Last week, while showcasing draft EU laws on tax transparency, commissioner Algirdas Semeta told media in Brussels he is building "the most comprehensive information exchange system in the world."
He added: "The EU system will become even broader than the US system."
It is an astonishing claim.
The wide-reaching impact of the new US regime - the Foreign Account Tax Compliance Act (Fatca), which came into force on 1 January - has been demonstrated by a storm of angry reaction...
Back our independent journalism by becoming a supporting member
Already a member? Login hereAndrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.
Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.