Word: euros
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...traditional order that has put nation above club in players' commitments. A G-14, representing Europe's 18 leading clubs, has begun legal proceedings in an effort to force FIFA to share with clubs the revenue generated by such huge international tournaments as the World Cup and Euro 2004, as a way of compensating them for making their prized assets available for international duty. They've also tried to create their own permanent Champion's League, fencing off the elite from the rest of the clubs - such a supranational league currently exists, of course, but teams qualify on the basis...
...have taxes on social insurance contributions and vat on goods and services. "Everyone feels like they are paying too much tax - and they are," says Baudouin Velge, chief economist at the Federation of Belgian Enterprises. Reducing that burden wouldn't just help taxpayers; it could help the entire euro zone, which is suffering from a long-term decline in economic vibrancy. While growth in the E.U. averaged about 3% per year in the 1970s, it slowed to 2% in the 1990s. In the U.S., by contrast, it has remained steady at an average of 3.2%, according to the Paris-based...
...prevent overheating, and lowers them in a downturn. University of Delaware economist Laurence Seidman advocates setting up an automatic mechanism under which cuts in vat are triggered by, say, rising unemployment. Other economists call for a one-year cut in vat to provide a short-term stimulus to the euro-zone economies. A study by economists at the European Commission shows that a 1% vat cut could boost the economies of major E.U. nations by about 0.5% - or more than double the impact of a similar-sized reduction in income tax or corporate taxes. But the idea faces stiff opposition...
LONDON—With the hype surrounding the Euro 2004 tournament and the confirmation of the European Union Constitution, football and federalism have united the European continent. I can’t help but feel left out on the sidelines...
...even Steven Spielberg could write a script like that." HENRIK LARSSON, Swedish footballer, dismissing claims by Italian fans that Sweden and Denmark colluded to shut Italy out of the Euro 2004 quarter-finals by ending their match in a 2-2 draw...