The free market has spun out of control and governments have done far too little to reign in its worst excesses, says PvdA’s financial spokesman Ronald Plasterk in the Volkskrant on Wednesday. But there are seven ways to restore the financial sector.

Capitalisation of the banks. The Basel III requirements are low threshold and the banking lobby has delayed their implementation from 2014 to 2018. Switzerland has put its capital requirement on 20% while Great Britain is on 10% (compared to Basel III’s 7%). The Netherlands with its relatively large financial sector would do well to position its capital requirement between the two, at 15%.
Separate non financial products and services from business bank activities. Speculation by banks can result in big losses which impinge too much on the real economy.
A tax on banks. Everybody has to tighten his belt except those who have caused the crisis. That is unfair.
A European tax on so-called hot and homeless money with dividends going to the member states, not the European budget.
An end to the unfair and greed inducing bonus culture.
A law to regulate the development of cost effective, transparent and safe financial products.
A solid European safety net and a euro commissioner to monitor budgetary discipline in the eurozone.