natgillin/translations-raw huggingface dataset:
— Det tjener ikke noget formål at se bort fra, at der inden for Den Europæiske Union findes to forskellige former for skat på afkast af opsparing, den ene baseret på kildeskatteprincippet, den anden på selvangivelse af indkomsterne. Ingen af disse to systemer må have fortrinsret.
It is accepted that the principle of non-discrimination — a form of the principle of equality — is a general constitutional principle 'which is one of the fundamental principles of Community law', as the Court of Justice has frequently pointed out.53
Traktaten om Den Europæiske Union har hævet retten til kapitalens frie bevægelighed op på niveau med Rom-traktatens øvrige regler om fri bevægelighed.
Although this reinforcement of the provisions relating to freedom of capital movements is justified by the fact that such freedom is part and parcel of EMU, it was decided that the new provisions should apply as from 1 January 1994.
Det drejede sig om dels at indføre de seneste afledte retsregler på området i Fællesskabets forfatning, dels at styrke disse retsregler, især over for tredjelande, inden for rammerne af realiseringen af Den Økonomiske og Monetære Union.
This therefore means that, during the second stage of EMU, while monetary policy continues to be the exclusive preserve of the national authorities,56subject to the reinforced cooperation mechanisms, Member States see their room for manoeuvre reduced.
Rom-traktatens bestemmelser om kapitalens frie bevægelighed havde en tilbagetrukken stilling i forhold til traktatens bestemmelser om fri bevægelighed på andre områder.
(ii) The option available to Member States under Article 2 of the Directive of 24 June 1988 to apply 'measures to regulate bank liquidity which have a specific impact on capital transactions carried out by credit institutions with non-residents'57 was not retained in the Treaty.
Dette svarede til reglerne i Den International Monetære Fond, som lagde vægt på frihed for betalingsoverførsler, men ikke for kapitalbevægelser.
According to the principle of non-discrimination, such measures are no longer authorized within the Union.
Dengang benyttede medlemsstater ne sig i udpræget grad af valutarestriktioner.
" Judgment of 19 October 1977 in Joined Cases 117/76 and 16/77 [1977] ECR 1753 et seq.
Lidt efter lidt blev der indført fri bevægelighed for kapital.
See in particular K. Lenaert, 'L'égalité de traitement en droit communautaire, un principe unique aux apparences multiples', Cahiers de droit européen, 1991, 1-2, pp. 3 to 41. !4It was argued by some that the previous provisions had to be interpreted as already prohibiting the Council from taking restrictive measures. "
Siden den 1. juli 1990, da direktivet af 24. juni 1988 trådte i kraft, er alle restriktioner på området forbudt inden for Den Europæiske Union ').
The existing safeguard clauses have ceased or will cease to be applicable as detailed below: Article 73 ceased to apply on 1 January 1994, as provided for in Article 73a; Article 3 of the Directive of 24 June 1988 also ceased to apply after Article 73b came into force, i.e. also on 1 January
Den frie bevægelighed for kapital er ikke blot en vigtig del af det indre marked og en betingelse for virkeliggørelsen af et integreret finansmarked, men også en afgørende faktor i ØMU. I virkeligheden er det et bærende element, eftersom det ikke er muligt at føre en fælles pengepolitik i et givent område, uden at kapitalen har fri bevægelighed.
1994; former Articles 108 and 109 (which have become Articles 109h and 109i) will continue to apply until the move to the final stage of EMU; Member States not participating in that stage will continue to be free to invoke those Articles as long as they are not participating in that third stage of EMU. "
Det er derfor vigtigt at sikre sig, at der ikke eksisterer eller kan blive genindført hindringer for kapitalens frie bevægelighed.
The same will apply during the third stage to Member States not participating in that stage.
') Med undtagelse af overgangsregler for Spanien, Irland, Portugal og Grækenland, som havde ret til at opretholde visse restriktioner indtil den 31. december 1992; Grækenland fik mulighed for at forlænge sine restriktioner indtil den 30. juni 1994.
" The Directive of 24 June 1988 had accepted the legitimacy of such measures on the grounds that they could be necessary to ensure the effectiveness of monetary-policy instruments as long as such policy remained a national responsibility.
Den frie bevægelighed inden f or Den Europæiske Union
Freedom of movement to and from third countries
Artikel 73 Β i traktaten garanterer siden den 1. januar 1994 den frie bevægelighed for kapital og betalinger inden for Den Europæiske Union ').
As has been seen, Article 73b also prohibits restrictions on the movement of capital and on payments between Member States and third countries.
Rækkevidden af denne artikel er blevet udvidet i aftalen om Det Europæisk Økonomiske Samarbejdsområde (EØS), som trådte i kraft samme dag.
This article would seem to grant rights to nationals of third countries, even though the extent of those rights may be open to interpretation given the limits imposed on the principle.
Denne aftale2) sikrer den totalt frie bevægelighed for kapital mellem Den Europæiske Union, Østrig, Finland, Island, Norge og Sverige, idet der dog er fastsat en vis overgangs­periode for særlige transaktioner (investering i fast ejendom, erhvervelse af ejendomme, der ikke er helårsboliger ...).
In this, these provisions differ from those enshrining the other basic freedoms of the Treaty since the wording of the articles establishing those freedoms makes no reference to third countries.
Formuleringen i artikel 73 Β giver anledning til nogle kommentarer:
However, its general character poses a problem.
— De begrænsninger, der var i liberaliseringen af kapitalbevægelser i traktatens gamle artikel 67, er fjernet: Der bruges ikke længere begrundelsen »nødvendige forholdsre­gler for et velfungerende fælles marked«; ordet »gradvis« og henvisningen til overgangsperioden er slettet.
It can be argued that the scope of this provision has to be examined in relation to the general principle of non - discrimination mentioned above, to the fact that this principle of non - discrimination does not prohibit 'reverse' discrimination (i.e. discrimination penalizing residents of a Member State as opposed to non-residents) and, finally, to the fact that the Court of Justice has recently accepted that certain discriminatory tax provisions might be justified by the need to safeguard the consistency of the tax system of which they form part (paragraph 28 of the legal grounds of the judgment of 28 January 1992 in Case C-204/90).
') Den eneste afvigelse fra dette princip kommer fra artikel 73 E i traktaten, i henhold til hvilken »de medlemsstater, der den 31. december 1993 er omfattet af en dispensation på grundlag af gældende fællesskabsret, er berettiget til senest indtil den 31. december 1995 at opretholde de restriktioner for kapitalbevægelser, der er tilladt i kraft af de dispensationer, der gælder på nævnte tidspunkt«.
In an attempt to limit the effects of this provision, a conference declaration stipulates, as regards capital movements and payments between Member States, that the right of Member States to apply the relevant provisions of their tax law 'will apply only with respect to the relevant provisions which exist at the end of 1993'.
— Artikel 73 B har direkte retsvirkning, for så vidt angår medlemsstaterne indbyrdes '). Det samme gjaldt bestemmelserne om den frie etableringsret og fri udveksling af tjenesteydelser; der kræves ingen yderligere lovgivning for at give dem retskraft.
While, politically, such an erga omnes clause was judged to be necessary, it was nevertheless essential to ensure that it did not prejudice existing Community policies or the possibility of adopting common external policies in the future.
— Teksten er inspireret direkte af artikel 1 i direktivet af 24. juni 19882), og princippet om kapitalens frie bevægelighed er formuleret negativt.
It was therefore necessary to qualify the principle laid down in Article 73b.
Dvs. at traktaten ikke tydeligt angiver, hvilke forpligtelser der påhviler medlemslandene. Har man opfyldt princippet fuldt ud ved blot at afskaffe hindringerne for kapitalens frie bevægelighed?
As worded, that article would, for example, have called into question the reciprocity clause contained in Article 7 of the second Directive on the coordination of banking legislation, the European Union's position within GATT and in the Uruguay Round, the situation of Member States with regard to the OECD, etc.60
— Teksten forbyder alle restriktioner på kapitalbevægelser, men nævner ikke tydeligt spørgsmålet om forskelsbehandling. Man må dog gå ud fra, at forbud mod dette er en selvfølge.
In concrete terms, this led to recognition in the Treaty of the legitimacy of two types of restrictions on capital movements to or from third countries (Article 73c):
Hensigten med de nye regler i traktaten er at fjerne enhver tvivl om 4), at denne liberalisering inden for Den Europæiske Union er uigenkaldelig. Det vil ikke være muligt i fremtiden under noget som helst påskud at indføre nye restriktioner på kapitalbevægelserne inden for Unionen uden at ændre traktaten5).
(i) those which existed at the end of 1993 under national or Community law and involved direct investment (including investment in real estate), establishment, the provision of financial services or the admission of securities to capital markets;
Selv om skærpelsen af reglerne om kapitalens frie bevægelighed især begrundes med, at den er nødvendig for ØMU'en, er det besluttet at lade skærpelsen træde i kraft allerede den 1. januar 1994.
(ii) those resulting from acts adopted by the Council (harmonization measures or measures stemming from negotiations with third countries) by qualified majority, on a proposal from the Commission, in those same fields.
Dette betyder altså, at medlemsstaterne i ØMU'ens anden fase, hvor pengepolitikken stadig fuldt ud hører under de nationale myndigheder6), bortset fra samarbejdsmekanismerne, må se deres manøvremuligheder reduceret:
If, however, such acts were to constitute a backward step in Community law as regards the liberalization of capital movements to or from third countries, they would have to be adopted unanimously by the Council.
— De kan ikke begrænse visse kapitalbevægelser med henvisning til beskyttelse i tilfælde af »forstyrrelser i kapitalmarkedet« (artikel 73) eller »i de tilfælde, hvor kortsigtede kapitalbevægelser tager et usædvanligt omfang og giver spændinger på kapitalmarkedet og alvorlige rystelser, der forstyrrer gennemførelsen af penge- og valutapolitik ken« (artikel 3 i direktivet af 24. juni 1988).
However, this pragmatism does not affect the basic option of completely liberalizing capital movements to or from third countries or the fact that such openness is not only desirable in economic terms but also inevitable given the degree to which capital move ments are now internationalized.
— Den adgang, de havde i medfør af artikel 2 i direktivet af 24. juni 1988 til at indføre »regulering af likviditeten i banksystemet« på en sådan måde, at det »specielt påvirker
In addition to the three riders described above (Section 3.2.3), which also apply to the free movement of capital within the European Union, the Treaty provides for the possibility of derogation from the principle of free movement of capital to or from third countries in two cases:
') I betragtning af bestemmelserne i artikel 73 C, stk. 2, synes der ikke at være tale om direkte retsvirkning, for så vidt angår kapitalens bevægelighed mellem Unionen og tredjelande.
(i) pursuant to a safeguard clause: 'Where, in exceptional circumstances, movements of capital to or from third countries cause, or threaten to cause, serious difficulties for the operation of economic and monetary union', safeguard measures may be taken 'for a period not exceeding six months if such measures are strictly necessary' (Article 73f);61
2) Det bemærkes, at der i teksten er forbud mod restriktioner på kapitalbevægelser mellem medlemsstaterne, mens der i direktivet fra 1988 tales om forbud mod restriktioner på kapitalbevægelser mellem personer med bopæl i medlems staterne.
1 It should be pointed out that, according to Court of Justice case-law (Brugnoni-Ruffinengo case), the liberalization of capital movements under Community law not only applies to financial transfers within the strict meaning of the term but is also understood to cover the abolition of all restrictions, including measures having the effect of limiting the possibility of concluding or executing the underlying transaction.
Formuleringen synes tvetydig, men der er ikke grund til at tillægge det nogen særlig betydning.
For that reason, Article 7 of the Directive of 24 June 1988 referred to 'transfers in respect of movements of capital'.
Man kan sige, at den nye formulering på en vis måde er bredere end den tidligere formulering, fordi den omfatter f.eks. kapitalbevægelser fra en person fra tredjeland på gennemrejse i en medlemsstat til en anden.
Extending the scope of liberalization to capital movements has the effect of giving thirdcountry residents rights which they are not necessarily granted under the external arrangements adopted by the Council in other fields covered by the Treaty or in areas still governed by national law.
') Nogle forfattere mente, at den tidligere tekst skulle opfattes som forbud mod, at endog Rådet tog initiativer i restriktiv retning.
In such cases, the European Monetary Institute will be consulted in accordance with Article 109f(8).
pengeinstitutternes kapitaltransaktioner med udlændinge« '), er ikke gentaget i traktaten. Allerede princippet om ikkeforskelsbehandling forbyder sådanne forholdsregler inden for Unionen.
(ii) in connection with economic sanctions adopted for political reasons: where Community action 'to interrupt or to reduce, in part or completely, economic relations with one or more third countries' is decided on under the common foreign and security policy, the Council 'may take the necessary urgent measures on the movement of capital and on payments as regards the third countries concerned' (Article 73g(l)). "
Den frie bevægelighed overfor tredjelande
General observations
Direktivet af 24. juni 1988 og artikel 70 i Rom-traktaten3) indeholder kun en politisk hensigtserklæring om at liberalisere kapitalbevægelserne over for tredjelande.
Complete liberalization of capital movements is not a sufficient condition for achieving the degree of financial integration essential to the creation of a common financial market.
Maastricht-traktaten ønsker at gå videre end det.
Developments indicate that other measures are necessary.
Som anført forbyder artikel 73B restriktioner på kapitalbevægelser og betalinger mellem medlemslandene og tredjelande.
A single financial market of this kind has to satisfy the following requirements:
') Ifølge direktivet af 24. juni 1988 var sådanne foranstaltninger tilladt ud fra den betragtning, at de var nødvendige for at styrke effekten af pengepolitiske indgreb, så længe de var under national kompetence. !)
(i) There shall be no restrictions on financial institutions wishing to offer their services in other Member States, either by setting up a branch or office, or through the crossfrontier supply of services.
Den generelle formulering giver dog et problem.
(ii) The user of financial services must be guaranteed adequate protection.
Bestemmelsen skal ses i lyset af det generelle princip om ikkeforskelsbehandling som nævnt ovenfor og den omstændighed, at princippet ikke hindrer »den omvendte forskelsbehandling« (dvs. til skade for bosiddende i en medlemsstat og til gavn for ikke-bosiddende) samt domstolenes nylige anerkendelse af, at nogle skattemæssige bestemmelser af diskriminatorisk karakter »kan retfærdiggøres af kravet om, at skatteregler skal passe ind i det helhedssystem, de er en del af« (kendelse af 28.1.1992, sag C-204/90, grund 28).
Thus, where a resident of a Member State takes advantage of the free movement of capital and, on his own initiative, approaches a supplier of services established in another Member State with a view to carrying out such transactions as investment, lending or borrowing there, he should be able to do so under the same conditions as apply to a resident of that Member State.
I et forsøg på at dæmpe virkningen af denne bestemmelse præciseredes det i en erklæring fra konferencen, at hvad angår liberaliseringen af kapitalbevægelser og betalinger mellem medlemslandene, gælder bestemmelsen »kun for de skatteregler, der eksisterer ved udgangen af 1993«.
In such cases, he is subject to the rules and regulations in force in that country and cannot invoke the legislation of his country of origin to protect himself.
Meningen med denne erklæring er blevet tolket på følgende måde af den belgiske finansminister: »Den anmodning, Belgien rettede til Det Europæiske Råd i Maastricht om, at traktaten blev forsynet med en erklæring om harmonisering af skatteregler, er blevet tinfredsstillende efterkommet med vedtagelsen af en pause fra 1994 i nedtrapningen af beskatning på indtægter fra opsparing foretaget af ikkebosiddende i en medlemsstat« (erklæring fremsat af minister Maystadt i »Finansministeriets bulletin«, Bruxelles, 1992, marts-april, s. 13).
Even though the freedom of establishment and the freedom to provide services established by the Treaty of Rome constitute immediately and directly applicable rights that may be exercised by any natural or legal person, their implementation has proved especially difficult in the financial field. The difficulty stems from the fact that financial activities are strictly regulated in all Member States on grounds of public interest.
Denne bestemmelse synes at give personer fra tredjelande rettigheder, selv om omfanget af disse rettigheder kan diskuteres som følge af de begrænsninger, man har givet princippet. Reglerne adskiller sig fra andre regler om fundamentale liberaliseringer i traktaten ved at tredjelandene nævnes.
The Court of Justice has ruled that, in view of the special nature of some services provided, Member States could continue to subject the supply of such services on their territory to specific requirements imposed on suppliers in the absence of harmonization.63
Hvis man havde ønsket, at bestemmelserne skulle tolkes »ergo omnes«, måtte man sikre sig, at de ikke greb ind i Unionens nuværende politik eller i mulighederne for senere at gennemføre en fælles udenrigspolitik.
The measures proposed by the Commission for making the freedom of establishment and the freedom to provide services enshrined in the Treaty fully effective in the financial field, and thus for achieving the desired degree of financial integration, were based on the following approach:
Rent konkret har dette ført til, at man i traktaten har godkendt lovligheden af to typer restriktioner for kapitalbevægelser til og fra tredjelande (artikel 73 C):
(ii) mutual recognition by Member States of each other's legislation and supervision of financial institutions;
— restriktioner, der ved udgangen af 1993 eksisterer i henhold til national lovgivning eller fællesskabslovgivning for sådanne kapitalbevægelser til og fra tredjelande, som vedrører direkte investeringer, herunder investering i fast ejendom, etablering, levering af finansielle tjenesteydelser eller værdipapirers adgang til kapitalmarkederne
(iii) on these bases, the principle of supervision by the country of origin: all the activities of financial institutions carried out in the European Union — whether through a branch or through crossfrontier suppliers — must be supervised by the Member State in which the head office is established.
— restriktioner inden for de nævnte områder, når de foreslås af Kommissionen og vedtages af Rådet med kvalificeret flertal (harmoniseringsbestemmelser eller bestemmelser efter forhandling med tredjelande).
This strategy has been adopted for all financial sectors: banking, the stock exchange and insurance.
Hvis sådanne beslutninger, imidlertid, kan betragtes som tilbageskridt i fællesskabslovgivningen med hensyn til liberaliseringen af kapitalbevægelser til og fra tredjelande, kræves enstemmighed i Rådet.
This approach was first implemented in full in the banking sector: in 1989 the Council adopted a number of directives which are based on these principles in order to pave the way for completion of a true single market in this field from 1993.
Denne pragmatiske holdning ændrer dog hverken ved den fundamentale målsætning om helt frie kapitalbevægelser til og fra tredjelande eller ved den kendsgerning, at liberaliseringen både er ønskelig ud fra økonomiske betragtninger og uundgåelig, fordi kapital bevægelserne allerede i dag er i høj grad internationale.
In the insurance field, a unified market was established gradually. At the outset, on the basis of the case-law of the Court of Justice, the measures taken (1988 and 1990) applied only to contracts taken out by individuals or businesses that were deemed to necessitate a high degree of protection.64The Directives adopted subsequently (1992) concerned all contracts and resulted in an integrated insurance market as of 1 July 1994, when they took effect.65
Endvidere tillader traktaten, ud over de tre modifikationer, der vedrører liberaliseringen af kapitalbevægelser også inden for Den Europæiske Union, og som er beskrevet ovenfor Üf. ovenfor, punkt 3.2.3), at der afviges fra princippet om kapitalens frie bevægelighed til og fra tredjelande i to tilfælde:
The marked differences in the structure and functioning of securities markets in Member States meant that the negotiations on this Directive were more protracted and more difficult than had been anticipated. Lastly, the Directive on investment services in the securities field was
— ved påberåbelse af en beskyttelsesklausul: »Hvis kapitalbevægelser til eller fra tredje lande under ganske særlige omstændigheder medfører eller truer med at medføre alvorlige vanskeligheder for ØMU'ens funktion«, kan der indføres beskyttelsesforan-
" The conditions laid down by the Court of Justice in a judgment on insurance are as follows: 'Those requirements may be regarded as compatible with Articles 59 and 60 of the EEC Treaty only if it is established that in the field of activity concerned there are imperative reasons relating to the public interest which justify restrictions on the freedom to provide services, that the public interest is not already protected by the rules of the State of establishment and that the same result cannot be obtained by less restrictive rules' (judgment of 4 December 1986, Case 205/84).
') Ifølge EF-Domstolens retspraksis (sagen Brugnoni-Ruffinengo) dækker liberaliseringen af kapitalbevægelser i fællesskabslovgivningen ikke kun overførslen af kapital i snæver betydning, men også alle andre restriktioner, indbefattet dem, der lægger hindringer i vejen for gennemførelsen af de bagved liggende transaktioner.
These 'second-generation' Directives liberalized large risks in the non-life insurance field (insurance taken out by businesses of a certain size, transport insurance, deposit insurance, etc.) and life-assurance contracts taken out by individuals who themselves took the initiative of contacting an insurance company established in another Member State.
Dette var grunden til, at artikel 7 i direktivet af 24. juni 1988 talte om »overførsler vedrørende kapitalbevægelser«.
" Directive 92/49/EEC of 18 June 1992 (non-life: OJ L 228, 11.8.1992) and Directive 92/96/EEC of 10 November 1992 Gife: OJ L 360, 9.12.1992).
Helt frie kapitalbevægelser er ikke i sig selv nok til at nå den grad af finansiel integration, der er forudsætningen for et finansielt fællesmarked. Hertil kræves, at der også sættes ind med foranstaltninger på andre områder.
Prior to publication of the White Paper, some headway had already been made in harmonizing the banking legislation in force in the Member States.
Et finansielt fællesmarked indebærer:
The following should be mentioned: