The European Commission on 5 March 2014 posted an update of the status of the proposed financial transaction tax.

According to the Commission a February 2013 proposal for “enhanced cooperation” reflected the scope and objectives of original financial transaction tax. A working group immediately started discussions after the proposal was put forward.  Once the financial transaction tax is agreed upon at the EU level, all 11 participating EU Member States will  need to transpose the tax into their national laws.