The ECOFIN Council, consisting of economic and finance ministers of EU countries, has looked at a proposal for a financial transaction tax (FTT) directive. The member states involved in the measure want to implement a revised version of their original plans with effect from 2016.

Eleven EU member states are going forward with plans for an FTT under the enhanced cooperation provisions that allow them to proceed without the support of all EU member states. Te European Court of Justice has rejected a request by the UK to annul the decision to implement the tax. Final details of the proposed tax are still awaited.