Europe Seeks End to Wall Street Bonus Culture

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Recovery Resources . European Finance Ministers on Wednesday agreed to jointly support efforts to bring an end to the excessive bonus culture on Wall Street and the rest of the world's financial sector. The main purpose of the meeting was to agree on a common EU position for the G20 meeting of finance ministers and central bank governors in London on 4-5 September. The policy areas which are currently on the G20 agenda and which may be discussed at the meeting are as follows: the general economic situation, including a discussion of a strategy to ensure stability and sustainability of public finances. Avoidance of future financial crises. This includes measures to strengthen financial market regulation and supervision. Reform of governance and representation in the IMF, the World Bank and regional multilateral development banks and strengthening their resources. The issue of reforming international multilateral lending facilities to assist the very poorest countries in achieving a balanced and long-term recovery. 00:00:00 Title 00:00:05 Arrival of the press conference's participants 00:00:10 SOUNDBITE (English) A Borg, President-in-office of the Council and Swedish Minister for Finances: We are in a difficult state of affairs, we will see a social tension in our societies given that we are still in a very precarious situation in terms of the labour market. In that kind of environment, it is very important that us politicians are given a clear message that the old bonus culture must come to an ...

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