G20 must call bankers to order, says Bos

Wednesday 01 April 2009

Leaders attending the G20 summit which starts in London on Thursday should use the opportunity to call on international bankers to moderate their bonus structure, finance minister Wouter Bos said on Tuesday.

Bos reached a gentlemen's agreement on bonuses with the Dutch financial services sector earlier this week.

Bos told MPs he was partially in agreement with scepticism about the likely outcome of the summit, even though advances have been made over the past months. 'Internationally, a lot of time is needed to make progress,' the NRC quoted him as saying. 'We have to fill in the details, ensure broad support and then see if there is slow progress from a distance,' he said.

But Bos said improvements have been made in terms of supervision of the financial sector. 'It is now clear that supervision must apply to the entire system,' the NRC reported the minister as saying. 'That there are no rule-free zones for hedge funds and private equity. That is an enormous advance.'

For international news reports on the G20 summit, go to www.dutchnews.nl/international

© DutchNews.nl

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