Brussels, 17/01/2013 (Agence Europe) - Member states could vote by qualified majority at the ECOFIN Council on Tuesday 22 January to approve the launch of enhanced cooperation,, involving 11 member states, on putting in place a financial transactions tax (FTT) along the lines of teh tax proposed by the Commission in September 2011 (see EUROPE 10750). The decision on whether or not to go to a vote will be taken on Friday, at the Coreper meeting, in all likelihood dependent on discussions on the possible content of the cooperation and the positions of those present, which could vary.
As expected the 11 countries involved (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) will vote to authorise the enhanced cooperation. Three have announced that they will oppose it (United Kingdom, Sweden and Malta) and eight countries (Cyprus, Denmark, Poland, Hungary, Finland, Romania, the Netherlands and Lithuania) have indicated that they will not opposite it. The remaining five (Bulgaria, Ireland, Latvia, Luxembourg and the Czech Republic), including the Irish Presidency, have expressed reservations. It remains to be seen which (if any) of the last two groups will vote in favour and how many will abstain. Abstentions are not taken into account when the votes are counted, but these votes might be needed to achieve the vote for a qualified majority, but a qmv should get the all clear, our sources suggest, as long as big countries in the first group, Poland for example, vote in favour.
Ireland's position is not clear. Although opposing some of the measures for fear they would hold back the flow of capital, the Irish government has said that it does not oppose the launch of enhanced cooperation in this domain (this is what it indicated in a previous ECOFIN debate at any rate). Over the next months, as chair of the EU, Ireland would be required to arrange and manage the negotiations on the FTT enhanced coooperation (which all 27 member states are free to join but only eurozone countries have decision-making powers).
If enhanced cooperation does get the go-ahead on Tuesday, the Commission could publish the draft legislation very soon, in a matter of weeks, said the diplomat. (FG/transl.fl)