Brussels, 10/07/2012 (Agence Europe) - Briefing the Luxembourg parliament on the outcome of the European Summit of 28 and 29 June 2012, the Luxembourg prime minister, Jean-Claude Juncker, said on 3 July that Luxembourg would not be joining the “enhanced cooperation” to create a financial transactions tax (FTT) in the eurozone among eleven countries (including France and Germany, see EUROPE 10645 and 10640) because of the danger of financial companies upping sticks and moving out of Luxembourg because the United Kingdom has refused to join the tax plans and the City of London is one of Luxembourg's direct competitors. Juncker said that he would not be dressing up the tax to make it look like it was good for growth, because it was more like a hindrance. Juncker said he had investigated the matter in depth and reached the conclusion that it was too early to make such a move, but did not rule out Luxembourg's involvement in a FTT if a better plan was reached and said it would be happy to be involved in talks on the details, which have yet to be defined. At present, the Luxembourg government is planning to consider bringing in a way of charging the financial indusry for the cost of the economic crisis, but is not yet able to determine how this would impact on the financial services tax, an important source of income for the State. At the 22 June 2012 ECOFIN Council (see EUROPE 10640), Luxembourg decided to wait and see how enforced cooperation would pan out. (FG/transl.fl)