Phyrrhic victory for EU big hitters

Hooray! Another victory for the European Union. Three of the most notorious tax havens have been forced to bend to its mighty will and agree not only to removing ring fencing, but also to automatically exchange tax information with all the European countries. Well, not quite. The EU Savings directive and the Code of Committee may have ruffled a few feathers, but the actual effect of the process has been to show the massive difficulties in the grand goal of unifying the financial regulation of the world. Complaints from the G7 about unfair and predatory tax practices did not have the ex...