EU finance ministers discussing economy in Brussels

European Union finance ministers are debating economic recovery and future outlook as they hold a meeting in Brussels Tuesday, where Sweden Finance Minister Anders Borg stated that regulators should use a banking levy in order to control markets in a better comprehensive way than a transaction tax that might reduce liquidity in markets.

"It's a little frustrating" that an overhaul of EU policy is taking so long, Borg said, adding that European policy needs to "be strengthened" for the region to win "credibility. There's a strong reason to act now, we should go for a banking levy instead of a transaction tax, as taxes make the markets less liquid."

The European common currency surged by the start of the second half of this year after Greece's debt crisis concern's eased, while the economy of Germany and UK presented better than expected performance during the second three months of this year, prompting upward revision for growth estimates for the continent this year.