EU leaders have asked the Commission to propose measures to harmonise rules governing asylum in Europe.

BELGIUM: The European Union may be unable to agree a common foreign policy or to harmonise rules on such sensitive issues of taxation.

He said he was consulting with EU states on introducing International Standards on Auditing (ISAs) in the EU to harmonise rules.

While harmonising rules would be a challenge, it is still required for a fully-fledged capital markets union.

The report urged national watchdogs to launch joint investigations that would lead to more harmonised rules and approaches.