Memo to Google
Paul Krugman on the European Feedback Cycle of Doom

My Respect for Wolfgang Schäuble Rises Substantially

Quentin Peel and Gerrit Wiesmann:

Schäuble calls for EU lead on Tobin tax: Wolfgang Schäuble, Germany’s finance minister, wants the European Union to take the global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds.

If the UK blocked agreement on such a tax in the full EU, he said in an interview with the Financial Times, the eurozone should press ahead on its own.

Speaking just days before the G20 summit of global economies in Cannes, Mr Schäuble spelt out his conviction that failure to reach agreement on tougher financial regulation by the full G20 should not stop Europe acting alone…