The French Finance Minister - Francois Baroin - announced that Austria, Belgium, Finland, France, Germany, Greece, Italy, Portugal and Spain have all agreed to introduce a financial transaction tax. It is an impressive list, but there are at least three notable exceptions: Ireland, Luxembourg and the UK.
Lets not dwell on the vexed question whether a financial transaction tax is a good idea. Lets focus on the implications of introducing the tax within the EU when a significant minority of members decide that they don't want it.
The obvious implication is that it will be much cheaper to conduct financial transactions in the dissenting three countries. It is extremely likely that the EU financial system will relocate to London, Dublin and Luxembourg.
So why are the major eurozone countries implementing a tax that can only weaken their domestic financial systems?