As the International Herald Tribune has reported:

Under pressure from Germany, the European Union on Wednesday agreed to consider a new clampdown on tax havens, despite the opposition of one country, Luxembourg, which said it saw no reason to change the existing law.

It noted:

Luxembourg, which has a developed an important financial center and which defends banking secrecy, underlined its opposition.

Luxembourg's treasury minister, Luc Frieden, said he saw no loopholes in the current rules. Any changes "would certainly need a lot of time," he added.

It might just as well said:

Luxembourg makes a living from stealing other EU member's taxes and therefore does not want the EUSD tightened

It would have been more honest, and the open admission of what Luxembourg is: a supplier of corruption services.