Strasbourg, 10/03/2010 (Agence Europe) - On Wednesday 10 March, the European Parliament adopted (without any amendments) the resolution on the taxation of financial transactions, submitted to it by the economic and monetary affairs committee. It is urging the European Commission to examine elements such as: the advantages and disadvantages of introducing such taxes in the European Union alone, compared to the introduction at a global level and in the current situation; the cost of collecting and distributing revenue between the countries, the increase in transaction costs in all the markets affected; the taking into account of the likely effect on the different fiscal options, such as price levels and their stability in the short and long term; - the way in which a tax on financial translations would help stabilise the financial markets by way of its impact on speculation and transparency. MEPs underline the fact that any solution must, “imperatively refrain from reducing European economic competitiveness”. They are calling on the Commission and the Council to evaluate the possible contribution of the different tax options on financial transactions within the EU's general budget and assess to what extent the options examined could help financially towards, “adaptation of developing countries to climate change and development cooperation”. During a debate on Monday, 8 March in a plenary session, the Commissioner for taxation, Algirdas Šemeta, rejected any initiative that would undermine the EU's competitiveness and called for an international solution to this question. The G20 has asked the IMF to produce proposals in April on the setting up of innovative finance. (M.B.)