The financial transaction tax proposal – the so-called Tobin tax, has been requested to the Council by 11 member states. Now member states must submit a request to the Commission, specifying the scope and the objectives of the enhanced cooperation, and the Commission may submit a proposal to the Council to that effect. On the other hand, the Council adopted a decision modifying the conditions underpinning financial assistance to Portugal, granting it an additional year, until 2014, to correct its excessive deficit.

The Council was informed that 11 member states had either already submitted requests to the Commission for a proposal to introduce a financial transaction tax via enhanced cooperation (Belgium, Germany, Greece, France, Austria, Portugal and Slovenia), or were planning to do so shortly (Estonia, Spain, Italy and Slovakia). It will now be up to the Commission to consider submission of a proposal for a Council decision authorising enhanced cooperation. According to a resolution approved in April 2012, MEPs support a financial transaction tax even if only some Member States opt for it.

The Council also was informed by the Cyprus presidency of the state of negotiations with the European Parliament on two proposals – the so-called "CRD 4" package – amending the EU's rules on capital requirements for banks and investment firms. The Council confirmed its intention to reach a political agreement on the package before the end of the year. A number of issues have yet to be resolved in the negotiations with the Parliament.

Moreover, following the fifth review by the troika (the Commission and the IMF, in liaison with the European Central Bank) of progress by Portugal in implementing its economic adjustment programme, the Council agreed to give Portugal an extra year, until 2014, to correct its excessive government deficit. It adopted a revised recommendation to Portugal on measures to be taken to bring its government deficit below the EU's 3% of GDP reference value in 2014, relaxing the deficit targets set for 2012 and 2013; and a decision modifying the conditions underpinning assistance to Portugal from the European Financial Stability Mechanism (EFSM), with a view to disbursement of the next instalment of financial assistance.