Brussels, 29/06/2010 (Agence Europe) - “I believe that the outcome of the discussions at the G20 meeting this weekend clearly demonstrate the huge challenge we face in finding a global approach,” said Taxation Commissioner Algirdas Šemeta on the timeliness of taxing financial transactions, speaking to the European Parliament economic and monetary affairs committee on Monday 28 June. He added: “We now need to determine if Europe can and should go it alone in taxing the financial sector beyond the resolution levy. As a result, if we want to progress, we must now assess the potential impact of bank taxations on the competitiveness of the EU economy”. With regard to the review of taxation of energy products, the commissioner spoke of the recent debate in the college of commissioners (see EUROPE 10167): “Consensus was reached on the fact that the current system does not work as well as it could in supporting common goals such as greater energy efficiency and the fight against climate change. Many interesting issues emerged during the debate. I will take them into account in finalising the impact assessment that will accompany the proposal which I intend to bring forward as soon as possible”. (M.B./transl.rt)