The European Union summit in Brussels, held on 22 May had two major issues on its agenda, tax evasion and improvement of energy policy. President Barroso expressed his concerns that the EU is facing serious obstacles with tax evasion and fraud and high energy prices, which affect its competitiveness.

Tax evasion and fraud cost the EU states € 1 trillion every year according to the European tax research report which prevents them from raising their revenue. This proves the need for more bank transparency and a fair and unified tax system which does not allow for multinational companies to avoid taxation. The Commission's proposal for efficiently dealing with the issue was to increase the range of the Savings Tax Directive, which was adopted in June 2003, and to put into operation the Commission's Action Plan on improving its efforts against tax evasion and fraud. On Tuesday, the European Parliament called for a 50% decrease in the tax fraud costs the EU bears by 2020 by disposing of tax havens. As tax fraud is a major issue for the EU we have made great efforts to keep this issue at the fore forth of EU priorities. In February 2012, we addressed a parliamentary question to the Commission on the feasibility of creating a European Union VAT authority and requested the conduction of studies on this matter. We have also undertaken numerous "Casa reports" such as the report on reverse charge mechanisms, the future of VAT and the most recent report which focused on the Quick Reaction Mechanism for VAT fraud.

During the Summit, Austria and Luxemburg agreed to share bank account information about foreigners which is necessary for tax purposes in the EU and will allow for the early notice on tax evasion and fraud. In that light, the German Chancellor, Angela Merkel, stated that this was one 'enormous step'. The EU's plan is to further negotiate with Switzerland, Andorra, Monaco, San Marino, and Liechtenstein on ending banking privacy in order to prevent tax evasion and fraud. Tax avoidance by corporations such as Apple, Amazon, and Google were also discussed by the leaders of the EU member states. They have put this problem on their agenda for the G8 meeting next month which is going to be held in Ireland. They hope for cooperation on an international level in order to decrease further tax evasion.

With regard to the European Union's energy policy, the European Council planned to discuss issues such as increasing prices of energy and their difference across Europe. Russia is a major energy provider on which many countries rely. However, because of the energy isolation of some of those countries such as Bulgaria encounter significant difficulties in maintaining sustainable energy prices. The Commission called for the implementation of the EU energy reform package and for the unification of the energy market. It also called for further actions on sustainable energy resources and public investment in it. Moreover, it expressed the need for diversification of renewable energy sources such as wind and solar power in the EU. The result expected from these measures is lower energy prices across the territory of Europe and an increase in the competitiveness of EU businesses.

The main focus of the May summit in Brussels was tax and minor discussions were made on the energy issue that was on the agenda. However, no conclusions on energy policy were reached which gives European Union countries time to come up with innovative solutions concerning Europe's energy infrastructure. On the other hand, the president of the European Parliament, Martin Schulz, called for action on youth employment which would ensure a bright future for them.

The European Council made progress in agreeing with countries such as Austria and Luxemburg on bank transparency and is ready to negotiate with other countries that provide secrecy for their bank clients. It also hopes to get rid of loopholes and tax havens. However, there is much more to be discussed at the G8 meting next month on the issue of tax. Also, an initiative for the youth's future was taken by the European Parliament president which provides hopes for higher levels of youth employment.

David Casa is a Nationalist MEP