German Finance Minister Wolfgang Schaeuble said Britain's opposition to a tax on financial transactions is hindering the EU from forcing banks to "clean up the mess" related to the financial crisis. "If the financial-transaction tax were introduced in all of Europe, which includes the U.K., it could help reduce volatility further, not least because it could make leveraged trading less profitable," Schaeuble said. "Shortsighted parochialism" is stopping the EU's progress.

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