the Nobel laureate economist and New York Times columnist. An adherent to Keynes' theory that government spending creates growth, Krugman wrote in December 2008—in a direct attack on Steinbrück—that the primary "multiplier effect" that government spending programs were having was that of "multiplying the impact of the current German government's boneheadedness." During his time as German Finance Minister, Steinbrück repeatedly accused the United Kingdom of pandering to the City of London by hindering efforts to reform global financial markets. In 2009, Steinbrück opposed any plans by the G-20 major economies to limit the size of banks to avoid individual institutions wielding too much influence in future and posing a risk. At the 2009 G-20 Pittsburgh summit, he supported a Dutch proposal to limit banking executives' bonuses to the level of their fixed annual salary. Also, he called for a global tax to be imposed on financial transactions in a bid to end what he derided as "binge-drinking" on markets. In a 2010 interview on German television, it appeared that Steinbrück, who had adopted a very critical stance of the shadow banking system, attributed characteristics of the private equity industry to hedge funds. In 2012, Steinbrück tabled a plan for sweeping financial regulation that he intended to be a main plank of his election platform. It included compelling banks to finance a €200 billion rescue fund, and splitting investment from retail banking. European integration At the 2006 meetings of the IMF and the World Bank in Singapore, Steinbrück argued that, as the world's third largest economy after the US and Japan, Germany must keep its influence in the IMF amid wide-ranging reform of the institution, ruling out suggestions that the Eurozone members should have only one seat on the board as part of the planned overhaul of IMF members' votes. Other activities Corporate boards Borussia Dortmund, Member of the Supervisory Board ING Group, Advisor to the Board of Directors of ING-DiBa KfW, Member of the supervisory board (2006–2009) Non-profit organizations Berlin Palace–Humboldtforum Foundation, deputy chairman of the Board of Trustees Deutsche Nationalstiftung, Member of the Senate Federal Chancellor Helmut Schmidt Foundation, chairman Helmut and Loki Schmidt Foundation, deputy chairman ZEIT-Stiftung, member of the Board of Trustees IG Bergbau, Chemie, Energie (IG BCE), member Controversy Steinbrück has been labelled by the media as a sharp-witted political pugilist whose frank opinions have occasionally attracted controversy. Business activities As soon as he was nominated