The Economic and Financial Affairs Council, on 15 May 2012, discussed a draft Decision giving a mandate to the European Commission to negotiate amendments to Agreements with Switzerland, Liechtenstein, Monaco, Andorra and San Marino on the taxation of savings income, signed in 2004. The Agreements need to be updated so as to ensure that the five countries apply measures that are equivalent to those to be introduced in an amended EU Directive on the taxation of savings income.