"The current crisis further raises the need for proper tax coordination within the EU. Viewed from a trade union standpoint, the aim must be to ensure a level of tax revenue sufficient to maintain our social model. This requires taxation of all forms of income, putting an end to tax competition and introducing an exchange of information among states to ensure that all income is subject to taxation. This can be achieved by extension of the scope of the Savings Directive, which would, in turn, enable the European Commission to conclude ‘offensive' tax agreements in the effort to wipe out tax evasion and tax havens. While harmonisation of the tax base is an essential step in the realm of corporation tax, this must of necessity be accompanied by the fixing of a minimum rate of taxation. The introduction — in the form of a European tax — of a tax on financial transactions should provide the EU with funds for economic and development initiatives."

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