Luc Frieden, Luxembourg’s finance minister is holding up the EU’s planned agreement on the sharing of tax information between member countries, according to media reports.
Frieden said that Luxembourg would consider making its banking sector more transparent and that he wanted to "strengthen co-operation with foreign tax authorities".
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But Luxembourg looks set to be the last country blocking reform for France, Germany and the UK.
Although Luxembourg has relaxed its objections to automatic sharing of tax information between governments, it has also wanted to see a deal done with Switzerland first.
Meanwhile, Austria looks set to accept transparency on bank deposits, with Werner Faymann, the chancellor stating in Austria’s daily newspaper Kronen Zeitung that he would back the proposals, as reported in the Financial Times.
"If agreement on automatic data exchange is not reached at Ecofin on May 14, it will be achieved a week later at the meeting of heads of government," Faymann said.
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