Internal Market Commissioner Frits Bolkestein has thrown his weight behind national governments’ plans

Date: 07/10/1999

to exempt old bonds from the scope of EU-wide savings taxation. “We must see to it that these bonds that have been issued are excluded and this will be done through what is called a 'grandfathering clause',” he told a press conference. Bolkestein's support for an idea already raised by the German and Finnish presidencies as well as his predecessor Mario Monti is intended to win over the British government, which has fought for a tax exemption for London's €3-trillion 'eurobond' market.

Bolkestein also promised this week to put the EU consumers and the environment at the heart of future single market policies. The pledge came as he unveiled a five-year action plan. He said policies would “promote the interests of consumers, notably by ensuring a high level of protection, market surveillance and proper enforcement of rules” . He added that the Commission would also “ensure sustainable development through further integration of internal market and environment policies” .