The tax, which places a levy on some financial transactions to raise public funds, has been high on the political agenda recently as the European court of justice opposed attempts by the British government to block it amid claims that it would be bad for business.
However, the 11 participating member states are said to have confirmed their commitment by agreeing a roadmap for the introduction of the FTT.
Greens economic and finance spokesperson Philippe Lamberts, said, "By announcing the gradual introduction of a [FTT], starting 1 January 2016 at the latest, the member states participating in the enhanced cooperation procedure want us to believe that they took a decisive step towards financial regulation and social justice.
"This is not the case. They have instead definitively buried the ambitious proposal that was prepared by the European commission on 14 February 2013.
"The ministers of the participating member states have simply agreed in principle that only shares and certain derivatives will come under the scope of the tax.
"Although the participating member states are presenting this initiative as a first step that would later lead to an extension of the FTT’s scope, they’ve been very careful to avoid making any actual commitment on this," highlighted the Belgian deputy.
"In short, with a cynical eye on the upcoming European elections, the ministers of the participating member states have today carried out what is purely a public relations exercise in an attempt to polish up a dull and disappointing track record.
"The sole merit of this clumsy attempt at grabbing the spotlight is that it highlights their glaring lack of ambition on this issue and their susceptibility to lobbying from the financial sector," he complained.
But parliament's S&D group were more upbeat about the FTT's future, with leader Hannes Swoboda saying, "Despite several delays and legal and technical obstructions the financial transaction tax is still alive. We are almost there."
Although, he added, "We regret… that no clear decision was taken before the European elections.
"We hope that the final design of the FTT will be ambitious and strong enough to be a useful tool in the fight against speculation on the financial markets.
His group colleague and parliament's rapporteur on the dossier Anni Podimata said that for the S&D group, the FTT is "a matter of social justice".
"The financial sector must also bear the costs of the financial crisis they have provoked," she argued.
"The revenue from the FTT could finance investments and help stimulate growth and job creation in Europe."
Speaking in a press conference following the Ecofin meeting, Algirdas Šemeta, EU commissioner for taxation and customs union, statistics, audit and anti-fraud, said that "participating member states have reiterated their commitment to the FTT and laid down their roadmap for its implementation. This is a welcome signal".
"Of course," he continued, "There is still quite a road to travel before the FTT is in place. The participating member states need to continue to invest wholeheartedly in this file to make it law within the timeframe foreseen.
"It is true that the plan and pace are less ambitious than the commission had proposed," explained the Lithuanian official.
"But, every step forward on the [FTT] is of significance, in the chaos of the counter-lobby claims it is easy to lose sight of what is being pioneered here. The EU FTT will be the first regional financial transaction tax in the world.
He went on, "It will strengthen the single market by avoiding a patchwork of national taxes, it will ensure that the financial sector makes a fairer contribution to public finances and it will complement EU regulatory measures for financial stability.
"So if the participating member states make a common FTT a reality, that is a major achievement, even if they proceed more tentatively than was envisaged.
"I hope that, when it is on this council's agenda again, we will see even greater progress - perhaps even the political agreement that citizens have long been calling for," he concluded