It would be great but the tax definitions are linked to the chart of account as accounts are part of the setup.
Also the EU VAT rates are not static and change over time so it will be required to know their start and end date.
Finally even if the EU define classes of tax rate, countries may not apply the same class of tax rate for the same goods.
All of this makes it complicate to manage all the EU tax rates using the current tax design.
Indeed I think this should be build based on Taxes in Europe Database v4 service using category, CN and CPA codes from the product definition. This is a little bit similar to Modules for US geo-referential data and tax accounting.
Finally the application of EU VAT rates depends on the amount sold in that country and there is the VAT Mini One Stop Shop (MOSS).