Seven European countries insist on greater restrictions on bank bonuses

Seven European countries today urged leaders of the countries of the G-20 to impose stricter limits on bonuses for bank directors. They identified excessive rewarded not only as a „dangerous“ but as „unjust, cynical and unacceptable“, BNR, citing Associated Press. In a joint article published in the Swedish newspaper Dagens nyuheter, finance ministers of Sweden, France, Spain, Germany, Italy, Luxembourg and the Netherlands announced that the risks associated with excessive fees to the banks should be very strictly monitored. The initiative followed a similar letter sent last night by the leaders of France, Germany and Britain to the Swedish rotating EU presidency – French President Nicolas Sarkozy, British Prime Minister Gordon Brown and Germany’s Chancellor Angela Merkel said it was essential to adopt international rules to limit bank bonuses recalls AP.

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Finance