A German levy to tax all friendship

The Bundesbank's proposed one-off wealth tax for countries facing sovereign default will keep German voters happy, but it's no silver-bullet solution to Europe's debt problems.

For a long time, the Bundesbank, Germany’s central bank, has enjoyed a reputation as Europe’s eternal naysayer. Whatever measures were being discussed to save the euro or revive the European economy, the Bundesbank was usually opposed – and increasingly isolated. The Teutonic monetary orthodoxy with its strict adherence to price stability was not shared by many other central banks in Europe, let alone the rest of the world.

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