is a tax on a specific type (or types) of financial transaction for a specific purpose (or purposes). This term has been most commonly associated with the financial sector, as opposed to consumption taxes paid by consumers. However, it is not a tax on the financial institution itself. Instead, it is charged only on the specific transactions that are designated as taxable. If an institution never carries out the taxable transaction, then it will never be taxed on that transaction. Furthermore, if it carries out only one such transaction, then it will only be taxed for that one transaction. As such, this tax is neither a financial activities tax (FAT), nor a financial stability contribution (FSC) (or "bank tax"), for example. This clarification is important in discussions about using a financial transaction tax as a tool to selectively discourage excessive speculation without discouraging any other activity (as Keynes originally envisioned it in 1936. ) Aftermath to IMF report On June 27, 2010 at the 2010 G20 Toronto summit, the G20 leaders declared that a "global tax" was no longer "on the table," but that individual countries will be able to decide whether to implement a levy against financial institutions to recoup billions of dollars in taxpayer-funded bailouts. Nevertheless, Britain, France and Germany had already agreed before the summit to impose a "bank tax." On May 20, 2010, German officials were understood to favour a financial transaction tax over a financial activities tax. Two simultaneous taxes considered in the European Union On June 28, 2010, the European Union's executive said it will study whether the European Union should go alone in imposing a tax on financial transactions after G20 leaders failed to agree on the issue. The financial transactions tax would be separate from a bank levy, or a resolution levy, which some governments are also proposing to impose on banks to insure them against the costs of any future bailouts. EU leaders instructed their finance ministers in May 2010 to work out by the end of October 2010, details for the banking levy, but any financial transaction tax remains much more controversial. Country-by-Country report on European OECD countries which implemented bank tax The global debate about whether and how taxation should be used to stabilize the financial sector and raise revenue to partly cover the costs associated with recent and possible future crises was sparked by the financial crisis of