Robin Hood Tax
The Euro-area Summit of 29 June 2012 included the Financial Transactions Tax (FTT) or “Robin Hood Tax”, in its conclusions. Based on a February letter of nine EU member states (Italy, France, Germany, Austria, Belgium, Spain, Finland, Greece and Portugal) to the Danish Presidency, the Summit included the FTT in its agenda. However, no clear conclusion was reached, primarily due to the reaction of a block of member states led by the UK.
According to the Conclusions of the Council: “…the proposal for a Financial Transactions Tax will not be adopted by the Council within a reasonable period. Several Member States therefore will launch a request for an enhanced cooperation in this area, with a view to its adoption by December 2012.”.
The FTT is one of many proposals put on the table to tax banks and hinder market speculation. Nicknamed as “Robin Hood Tax” by NGOs such as Oxfam, the RSPB and Greenpeace UK, the FTT is strongly supported by a wide alliance of humanitarian and environmental NGOs. In a letter addressed to the Danish Presidency, 70 EU NGOs stated that “Civil society across the EU, including non-governmental and trade union organisations, have been campaigning for a number of years for a Financial Transaction Tax (FTT) that would generate significant public revenues to finance the fight against poverty at home and in developing countries and policies to combat climate change and contribute to better regulation of European financial markets.”
On 4 May 2012, the European Commission services published a series of reports on how the FTT would work in practice. Furthermore, the European Parliament on 23 May 2012 adopted an opinion supporting the Commission's proposal on FTT.
Sources: 29 June 2012 Euro Summit Conclusions