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Publish Date : 21-Jan-2013

A group of eurozone countries, led by Germany and France, looks set for a green light next week to push ahead with a tax on financial transactions, a step politicians hope will please voters but which critics have warned could backfire.

The levy, based on an idea proposed of US economist James Tobin more than 40 years ago, is symbolically important in showing that politicians, who fumbled their way through Europe\'s five-year financial crisis, are getting to grips with the banks blamed for causing it.

A go-ahead from EU finance ministers, who meet in Brussels on Tuesday, would allow the group of 11 states within the 17-nation currency bloc including Italy, Spain, Austria and Belgium to start preparations for their own trading tax.

Berlin and Paris decided to push ahead in a smaller group under a special arrangement called \"enhanced cooperation\", which requires the support of a majority of EU countries, after negotiations to impose such a tax across the 27-nation European Union, or even just the euro zone countries, failed.

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