On 3 January 2012, Denmark, who assumed the rotating EU presidency on 1 January 2012, initiated a technical review of the European Commission’s proposal for a European financial transaction tax (FTT). Meanwhile, on 23 January France and Germany are expected to present a joint FTT proposal with a view of moving towards implementation across Europe in 2013. The proposed FTT is also on the agenda for the January 30 EU Summit. European Commission Proposal COM(2011) 594 final.