, however, oppose greater tax coordination aimed at taxing the unbridled circulation of capital, at combating tax fraud and tax evasion, at putting an end to tax havens and at stopping money laundering.
The savings directive, which forms part of what is known as the Monti package, contributes, in spite of dangers and shortcomings, towards a system whereby Member States’ tax administrations exchange information – including lifting banking secrecy – so that they can tax their citizens on interest accrued in another Member State. Accordingly, the Council has authorised the Commission to negotiate agreements with Switzerland, the USA, Andorra, Liechtenstein, Monaco and San Marino on implementing measures to prevent flights of capital. We welcome those agreements, not, as the rapporteur claims, due to barriers to the internal market, but because coordination is needed to tax capital and to combat tax havens, not least when the
Ribeiro e Castro (PPE-DE ),
   . This proposal is the result of the authorisation conferred by the Council on the Commission (decision of 16 October 2001) to negotiate agreements with Switzerland, the United States of America, Andorra, Liechtenstein, Monaco and San Marino aimed at preventing cases of individuals and collective entities managing to avoid any form of taxation in their State of residence on interest accrued in another State.
This proposal fosters mechanisms for combating unfair tax competition and will naturally lead to an improvement in the running of the internal market. Furthermore, it establishes another effective instrument in the fight against money laundering, in this case in relations with Andorra.
The fact that it received a unanimous vote in the relevant committee is ample proof of the desire to press ahead with all of these objectives.
I voted in favour. 

Coelho (PPE-DE ),
   . The ARGO programme under-performed in 2003, due to the under-implementation of funds, which occurred firstly because the programme is not sufficiently well-known to national administra