Introduction

John Lorié

Chapter 1 in Taxes and Exchange Rates in the EU, 2006, pp 1-20 from Palgrave Macmillan

Abstract: Abstract As a part of European integration, international liberalisation of financial capital in the European Union (EU) has been established as of 1 July 1990.1 This meant that the process of abolishing the following legal barriers for financial flows within the EU was finalised (Bakker, 1996): (i) administrative controls on cross-border capital flows, usually involving approval procedures by a government agency, (ii) dual or multiple exchange rate systems, implying different exchange rates for (certain types of) commercial and financial transactions, (iii) specific taxation of cross-border financial flows or income resulting from external financial assets and (iv) a residual group of indirect restrictions or regulations, such as limitations of interest payments on deposits of non-residents and discriminatory reserve requirements for foreign banks. To this can be added restrictions on the ownership of financial assets issued by non-residents (Akdogan, 1995).

Keywords: European Union; Physical Capital; Financial Asset; Financial Capital; European Monetary Union (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62570-9_1

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DOI: 10.1057/9780230625709_1

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