In the meantime the Channel Islands and the Isle of Man, like the foot-draggers, are deducting withholding tax from EU-resident savers anonymously, and answering specific requests for information.

Brazil recently doubled a tax on foreign purchases of its domestic debt. This week Thailand announced a new 15% withholding tax for foreign investors in its bonds.

Under a compromise, countries could either exchange tax information or deduct a withholding tax on the offshore accounts of EU members and remit it in bulk to the investors' home tax authorities.