The European Commission adopted a report on the European Savings Taxation Directive. The report states that the common EU rules on automatic exchange of information has helped to improve the quality and usability of data which Member States transmit to each other. The report also includes recommendations to Member States' tax administrations on how to make the current system even more transparent in the future.

As it is required to do every 3 years, the European Commission has published the report on the results of the European Savings Taxation Directive which covers the period 2005-2010. The report shows that the quality and usability of data which Member States transmit to each other has improved, thanks to common EU rules on automatic exchange of information. It also provides practical suggestions to Member States' tax administrations on how to make the current system even more transparent in the future, such as that details on how paying agents can complete data in a better way for the purpose of international reporting. Also, in November 2011, the Commission published a Communication in which stated its position to tackle double taxation.

In addition, the report also notes that loopholes in the current Savings Tax Directive continue to be exploited, for example, by increased use of new tax structures and new financial products designed to avoid tax liability. According to the Commission, such findings confirm the need to extend the scope of the EU Savings Directive and close such loopholes, in line with the Commission's proposal.

On the other hand, Algirdas Šemeta, Commissioner for Taxation, Customs, Anti-Fraud and Audit, has opened at the same time the Brussels Tax Forum, where the topic for discussion this year is "Tax Policy under a Common Currency". The Forum, which brings together policy makers, experts and stakeholders from all over the world, will look at the tax policy challenges that fiscal consolidation and growth-enhancing reforms pose to countries belonging to a monetary union.