ECOFIN reports on FTT and FAT: Economics and Finance Ministers reported on the current state of play on financial levies and taxes. It said there is growing consensus on the base and scope for a financial levy, but no agreement on the objective or allocation of proceeds of the levy. It noted many Member States are introducing their own levies, with different bases that result in problems such as double taxation. It said double charging and similar problems should be addressed urgently. Short-term, it says there should be a minimum level of coordination among different schemes and a level playing field between Member States. Medium term, the levy should be part of a credible crisis resolution framework. Separately, MEPs called for an EU-wide financial transaction tax.