The discussions scheduled for Friday 20 September on the Financial Transaction Tax (FTT) in the EU Council’s working party on taxation (see EUROPE 12326/27) are likely to be very disappointing.
A note from the Finnish Presidency of the EU Council, prepared for this meeting and of which EUROPE received a copy, states that its purpose is to "take stock" of the negotiations between the Member States participating in the enhanced cooperation establishing the FTT, as well as to allow countries that do not participate in it to ask any questions.
“It is clear that the negotiations on the FTT are complicated and a large number of important considerations have to be taken into account in the discussions among the participating Member States, before any consensus is presented to all Member States for an inclusive discussion”, the Presidency writes, adding that no new draft text has been presented.
The Presidency also considers that the question of the proposed legislative timetable should be addressed. In this respect, it recalls that an informal agreement between the ten countries would only be a preliminary step in the legislative process and that any formal decision by the EU Council should be preceded by an “inclusive and substantive debate” between all EU Member States and according to the required procedural steps. (Original version in French by Marion Fontana)