German support for a Tobin tax

Encouraging words from the German Finance Minister, Wolfgang Schauble, reported in today’s FT.

“I believe that it is in the interest of the financial sector itself that it should concentrate more on its proper role of financing the real economy, and ensuring that capital is allocated in the most intelligent way, instead of banks conducting the bulk of their trading on their own account,” said Mr Schäuble. “That is in the long-term interest of the financial sector.”

He also made it clear that if Britain opposed the idea at the G20, the 17 countries within the Eurozone might introduce such a tax without them.  As predicted, the UK is heading towards outlier if not outcast status in EU negotiations.

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