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 More statist lies: Bank bonuses helped begin recession: EU

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RR Phantom

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More statist lies: Bank bonuses helped begin recession: EU Vide
PostSubject: More statist lies: Bank bonuses helped begin recession: EU   More statist lies: Bank bonuses helped begin recession: EU Icon_minitimeWed Jul 08, 2009 3:47 am
European Union nations on Tuesday partly blamed the financial crisis on the way bankers and traders are paid and called for new rules to link performance to pay.

Finance ministers said in a joint statement that "inappropriate incentives, short-termism and inadequate capture of risk" had allowed banks to take on massive risks that have forced them to put aside billions of euros in the past year to cover potential losses.

"There are obviously systemic implications for how the remunerations are set," Swedish Finance Minister Anders Borg told reporters after leading economy talks between the EU's 27 nations.

"There is a role here for the public sector."

The statement urges all EU governments to implement international and European recommendations on banking pay to strengthen the link between performance and pay, promote a balance between long- and short-term performance and monitor pay in the sector. They gave no details.

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