The European Parliament is calling on the EU executive to look at taxing financial transactions to prevent speculation and other “undesirable” behaviour, despite a cool reception by successive tax commissioners to the idea. American economist James Tobin’s plan for a levy on currency speculators failed to gain ground when it was proposed in the 1970s, but the idea was revived after the collapse of world financial markets, in 2008. In a resolution approved by 536 votes to 80 (with 33 abstentions), on 10 March, MEPs say that the EU should consider going it alone if major economies like the US fail to get on board. Belgium and France are both in favour of a Tobin-style tax, but are reluctant to put it in place without global support. The IMF is currently examining how it could work and will publish a report in April, ahead of a G20 meeting in Canada, in June. New Taxation Commissioner Algirdas Semeta said last week the EU needed to be “very, very careful” with new initiatives to make sure they do not create “distortions between different jurisdictions,” pouring cold water on moves to introduce the tax without US support. The Commission is preparing a proposal on “innovative financing,” and will look at transaction taxes and the recent Swedish banking levy.