Today, the European Parliament approved a resolution urging that the European Union "agree on a common position in the international framework of G20 meetings as regards the options as to how the financial sector should make a fair and substantial contribution towards paying for any burden which it has caused to the real economy or which is associated with government interventions to stabilise the banking system." Although the resolution encourages multilateral coordination, it also says that "the EU, in parallel to and consistent with the G20 work, should develop its own strategy with regard to the range of possible options for action," while also stressing that "any solution must imperatively avoid reducing EU competitiveness or hampering sustainable investment, innovation and growth, which benefit the real economy and society."

The resolution does not "advocate one method over another," and comes two weeks after the European Parliament Economic Affairs Committee specifically called for the consideration of a global tax. The resolution directs the European Commission, the European Union's executive arm, to develop a plan for the global transaction tax to present during the G20 meeting in June, including an "impact assessment of a global financial transaction tax, exploring its advantages as well as drawbacks."