Thursday, September 24, 2009

G20 leaders: No more bonus premiums!

During last year's G20 meeting of Heads of State, November 2008. Was the word primarily on how calm the panic in world financial markets. Adopted a package of over forty measures to stop the monster crisis. Five months later, the recession has affected all countries govoto. Twenty of the meeting in London in 1100 set aside billions of euros to help the poorest countries. British Prime Minister Gordon Brown and the host of the day was marked as the day when the world met to recession struck back - not words, but a concrete plan.

Mania bonus premium

However, implementation of plans in the work proved to be more difficult than expected. Banks have already started to earn millions thanks to state aid, and high bonus premiums remain. When this all agree in one: excessive bonus premiums, resulting from wrong and short-term success, the basic cause of the crisis. Swedish Finance Minister Anders Borg stresses: "We must stop the madness bonus premium. Bank of glory as we party in 1999. year, not in 2009. The bonus culture must stop - at least in Pittsburgh.
With that the Europeans agree, so that in Pittsburgh speak "one language". "These scandalous bonus premium to irresponsible behavior, not start from scratch again and blossom," said French predsenik Nicolas Sarkozy at a meeting of EU member states last week. However, whether this practice to stop - it remains to be seen.

First U.S. President Barack Obama can count with disapproval from Wall Street because of too much state interference. However, Obama said: "Banks will return to old principles, if not reform. You will be even worse if you go from being that they will certainly save you the government can come in even greater risks. "

Concrete results?

The G20 summit in London was clearly stated: no financial product, any financial market should not be beyond the control and without regulation. In Pittsburgh these conclusions must once again adopt and tuck. On the agenda will be in Pittsburgh and the so-called "exit strategy". So, when you start with controlled abandonment of economic aid and how to get rid of the large debt, without compromising economic growth. On this issue are expected in Pittsburgh great debate. Therefore, many observers believe that the summit will not bring concrete results.

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