Germany, France target bank "excesses" for G20 meet
The leaders of Germany and France took aim at the banking sector on Monday, pledging to check banks' power and push for limits on bonus payments at a Group of 20 summit next month. Chancellor Angela Merkel said bonus payments to bankers were "rightly driving a lot of people crazy" and that she and French President Nicolas Sarkozy wanted the G20 summit in Pittsburgh on September 24-25 to make progress on financial regulation. "No bank may become so big that it could get into a position where it could blackmail governments," Merkel told a joint news conference with Sarkozy in Berlin.
Germany and France regard financial market excesses as being the root cause of the global economic downturn and want tighter regulations to prevent a repeat of the biggest financial crisis since World War Two.
Note EU-Digest: They are absolutely right.