Germany, France, Italy and seven other countries are moving forward with a plan to impose a joint financial transaction tax on stock trading, an effort that has proved elusive in Europe.

Under a new blueprint for the tax, sent by Germany Finance Minister Olaf Scholz to the other governments on Monday and seen by The Wall Street Journal, anyone buying shares in large companies domiciled in those countries and with a market value of over €1 billion ($1.1 billion) will have to pay a minimum 0.2% tax over the transaction value.

No levy would be imposed on initial public offerings, market making, share buy backs and purchases by pension funds.

Companies whose shares would be subject to the tax include Germany’s BMW AG , French drugmaker Sanofi SA, Inditex , the Spanish owner of fast-fashion retailer Zara, and Italian lender UniCredit SpA.

The move comes as discussions over such levies have become part of the campaign platforms of candidates in coming elections in the U.S. and the U.K. Sen. Elizabeth Warren has vowed to use the tax to finance her Medicare for All health-care plan. In the U.K., where for decades there has been a stamp duty on real-estate transactions and share transfers, the main opposition Labour Party is proposing to widen the securities included, from forex to derivatives.