That this House takes note of European Union Documents Nos. 8484/1/99, the second progress report from the ECOFIN Council to the European Council on reinforced tax policy co-operation, 6615/98, a draft Directive on a common system of taxation applicable to interest and royalty payments, 8781/98, and draft Directive to ensure a minimum of effective taxation of savings income within the Community, and 8329/99, a Commission Communication on the action plan for implementing the framework for financial markets; supports the Government's objective of amending the draft Savings Directive to ensure the competitiveness of EU financial markets, including the City of London, are not damaged, through securing among other things an exemption for 122 eurobonds and other similar instruments; and welcomes the Commission's efforts to develop further the single market in financial services. —[Mr. Pope.]
§ Question agreed to.