Luxembourg.
He has set a new informal deadline to reach a deal by the
end of 2016. Several deadlines have been missed over the years.
The tax was originally proposed as being applied across the
European Union but only Germany, France, Italy, Austria,
Belgium, Greece, Portugal, Slovakia, Slovenia and Spain are
still considering applying.
(Reporting by Francesco Guarascio; Editing by Louise Ireland)