Dividing the world into onshore and offshore financial centres is ''a matter of degree, not substance,'' says one European bank regulator.
Global companies have plenty of latitude to minimise their tax bills.
For offshore financial centres, not only low taxes but a great deal besides.
Offshore financial centres are booming, thanks to their easy-going tax regimes. But the best of them are more than tax havens: they are good for the global financial system.