European Commission proposes transaction tax

President Jose Manuel Barroso said banks and other financial institutions must make a contribution to the challenges facing the European Union as it struggles to deal with Greece's debt crisis, which has begun contaminating other EU countries.

The 0.1% tax would be levied on all transactions between institutions where at least one party is based in the EU, while derivative contracts would be taxed at 0.01%. The move could raise up to €57bn.

The idea has been floated for some time, but both Britain and the US have opposed such a move.

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