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Van Rompuy wants a financial transaction tax to fund the EU budget (Photo: consilium.europa.eu)

Van Rompuy: financial tax to form part of EU budget

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.

Van Rompuy put forward his ideas after private talks with...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

Van Rompuy wants a financial transaction tax to fund the EU budget (Photo: consilium.europa.eu)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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