16. The European Council agrees that Member States should introduce systems of levies and taxes on financial institutions to ensure fair burden-sharing and to set incentives to contain systemic risk.1And the footnote at the bottom of the page?
Such levies or taxes should be part of a credible resolution framework. Further work is urgently required on their main features and issues of level playing field and cumulative impacts of various regulatory measures should be carefully assessed. The European Council invites the Council and the Commission to take this work forward and report back in October 2010.
1 The Czech Republic reserves its right not to introduce these measures.Despite the desperate "thou doth protest too much" claims of Tories that this is all UKIP's fault, it's clear that Cameron can't sign up to EU measures fast enough, and he was voted in as leader by the...er...Tory Party.
They are not signing up to these measures under duress, but willingly and without a whimper. The Tory sceptics could say and do something but they choose not too. Not even a protest.
Power before principles. The perfect coalition then!