EU finance ministers seek ways to reduce tax avoidance

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European Union finance ministers will later seek ways to cut down on tax evasion — action British Chancellor George Osborne says is particularly important in current circumstances.

On his way into a meeting of the 27 ministers in Brussels Tuesday, Osborne says it is "right that everyone makes their fair contribution" given the current economic backdrop.

Part of the effort will involve a long-stuck savings directive, which seeks an automatic exchange of information between different countries so that interest income on various types of savings accounts can be properly taxed

The ministers will also continue their effort to construct a banking union. And they will try to reach a budget agreement for the current year.