If that happens, I'd expect that in France or Italy the heads would roll by dozens.

Personally I am a libertarian. I am concerned by the death of privacy and the increasing overreach of governments. I don't really see this drive toward transparency and bullying of countries offering financial secrecy as a good thing.

I have seen or heard of many people who have gone through WW2 and have hidden money in Switzerland. Not to hide money from the taxman. But because they have seen how the governments can easily turn against their citizens and decided they needed a plan B. This concept of "nowhere to hide" is a bit concerning.