A unilateral financial transactions tax by the eurozone is becoming increasingly likely, according to Financial Times Deutschland, after Jean-Claude Juncker, who had previous been sceptical, is now fully in favour. Under discussion is a transactions tax of 0.1% to 0.5% of turnover. The pressure on this issue comes from the European Council. The European Commission has been sceptical, and pressure is now growing on Algirdas Semeta, the tax commission to develop a proposal. Juncker said he had preferred to levy such a tax at G20 level, but since this is not possible, the eurozone, should press ahead. The problem with any such proposal is to prevent transaction being routed into offshore financial centres, such as Singapore or Shanghai. And since any proposal on tax requires unanimity, it is very likely that those in favour of the tax would have to invoke the enhanced cooperation procedures under the Lisbon Treaty. But that would be a lengthy process, and unlikely to get the tax ready for 2012.