The implementation, by part of the Member States of the European Union only, of the European Commission’s proposal for a Financial Transaction Tax (FTT)(1) under the enhanced cooperation procedure (ECP), i.e. a procedure that has hitherto only been used twice in the fields of divorce law and patents, raises several substantive questions from a legal perspective, which, for the time being, remain largely unresolved. As such, an ECP, under article 20 of the Treaty on the European Union (TEU), is subject to numerous substantive prerequisites.
A comprehensive assessment of these prerequisites remains, still at this stage, to be delivered by the competent EU institutions (that is, the European Commission, the European Parliament and the Council of the European Union). In...
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