EU summit to clamp down on bankers' bonuses
EU leaders will urge the G20 to set binding rules on bankers' bonuses, linking the amount of cash paid to long-term performance, reveals a draft common paper to be adopted today (17 September) during an extraordinary summit in Brussels ahead of next week’s international meeting in Pittsburgh.To dissuade reckless risk-taking in the banking sector, EU leaders are poised to adopt a strong stance on bankers' bonuses, actually threatening sanctions in each of the G20 countries, said the draft document.But US opposition to Europe's push for caps on bonuses would make it the toughest subject to reach agreement on, said Jouyet, who this week attended a meeting of the Financial Stability Board (FSB), comprising G20 central bankers and regulators.
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