A few weeks ago, Germany has decided that banks need to participate in the costs of future financial crises. The bank levy is planned for a road that carries quite the market economy principle. Must be so because the banks pay for the risks they impose on the taxpayer.

At G20 level and the IMF is discussing the introduction of a financial tax. Proponents of so-called financial transaction tax will therefore contain highly speculative deals and simultaneously fill the coffers for future financial crises. This may be politically attractive, but economically it is the wrong approach. There is no other way for strengthen the competence of banking supervision. Supervisors should conduct an independent scientific commission and it to be extended outside the BaFin, the Bundesbank or the BMF. This commission would increase the transparency of the supervisory work increased and the banking supervision would gain a greater degree of independence. The appropriation by the policy or the finance industry can thus be reduced.

Insolvency with more stability

Despite the promise of savings and the reduction of speculation, the euro is falling. The Greek tragedy has expanded into a European crisis of confidence. Nevertheless “illegal” despite speculation, financial transfers to Greece and protestations of the EU Member States to consolidate budgets, and the continuing depreciation of the euro cannot be stopped. The financial markets cannot be overly impressed by the apparent sustainability of such assurances. After all, it is necessary a credible sanction mechanism and rehabilitation of the households to be avert the crisis of confidence on the euro in the long term.

This is a disciplinary sanction mechanism that creates incentives for a self-guarantee sound public finances. Not least Germany and France have encouraged by the softening of the stability criteria in 2004, as and of dilution of the Stability and Growth Pact. Thus, precisely the core of the problem is made that if penalties are part of the political negotiation process, they are not subject to automated /politically independent/ process. The aim must be to create incentives for responsible and sound fiscal policies that lack any intergovernmental fiscal transfers.

The provided support in the form of loans or a European financial compensation nevertheless needs to be regarded as a political necessity, and some stringent and transparent criteria are to be applied. The possibility of exclusion from the euro area Member States and the possibility of sovereign default are then only consistent steps. States with the looming financial difficulties will therefore take preventive everything to grant the stability of their country and of Europe. The businesses and individuals need to exercise to this maxim.

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