processes (Selbststeuerung) inside an institutional framework provided by the state. Sinn accuses the Greens of pursuing environmental protection policies with unsuitable means and of ignoring the economic laws of the European emissions trading system as well as the worldwide market for fossil fuel. In his book, The Green Paradox, he argues for including all countries of the world in a post-Kyoto, joint emissions trading system. He also favours employing a withholding tax on the yields of financial investments to curb the desire of the resource providers to extract more fossil fuels. During the 10th Munich Economic Summit in May 2011, Sinn alleged that the ECB had been conducting what he termed a "stealth bailout" of Greece, Ireland, Portugal and Spain for the past three years, financing capital flight and/or current account deficits by allowing them to accumulate massive liabilities in their TARGET2 accounts. He subsequently published his views in the press and specialized websites, followed by a working paper that analyzed the issue in detail. He also discussed Germany's capital exports since the introduction of the euro and the prospects such exports could face if the euro crisis continues and leads to the introduction of Eurobonds, which he opposes. While drawing much acclaim for his focusing on Target2 imbalances, the conclusions he draws have been fiercely opposed by Karl Whelan. Whelan in turn was accused by Frank Westermann of seriously misquoting Sinn, while repeating basically Sinn's own findings with his own words. Controversy In July 2012, Sinn was one of the eventually more than 270 signatories of an open letter written by Walter Krämer of the Technical University of Dortmund against Chancellor Angela Merkel’s Brussels agreement on direct recapitalization for ailing European banks. Economics professors Frank Heinemann of Berlin and Gerhard Illing of Munich drafted a public answer, arguing that a "banking union" in the sense of common supervision was, in fact, critical to saving the euro, but they also objected to bank recapitalisation using the taxpayers' money. This letter also attracted more than 200 signatories from the banking and the academic communities. The "momentous tiff", as The Economist dubbed it, has in the meantime become more nuanced, with Krämer and Sinn publishing a more muted version in which they endorsed a banking union based on the bail-in principle. Sinn joined Heinemann and Krämer in publishing a joint appeal on the issue in Plenum der Ökonomen, an internet forum of