Senior European decision makers met this weekend in Berlin to discuss a sweeping overhaul of international financial regulation, in response to the global crisis.
The main purpose of the summit was to hammer out a joint position ahead of April’s G20 summit, where such proposals are expected to meet with significant opposition from other countries. It is thought that an initial consensus was reached between the summit attendees: Germany, the UK, the Netherlands, France, the Czech Republic and Luxembourg.
Gordon Brown, British Prime Minister, had this to say following the summit:
“We are resolved that global problems need global solutions. And we will work together over these next few weeks to make sure that by our co-operation and our determination to act together we can not only inject the confidence that is necessary in the world economy but also build anew the economic activity that is necessary for the jobs, for the security that the people of the world want.”
The precise details of the plan have yet to be released, so as to give the EU member states not in attendance an opportunity to examine them prior to publication.
The concept of what constitutes an ‘unco-operative jurisdiction’, has yet to be fully explained however. Whether the test will feature specific criteria, or simply require that a jurisdiction be deemed to have had a significant impact upon the tax revenues of wealthier nations, is not yet clear.
It is thought that a list of ‘unco-operative jurisdictions’ will be named ahead of the G20 summit, in the coming weeks.
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