European Union finance ministers will press for clearly defined restrictions on bonus pay for bankers when they hold talks with their US and other G20 counterparts this month.
“The bankers are partying like it's 1999, and it's 2009,” said Anders Borg, finance minister of Sweden, which holds the EU's rotating presidency. “Obviously, there's a need for stronger muscles and sharper teeth. It won't be satisfactory for Europe to end up with broad principles and guidelines.”
Mr Borg was speaking after a meeting of the EU's 27 finance ministers designed to forge common positions on bankers' pay, financial market regulation and how to withdraw fiscal, monetary and other emergency measures adopted this year to prevent a deep global recession.
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