Speaking after attending an informal Ecofin meeting in Dublin Castle last month, Commissioner Šemeta said that Member States are looking for quick progress and agreement on the EU Savings Directive. The next Ecofin Council, which was scheduled for 14 May, could see agreement on the updated Directive which the European Commission has being pressing for since 2011.

Proposed amendments to the agreements signed in 2004 with Switzerland, Liechtenstein, Monaco, Andorra and San Marino on the taxation of savings income were discussed at Ecofin in November 2011. However, Luxembourg and Austria refused to give the green light to the start of new negotiations with Switzerland. Luxembourg has recently indicated that it will begin implementing the system of automatic information exchange between tax administrations.

Commissioner Šemeta's statement following the meeting in Dublin Castle is available on the Commission's website.