The EU harshens its tone against tax evasion

Pascal Auber highlights the difficulties involved in modifying current rules. "Despite the emotion provoked all over Europe by the revelations on the list of Liechtenstein's fiscal tourists, a lot of money will continue to flow under the bridges of tax havens before fraud is eliminated for good. Firstly, this is because low-tax or no-tax financial zones have become an indispensable cog in our globalised economy. A very difficult international consensus would be necessary to deal with it. Then, though Germany's anger against the Alpine principality allowed the reopening Europe's fiscal hernia file, any reinforcement of current rules would require a unanimous decision on the part of the 27 members for one thing, which isn't easy, as well as the co-operation of tax-havens that are thriving on the fringes of Europe, Switzerland for starters."

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