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Europe's financial tax wins approval

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European Union finance ministers Tuesday gave 11 nations a final go-ahead to launch a controversial financial transactions tax seen by many as a way of making the finance sector pay for the economic crisis. 

EU tax commissioner Algirdas Semeta gives a press conference on July 11, 2012 at the EU Headquarters in Brussels. European Union finance ministers Tuesday gave 11 nations a final go-ahead to launch a controversial financial transactions tax seen by many as a way of making the finance sector pay for the economic crisis.

"For the first time ever, the financial transaction tax will be applied at regional level," said the EU's tax commissioner Algirdas Semeta after the ministers gave their green light.

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