Politicians play on the issue of bonuses Lombard

The world economy began to recover, country after country out of recession. Strange as it sounds, this is dangerous because any improvement in reducing the desire and pressure to make reforms. He forgets what caused the crisis, too fast will again be in it.

Representatives of the financial world now whisper of government leaders that too much state control could again jeopardize the revitalization of the situation.

Dancing with a secondary theme

That is why now held an emergency summit of EU and far more important forum in Pittsburgh next week, comes just in time. Some critics say the bank lobbyists have already done their work well. Because suddenly it appeared that the request of France and President Sarkozy for her to set the ceiling for bonuses to bank executives did not find the necessary support. Moreover – Sarkozy himself has refused to insist on this. The most serious opponent of European countries Britain Gordon Brown. No wonder – after all, London is the most important European financial center.

One square mile of the City of London accounts for one fifth of gross domestic product produced in the country.

Any British government can not afford to pursue a policy directed against their own financial sector. Indeed, the discussion has concentrated too heavily on managerial bonuses, but this issue was not decisive. But politics is too often plays with this theme because it offers opportunities for grace of election campaigning. Will be fixed ceilings on the remuneration of managers or they will be a percentage of their total contribution to the final result is of secondary importance.

In whose camp will be Obama?

More important is the control over the financial world is in order not to create perverse incentives for risky behavior. Banks to maintain sufficient equity and avoid conflicts of interest between rating agencies and banks.

Put another way, the bankers must be protected from themselves. Such a policy enjoys universal consensus in Europe, including London. Ultimately it is in the interest of the financial world itself and the whole community. This European consensus can serve as a good base for Pittsburgh.

Obama will be a partner in the face of the Europeans on this issue. His opposition on specific issues should not mislead that its principal objectives are the same as those of Europeans. However, if – contrary to expectations – be it in a foreign camp, Europeans would themselves impose their views. Inaction at this moment would be unforgivable.

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Deutsche Welle / title changed /

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