The banking sector played a role in causing the economic crisis, the commission said Commission president Jose Manuel Barroso said banks must "make a contribution" as Europe faced its "greatest challenge".
The announcement comes as officials prepare to review Greece's progress in cutting its debt levels.
The financial tax would be levied at a rate of 0.1% on all transactions between institutions when at least one party is based in the EU. Derivative contracts would be taxed at a rate of 0.01%.
The commission said the tax was "to ensure that the financial sector makes a fair contribution at a time of fiscal consolidation in the member states".
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