Despite the legal opinion submitted by the European Council, the European Commission said work on the financial transaction tax would continue on the eleven EU countries that supported it. The European Council had earlier submitted their 14-page legal opinion on the matter which said that the plan was beyond the jurisdiction of the member states under international customary law.
However, EU finance ministers said there was a misunderstanding on the legal opinion. European Commissioner Algirdas Semeta told reporters that he is confident about the legality of the plan. "We are confident that the Commission's arguments and arguments of the legal service of the Commission will demonstrate very clearly to our member states that the approach which has been taken in the proposal is the correct one and does not breach any provisions of the Treaty," he said.
Semeta also added that the proposal had already passed its first reading and that arguments would be presented to the member states the next time the Council working group would meet.
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