Manfred Nolte on Financial Transaction Taxes

viernes, 22 de junio de 2012

Ecofin sobre TTF

Just a quick summary of the ECOFIN orientation debate on the FTT that was live-streamed and has just finished. In the session Ministers were specifically asked to indicate their countries view of progress via Enhanced Cooperation. At the close of the session, the conclusion was that IT WAS FORMALLY NOTED that the FTT could not be supported by all 27 member states but that it was clear that some countries wanted to proceed via Enhanced Cooperation.  Here are the 5 steps of the Enhanced Cooperation procedure (ECP): a) Note that there is an impasse over a proposal put to the Council (not necessarily formally by a vote) STAGE ONE achieved today b) At least 9 member states (or one country on behalf of 9) send a request to the EC, indicating scope and objectives of a proposal. c) EC produces a proposal (though technically not obliged to draft one) and verify that basic conditions are met: 1. situation of last resort; 2. there are 9 participants to begin with but the initiative is open to all; 3. the initiative cannot be on an exclusive competence e.g. own resources; 4. the initiative does not undermine the internal market d) Decision by the Council by QMV (which means the UK does not have a veto!) to allow ECP to go ahead – Council will make political assessment that the conditions above have been met e) Implementation via normal legislative procedure: co-decision with EP; deliberation by Council but only interested member states have a vote and the vote is taken by QMV.   To the big question, do we already have 9 countries, it looks like it but some of the statements by countries were vague like 'we would possibly join ECP provided certain conditions were met' but it looks like at this stage like: Germany, France, Austria, Belgium, Portugal, Greece, Slovenia, Estonia, possibly Slovakia. Italy said it was "in sympathy" with ECP but not quite ready to support yet.

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