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The proposed Directive on harmonisation of taxation of interest payments
The European level playing field, the global markets and the invisible European citizen
The Edmond Israel Foundation, at the initiative of its Chairman, André Lussi, has commissioned an independent report on the implications for European capital markets of the proposed Directive on the taxation of interest payments in the European Union (COM 98 295). This report has been entrusted to Promethée, an independent non-profit think tank in Paris that has been working on European integration and the global networked economy since 1985.
The report is based on interviews of a number of eminent market participants. It has been directed by Dr Albert Bressand, Managing Director of Promethée who assumes all responsibilities for possible errors or shortcomings.
The purpose of the report is not to pass a judgement but, rather, to seize the present proposal by the Commission as an opportunity for a debate on the next stages of European integration.
In light of the imminent creation of the euro, the report concludes with an assessment of the proposed Directive for the one-trillion dollar per year 'euromarkets' at the interface between European and global finance.
While reflecting on the important debate presently going on between market practitioners, the European Commission and governments, the report also endeavours to look at the agenda on tax harmonisation from the perspective of an essential although often invisible actor: the European citizen.
Promethée is an independent, non-profit think-tank working on the global networked economy and its implications for policy makers and corporate strategies.
Active since 1985, Promethée interacts regularly with research institutions, regulatory agencies and international organisations to understand changing patterns of globalisation, regional integration and global corporate networking. Long-term trends and their implications are identified through a three-tier process of conceptual developments, of strategic conversations and of shared visions, in close co-operation with PromethéeE corporate members, a number of leading-edge, global-minded corporations.
