In the draft opinion to the Committee on Economic and Monetary Affairs (ECON) in EP, the Committee on Budgets proposes that the proceeds from collecting the Financial Transaction Tax (FTT) be used wholly or partly to finance the EU budget. It says that the Commission’s FTT proposal meets most of the criteria for a genuine own resource: sufficiency, stability, visibility and simplicity, low operating costs, efficient allocation of resources and fair contributions. (Source: Draft Opinion on FTT by the Committee on Budgets)