One of the economic foundations of the EU is the principle of healthy and honest market competition. The aim of competition is to encourage economic efficiency, the best allocation of resources, technical progress and consumers' wellbeing.
We have enshrined this in our treaties, just like the major freedom of movement, which allows for the growth of the single market.
However, when it comes to corporate taxation, this fundamental principle has been ignored, overshadowed by member states' tax sovereignty.
Member states' sovereign authority over tax is not in question, both regarding principle and amount, particularly for companies.
However, following a number of revelations, people are now realising that fiscal sovereignty was being unfairly and obscurely used as an alibi for a tax war between EU governments.
Therefore, it's now time we reaffirm our commitment to tax competition, but on the basis of respecting the principles and rules that apply to competition in all other fields: transparency, honesty and fairness.
Within the European Union, this starts with an agreement on a common definition of taxable profits, leaving each member state free to apply whatever rates suit it. This has been the case for VAT for 40 years.
Transparency also requires better democratic control of negotiations between member states within the competent institutions.
The Council has the greatest competency over this, working closely with the Commission. I hope that in future, Parliament can contribute further.
For nearly 20 years now, cooperation has centred on a code of conduct, bringing together the fiscal attachés of all the member states to hunt down harmful tax practices in the EU.
This group was an excellent initiative by Dawn Primarolo in 1997. Clearly, the existing political momentum has now been lost. However, it is a sleeping beauty that must be awoken.
The adoption of measures to correct harmful tax arrangements should take place through dialogue and negotiation, analysing specific cases. With greater experience, this will enable greater ambition for European fairness and transparency rules over corporate taxation.
Naturally, the member states, Commission and Parliament must turn to another ambition: the common consolidated corporate tax base (CCCTB).
This is a project that has been ready since 2011, when the Commission made a new legislative proposal. Political momentum was once again lost, but was reinvigorated last year when the 'LuxLeaks' scandal broke.
Today, people have real, legitimate expectations for fairness in tax, particularly as they accept greater budgetary discipline and solidarity.
Beyond the required transparency, is the question of efficiency. 28 different tax systems breaks up the single market.
This stifles growth through over-taxation and dual taxation for companies subject to various costs resulting from compliance with disparate national tax rules. This is not just putting the brakes on growth, it is also affecting employment.
This market is, nevertheless, the best opportunity for the 'old continent' to remain competitive at global level. Therefore, European competition and taxation policies can no longer be considered separately. They are two sides of the same integration coin.
We must, beyond common rules demarcating the competition field of corporate taxation, adopt a common vision for our tax policies.
This is perfectly achievable, as the work of the OECD has demonstrated. Just like for any other major strategic policy, the member states are always stronger against worldwide competition when they share a common vision.
When the United States and Chinese strategies question our ability as a Union to change global rules, then it is up to us to step up to the challenge.