From today’s Financial Times:

The European Commission has thrown its weight behind the introduction of a financial activities tax in Europe, which would tax profits and remuneration at banks and other financial services companies, as it considers ways to raise money from the financial sector.

Officials in Brussels said on Thursday that the alternative idea – a financial transaction tax – was less suitable because of a “high” risk that business would simply move to other regions.

Depending on where the FAT (awesome acronym) revenue goes, this could be a great, though perhaps less “profitable” funding source for global development programs (See: yesterday’s post).