The European Banking Federation (EBF) considers that the introduction of a financial transaction tax (FTT) by some European Union member states will create uncertainty for business in the whole EU. Even if the FTT is implemented by only some of the EU member states, the tax will affect the other member states and have an effect on business confidence. On 6 May 2014 ten member states have confirmed their commitment to going ahead with an FTT with effect from 2016. The EBF considers that the FTT will damage Europe’s economy by discouraging investment in securities and thereby limiting the access of business to funding.