The Committee on Economic and Monetary Affairs (ECON) organizes a hearing on financial stability measures with Algirdas SEMETA, Commissioner for Taxation and Customs Union, Audit and Anti-Fraud, in the European Parliament in Brussels.

Brussels

LAMBERTS, Philippe (Greens/EFA, BE)

BERÈS, Pervenche (S&D, FR)

Committee on Economic and Monetary Affairs

financial supervision (T)

BULLMANN, Udo (S&D, DE)

hearing

ŠEMETA, Algirdas (LT, EC)

Financial stability measures: extract from the hearing with Algirdas SEMETA, Commissioner for Taxation and Customs Union, Audit and Anti-Fraud

SOUNDBITE (English), Algirdas &#352;EMETA, Commissioner for Taxation, Customs, Anti-Fraud and Audit, I will launch a Green Paper on the review of the VAT-System. With the objective to create a more favorable environment for business and a more simple and more robust system for the Member States.

SOUNDBITE (English), Algirdas &#352;EMETA, Commissioner for Taxation, Customs, Anti-Fraud and Audit, Finally I believe its time to pursuive a Green Taxation Agenda inline with our wider climate change goals. The revision of the energy taxation directive is a central part of this.

SOUNDBITE (German), Udo BULLMANN (S&amp;D, DE), We had made any progress on combatting the financial crisis. Because we as EU did not show any unity. Others, in their own interest do not see any argument to solve our problems. The US does not see to resolve the problems with us, if there is no overhaul package. So its up to us than and we are not decisive we have not adopted a common position. But the European Parliament has asked you to put forward a proposal in this committee: We need arguments to judge the transaction tax as a central element of preventing and overcoming crisis.

SOUNDBITE (English), Algirdas &#352;EMETA, Commissioner for Taxation, Customs, Anti-Fraud and Audit, I think that the outcome of the G20 is rather clear and I think the EU went to a position to discuss the issue on taxation of the financial sector at global level.

SOUNDBITE (English), Philippe LAMBERTS (Greens/EFA, BE), We share many of the goals that you outlined. We also welcome the tax policy initiative that you took. I was stroked the other week because I discussed this with Herman Van Rompuy and I realized that his task force on let&acute;s say expenditure budget policy is totally disconnected what you want to do. This is not to say that you have to stop. You have to carry on. But be aware: These two initiatives have to join.

SOUNDBITE (French), Pervenche BER&#200;S (S&amp;D, FR), I think in Europe today there is very strong aspiration to take on board our responsibilities. When it comes on responding to this crises it should be an initiative for a financial transaction tax.