ECB's Mersch says eurozone tax harmony not needed

Eurozone members aren't obliged to harmonize taxation practices as this isn't part and parcel of European Monetary Union, Luxembourg Central Bank Governor Yves Mersch said on Friday 2 December.

"From a conceptual side, there is no compelling need to move rapidly to tax harmonization," Mersch said, speaking at a financial forum.

He noted that the Maastricht Treaty says countries will rely on economic coordination, and that harmonization is a step further than coordination.

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