The Commission has announced it has received commitments from 11 Member States (not including the UK) to support a common financial transaction tax (FTT) for their jurisdictions. The FTT initiative can now progress via enhanced cooperation of the participating Member States. Algirdas Semeta, the Commissioner responsible for taxation, views the FTT as a means to encourage more responsible trading and to prevent a patchwork of national bank taxes. He will submit the proposal to the Council of the EU in November, and the participating Member States will have to agree to it by unanimity. (Source: Statement by Commissioner Semeta and Press Release Council Meeting 9 October)