EUobserver.com / Headline News / Van Rompuy: financial tax to form part of EU budget
So, the debate around the EU Budget, with 6 days to go, is sure to continue. Personally, I have no objections to the FTT but I wonder whether the government will opt out of applying it Ireland (as they can under these new proposals)?The much vaunted EU financial transaction tax (FTT) is set to be hard-wired into the EU budget, with most of its revenue going directly to the EU.A paper prepared by EU Council President Herman Van Rompuy and sent to European capitals ahead of next week's EU budget summit, where leaders aim to agree a mandate on the budget framework for 2014-2020, would deduct FTT revenues from national contributions to the annual EU pot.
Under the Commission's 2011 proposal the FTT is expected to raise around €57billion annually (based on levies of 0.1% and 0.01% on bond and derivatives trading respectively). It is expected that two thirds of this revenue in each member state will go directly to the EU - allowing for a national contributions to be reduced in those countries who avail of it.
So folks, yay or nay for Ireland? Will the pull of Berlin draw Enda, the European of the Year, in or will he answer the calls of the IFSC and London?