"It is very important to clarify the situation and work out what to do about such data transfers across the Atlantic.

"Any agreement between the EU and the U.S. should then form the basis for a global situation because the problem is worldwide."

European parliamentarians drew a parallel between the Swift data sharing case and ongoing attempts to forge an agreement allowing U.S. authorities access to airline passenger information.

In June this year the European Court of Justice branded a US mandate requiring passenger information to be sent to US authorities prior to travellers arriving in the country as illegal because the data may not be adequately protected.

Australian airlines fully comply with the U.S. mandate and the federal government claims passenger data is secure.