On 11 October 2016, the Council of the European Union approved the agreement with Monaco providing for the automatic exchange of tax information on financial accounts of each other's residents. The agreement was signed on 12 July 2016 and will replace the 2004 agreement between the EU and Monaco whereby the latter agreed to put in place measures equivalent to those provided for by the EU Savings Directive. The revision of the 2004 agreement became necessary now that the EU Savings Directive has been repealed and replaced by the amended provisions of the EU Administrative Assistance Directive.