Death Knell for Europe's Banks?

Rather than trying to cut back on government spending that is clearly out of control in most European countries the unaccountable Bureaucrats/Kleptocrats that shower us with ill-conceived legislation by the truckload are proposing to introduce a tax on financial transactions that will make sure that European banks will be hopelessly outclassed by non-EU banks in the relevant transactions. No satisfied to burden banks with the tax the iron law of bureaucracy ensures that ever-more severe restrictions are necessary to achieve the bureaucrats aim. In this case the tax will not be levied on transaction in Europe but on all transactions conducted be the banks on a worldwide basis. Not that this will be crowned with much success as it seems unlikely that all major countries will follow suit in introducing this tax. Thus a migration of transaction - and the supporting infrastructure and personnel - seems to be a near-certainty. Welcome back to the Window Tax and other absurdities of times past that enlightened people considered to be a thing of the dark ages in years long gone by.