Mr. Ronan Hession:

I would draw a distinction between having tax competition and having a tax haven. The OECD has been very clear that it does not have a difficulty with tax competition but that it does have a difficulty with harmful tax competition. The harmful measures identified in the OECD's work are subject to scrutiny at international level. Countries have a sovereign right to choose their own tax rate and the OECD recognises that. In fairness to the Commission, it also recognises that in its proposal. It is very clear that it is not providing for harmonisation of rates. We need to be fair to it on that point.