• Strict European measures to combat tax evasion


    ​Development of a system to automatically exchange information on bank accounts
    Strict European measures to combat tax evasion

    EU Finance Ministers met yesterday to discuss how to crack down on tax evasion and a bank consortium, a project that provoked major differences within the Union. The informal talks are to be held in Lithuania to advance a global system to exchange information automatically on the owners of bank accounts, according to 'German'. While there are still problems in the case of tax evasion by large corporations, the EU authorities on tax deals provided by Ireland, Luxembourg and the Netherlands to multinational companies. The Ministers will also discuss the future shape of the financial system, and it is expected that discussion had differences over how to proceed in a bank consortium faces crises overshadowed it, which is important to restore confidence in the euro area. Meanwhile, the European Commission expressed its willingness to reach a compromise with Germany in disagreement on uniform rules for disposing of distressed banks.
    At a meeting of EU Finance Ministers in the Lithuanian capital of Vilnius, said Michel Barnier, European Commissioner for the internal market: we are convinced that we will reach a workable compromise that everyone can live with. Barnier said he had submitted a proposal to give the European Commission recommends the absolute power to determine the fate of troubled banks in the euro zone either disposed of or salvaged, but the move faced strong opposition from German based EU current conventions is not a sufficient legal basis for such a move. As European politicians supported this action as essential to protect taxpayers from bearing the financial rescue plans, invoices and a banking crisis in the euro zone, Germany considers that the Commission cannot exercise that role in the light of the current European Union conventions and also not be exercised according to the interpretation of Germany.
    Referring to German suspicions, Barnier consider this command such as completely natural, adding that such a revolution in banking requires time, and something like this don't fall from the sky. As long as German Finance Minister Wolfgang Schäuble did not believe that there is a legal basis for anything more than the establishment of a network of national banking authorities of disassembly. Berlin believes that her case has been strengthened by a new opinion of legal experts in the EU governments who expressed concern about banks ' disposal programs, especially its impact on the authority of Member States in the management of its budget.

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