France's introduction of a Tobin tax on share dealings is the precursor of a unified Eurozone effort to cripple the City by an EU-wide financial transaction tax. Naively promoted as a way 'to punish the bankers' it is no such thing; it will instead punish the UK economy, and the financial well-being of millions of ordinary folk. With the prospect stronger than ever of the UK becoming a semi-detached nation, the EU fears the strength of the City and the advantages that independence will bring.
You cannot punish bankers with fines and taxes. They are simply passed on to savers, investors and even the governments that impose them, leaving the bankers themselves not the least inconvenienced. There is only one way to punish errant bankers - jail. When Fred Goodwin and Bob Diamond are both serving 15 to 30 years in adjoining cells like that below, we'll have started to solve the institutional corruption in the banks.