On 22 June 2012 the Economic and Financial Affairs ministers met in Luxembourg to discuss this month’s agenda. The Council approved draft recommendations for all member states on the economic policies, as well as draft opinions on their fiscal policies. The Council also adopted decisions on the excessive deficit procedures for Germany, Bulgaria and Hungary.

However, the decision on one of the most expected topics, financial transaction tax, has not been made. The support for the financial transaction tax as proposed by the Commission was not unanimous. Therefore, the next steps in this subject will be handled by the upcoming Cyprus presidency.

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