A proposed financial transaction tax that would cover 10 European Union nations and potentially provide a major windfall of development funding has passed a major hurdle, as finance ministers offered national opt-outs for levies on pensions to address concerns voiced by Belgium, Slovenia, and Slovakia.
International development advocates have been closely following the FTT negotiations, which include heavyweights Germany and France, because parallel proposals would formally or informally earmark some of the projected 15 billion-plus euros in new revenues for international aid.
"We are confident that this work can be wrapped up at the technical level,” said Vanessa Mock, European Commission spokesperson for Taxation and Customs Union.