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You put a tax on a financial market, liquidity drains out of the market as there is always a cheaper place to do business. What you end up with are thin markets with increased volatility and getting far less than you anticipated in tax return due to the lower participation rates caused by the introduction of the tax, plus probably putting a bunch of people out of work in the process. It solves nothing, transaction taxes would not have stopped the 2007/2008 fiasco either, it's not about the amount you regulate, it's about what you regulate. Euro-zone countries spending more than they make has nothing to do with financial markets and everything to do with short sited political decision making.