Economic and monetary union
The European Union (EU) has seen several developments in 1995 in its slow progress towards economic and monetary union (EMU). EU finance ministers abandoned the first target date of 1997 for the launch of EMU. The Madrid summit agreed that the single European currency would be called the 'euro', with exchange rates to be irrevocably locked on Jan. 01, 1999. The new European central bank will then be responsible for monetary policy. National currencies will be phased out in 2002. Article further discusses the development of a single market in financial services.
Publication Name: European Policy Analyst
Insurance Claim Not Loss Prerequisite
A discussion presents law cases, court opinion and the Internal Revenue Service's (IRS) view of treatment of taxpayers who wish to deduct casualty losses. The United States Court of Appeals at Cincinnati held that an insured taxpayer who has elected to forego making an insurance claim is still qualified to deduct the part of the loss for which he could have been compensated by his insurance company. Many citizens fear filing claims because of the risk of losing insurance coverage for future losses.
Publication Name: Taxes: The Tax Magazine
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