The continent's leading finance ministers are expected to launch an offensive against the tax havens of Liechtenstein, Monaco and Andorra at the Ecofin summit in Brussels today.
The 27-member meeting is expected to strengthen the 2005 EU savings tax directive in an effort to crackdown on the tax havens.
According to the Independent, German Finance Minister Peer Steinbruck will be leading the campaign to close loopholes in the directive.
European nations have grown increasingly frustrated with the conduct of tax havens, which prompted Germany and the UK's HM Revenue & Customs to pay an informant for secret bank details from Liechtenstein.
Globally, it is estimated that between $7 trillion (£3.5 trillion) and $12 trillion (£6 trillion) is held offshore in tax havens.
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