What is the fine-grained topic of the following text: In what is likely going to become a case study regarding the complexities of European multilevel governance, pooled sovereignty, and the complex relations of institutional Europe and the world, it seems a legal challenge brought forth by the government of the Cayman Islands, a British dependency, and thus an EU associated territory, could at least severely delay the EU savings tax directive‘s implementation – after a mere 13 years of negotiations to come up with a common solution to taxing capital gains without tampering too much with the capital’s mobility and important privacy issues. Only return the topic.
Legal challenge from the Cayman Islands potentially delaying European Union savings tax directive implementation.