The Franco-German proposal to convince Ireland, Luxembourg, Cyprus, and Malta. The new mediation hypothesis aims to bring the 27 to an agreement with the idea of "improving the convergence and efficiency" of the "supervision" of capital markets.
The European Commission is expected to make a decision on the issue in the next few days. It will be the first time the EU has been forced to take action against a member state over a dispute over a financial transaction tax (FTA) in more than a decade. The issue has been a sticking point in the past, with the European Court of Justice ruling in favor of a FTSE-100 tax in 2007.