Bank Levy

You may have seen that European leaders are pushing for the adoption of a general levy on all financial institutions to be adopted at the next G20 meeting. The idea behind the tax would be to raise funds for future bailouts from the banks themselves, however bizarre that may sound.

Harper is saying no, and for once, he's right. As we all know, Canadian banks have been regulated for many years, and as a result, they've been spared the worst of the crisis. So rather than taxing banks for the privilege of being allowed to fail, why don't European leaders, create the regulatory conditions make it unlikely that their banks will fail, as we have done in Canada?