EU to 'Closely Monitor' Impact of US Tax Reform

The European Union "will closely monitor" the impact of the United States' tax reform adopted by the Senate at the weekend to assess its impact on the U.S. deficit and on global tax rules, the EU tax commissioner said on Monday, quoted by Reuters. 

"We don't discuss the full right of the United States to deliver on their own tax rate, but we also have to consider what are the effects on the U.S. deficit and if there are spillover effects on the way we consider taxation at the worldwide level," Pierre Moscovici told reporters in Brussels.

"We will monitor that closely. We need to have a deep analysis," he said, adding that the issue will be discussed on Tuesday at a regular meeting of EU finance ministers.