EC gives nod to plans from 10 EU members to introduce financial transactions tax

Any member state that wishes to join at a later stage may do so, under the same conditions as the member states that have participated from the beginning, the Commission said in a statement.

"I am delighted to see that 10 member states have indicated their willingness to participate in a common FTT along the lines of the Commission's original proposal. This tax can raise billions of euros of much-needed revenue for member states in these difficult times,” European Commission President Jose Manuel Barroso said in the statement.

Over the past few weeks, France, Germany, Austria, Belgium, Greece, Italy, Portugal, Slovakia, Slovenia and Spain have sent official requests to the Commission for enhanced cooperation on an FTT.

The proposal for a council decision must be adopted by a qualified majority of member states, and receive the Parliament's consent, in order for the 10 member states to move forward.