The work on the legislative proposal on the EU financial transaction tax has started at the Economic and Monetary Affairs Committee in the European Parliament with a very broad agreement in favour. Various MEPs said that in recent months they had shifted their position in favour the proposal than was the case some months ago.

The agreement reached by MEPs in the Economic and Monetary Affairs Committee on the legislative proposal for an EU financial transaction tax is much broader than some months ago, at least throughout the Eurozone. The shift on the position from various MEPs suggests that more MEPs may favour the proposal than was the case in March 2011.

In fact, in March 2011 the Parliament had already pronounced itself in favour of a financial transaction tax by narrow margins. Several MEPs welcomed the shift because they considered this tax as a necessary tax. Pascal Canfin, MEP, rejected the argument that "ordinary consumers" would see the cost of the tax shifted to them, noting that the main "consumers" on financial markets are in fact high-frequency traders and banks trading for their own profit. Jürgen Klute, MEP, also added that the tax would not constitute "revenge" on the financial sector but rather make it share some of the burden of the crisis, along with all other sectors.

However there is still some MEPs against the proposal. Ivo Strejček, MEP, stressed that in his opinion banks should not be penalised since it was states, not banks, which were most responsible for the crisis. Marta Andreasen, MEP, also found incredible that the EU is discussing a financial transaction tax for 2014 when the Euro is burning. The draft report is scheduled to be presented on 28 February, put to a committee vote in early April and a plenary one in June.