In the midst of a eurozone sovereign debt crisis - caused largely by government profligacy - it is not surprising, but it is regrettable, that the German Finance Minister should call for more financial regulation and a transaction tax. It seems that the European Union elite want to use the financial crisis and its aftermath to do everything they can to centralise further power within Brussels. If it were the case that the financial crisis had nothing to do with regulators and central bankers, and if it could be shown that increased levels of financial regulation would prevent such crises happening again, at least the finance minister might have an arguable case. But, not only were international financial regulation, government policy failures in the United States and mistakes by central bankers very much causes of the crisis; the current problems in the eurozone surely shows the folly of responding to state failure with more government regulation and taxation. These proposals are diversions from the main issues and fundamentally misguided.