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Tax evasion linked to the Liechtenstein tax haven, the subject of a German-led probe, will be on the agenda at a meeting of EU finance ministers on March 4. German authorities said this week that at least 195 people confessed to tax evasion since their probe of Liechtenstein bank accounts began two weeks ago. A total of E200m of undeclared deposits by wealthy Germans was under investigation.

Twelve other countries - the US, UK, France, Ireland, Netherlands, Norway, Spain, Australia, New Zealand, Italy, Canada and Sweden - have announced their own investigations into tax evaders with Liechtenstein accounts.

Chancellor Angela Merkel pressed Monaco's Prince Albert on Wednesday over his country's banking system at a meeting in Berlin. Monaco, Liechtenstein and Andorra are on a list of “uncooperative tax havens”' published by the Paris-based Organisation for Economic Cooperation and Development.