Since a consensus on an EU-wide financial transactions tax has proven elusive, Germany and France have called for the tax to be introduced by the group of the countries interested in doing so.

The Cypriot presidency will therefore urge member states in today's debate to opt as to whether they will participate in the enhanced cooperation mechanism where closer cooperation in a certain field that would otherwise require a consensus is possible.

The European Commission received a formal expression of interest from Slovenia for joining the core group of EU countries that want to introduce a financial transactions tax on Friday.

Aside from France, Germany and Slovenia, interest in introducing the tax has also been officially expressed by Belgium, Austria and Portugal.

EU finance ministers will also discuss strategies designed to deepen European integration, including establishing a banking and fiscal union and enhancing the economic and political union.

The ministers will also get briefed on the progress in negotiations with the European Parliament on legislative proposals on capital adequacy, and the European Commission will present a proposal to fight fraud damaging the bloc's financial interests through the application of penal law.

The council is also expected to back Portugal's latest package of measures and reforms and in exchange extend the deadline for the country to do away with the excess general government deficit for a year by 2014.