EU finance ministers declared war on Lombard bonuses

Finance ministers from the European Union met yesterday in Brussels, where he discussed ways to reduce the bonuses for bankers. The proposal is strongly opposed to Britain, where is the most important financial center in the EU.

Practice of distribution of bonuses must be completed and this should be done in Pittsburgh, said Swedish Finance Minister Anders Borg, who was chairman of the meeting as his country currently holds the rotating EU presidency.

Informal negotiations in Brussels are part of a series of preparatory meetings ahead of G-20 in Pittsburgh this month, at which representatives of the Group of twenty will take the task to reform the global financial system in terms of the credit crunch.

Some of the major European banks navlyakoha their discontent with EU governments, paying generous bonuses to its top executives in a period of rising unemployment.

Meeting of EU finance ministers was preceded by talks between representatives of the 16 eurozone countries.

Eurozone governments have already injected hundreds of millions of euros into difficulties their economies and must now discuss ways to reduce their huge debts to strengthen the position of the euro on international currency markets.

Luxembourg Prime Minister Jean-Claude Juncker, who chairs the Eurogroup, finance ministers integrating the euro area, expressed the view that it is still early to stop measures to stimulate the European economy, although it looks worse than the crisis has passed.


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