Bos ‘disappointed’ at G20 compromise

Compromise measures to deal with excessive bank bonuses agreed by leaders of the world’s 20 biggest economies in London this weekend are disappointing, the Financieele Dagblad reports Dutch finance minister Wouter Bos as saying.

Nevertheless, Bos is pleased that any agreement at all can be made about bankers’ pay. ‘It was only 18 months ago that we made proposals in this direction but the subject was not a point of discussion,’ Bos said.
The Netherlands is not a member of the G20 and Bos was at the London meeting at the invitation of the US.
The Netherlands, France and Germany support a system which would establish maximum bonuses for bankers. The US and Britain are opposed to a bonus ceiling and eventually won through, the FD says.
Ministers did agree that the newly-created Financial Stability Board should examine the issue and report back to the summit of G20 leaders in Pittsburgh, Pennsylvania later this month.
According to the NRC, ministers are united in their belief that excessive bonuses are damaging to the economy.
‘They lead to risky behaviour, and it is not fair on others,’ Bos told the paper. ‘You cannot force taxpayers who have rescued the banks to be more thrifty while bankers start earning mega amounts again.’
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