Eu's Moscovici says there's good progress being made on transaction tax rule

The pound euro signs are popping up into Pierre Moscovici's eyes as the prospect of the EU's FTT draws closer

Speaking to reporters in Brussels, Moscovici says that good progress is being made on the FTT and that the EU wants the "tax ruling info rule" to look back five years minimum

He hopes to have the new rules in place by the end of the year, though they still haven't decided which products will be taxed and the rates

The FTT idea was first touted during the crisis as a way of making all the naughty banks pay for any future naughtiness leaving them requiring bailouts. It looks like it may be a watered down version of the 'blood and thunder' scenario they first painted