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Vestager rules out financial transaction tax:
Economy minister says Denmark won't join a splinter group of EU states that want to introduce a financial transaction tax

Vestager has argued that an FTT is pointless unless implemented globally. Otherwise, she contends, financial markets will simply move to where it is cheapest to do trade.

The UK was the most vocal opponent to the FTT for precisely this reason, as its economy is reliant on income derived through its financial services industry where the majority of European derivatives trades take place.

A last ditch effort by Denmark before the end of their presidency in June to strike a compromise by temporarily excluding derivates from the FTT failed.

EU Financial Transaction Tax: Pierre Moscovici and Wolfgang Schaeuble Pledge to Protect Own Banking Sectors

EU Council lawyers issued a document that argues the FTT would be in breach of the 28-member state union's treaties and infringe on the sovereignty of national governments.

They say the FTT "exceeds member states' jurisdiction for taxation under the norms of international customary law".

Derivatives may escape euro zone transaction tax: document

Legal doubts over the original proposal has forced a rethink amid concerns that funding could be hit.

The European Union's top tax official has called on member countries not to dilute proposals for a financial transactions tax in the euro zone, suggesting the bloc could instead implement the plan more gradually.

Should foreign exchange swap transactions be considered as one transaction only or as two
separate transactions?