To avoid this problem, most proposals emphasized taxing clearly speculative high-volume very-short-term (seconds to hours) transactions that could not in general reflect any change of fundamental exposure or cashflow expectation. Some of these emphasized the automated nature of the trade. FTT proposals often emerge in response to specific crises. For example, the December 1994 Mexican peso crisis reduced confidence in its currency. In that context, Paul Bernd Spahn re-examined the Tobin tax, opposed its original form, and instead proposed his own version in 1995. In the context of the financial crisis of 2007–2008, many economists, governments, and organizations around the world re-examined or were asked to re-examine, the concept of a financial transaction tax, or its various forms. As a result, various new forms of financial transaction taxes were proposed, such as the EU financial transaction tax. The outcry after this crisis had major political, legal, and economic fallout. By the 2010s the Basel II and Basel III frameworks required reporting that would help to differentiate investing from speculation. Economic thought was tending to reject the belief that they could not be differentiated, or (as the "Chicago School" had held) should not be. However, even Basel III did not require detailed enough disclosure of risk to enable a clear differentiation of hedging vs. speculation. As another example of an FTT proposal as a warning to speculators, or a response to the crisis, in March 2016 China drafted rules to impose a genuine currency transaction tax and this was referred to in the financial press as a Tobin tax . This was widely viewed as a warning to curb shorting of its currency the yuan. It was however expected to keep this tax at 0% initially, calculating potential revenue from different rate schemes and exemptions, and not to impose the actual tax unless speculation increased. Also in 2016 US Democratic Party POTUS nominee Hillary Clinton asserted that speculation had "placed stress on our markets, created instability, and enabled unfair and abusive trading strategies" and that as POTUS she would seek to "impose a tax on harmful high-frequency trading and reform rules to make our stock markets fairer, more open, and transparent.". However, the term "high-frequency" implied that only a few large volume transaction players engaged in arbitrage would likely be affected. In this respect, Clinton was following the general 1990s trend to focus on automated transactions, in particular, those which could