Minister of Environmental Affairs and Town Planning Gilles Tonelli of Monaco

Mr Tonelli says that if the savings directive included countries like Luxembourg and Switzerland, Monaco would follow suit.

Mr Tonelli said that although Monaco was put on the list of tax havens in 2000, we dont consider ourselves to be one.

But Monanco's Finance Minister Gilles Tonelli said his country won't stand on the sidelines when it comes to fighting tax evaders - as long as there is an international data exchange that every nation agrees to acknowledge.