Banker bonuses an “ethical scandal” claims EU president

| September 21, 2009 | 0 Comments

Banker bonuses are an “ethical problem” on which Europe should place limits even if America does not, Jose-Manuel Barroso, president of the European Commission, claimed this week.

“It would be interesting, important, useful to have if possible the same rules [across] the world [and] to have the Americans at our side,” Barroso said in an interview on French television.

“But in this case of the bonuses, I am absolutely clear - it is such a scandal what is happening, it is really an ethical problem and I believe that, if necessary, we have to do it on our own,” he added.

Barroso made the remarks ahead of this week’s G20 summit where world leaders will seek a global agreement on banker bonuses.

Last week, French economy minister Christine Lagarde said she expects the summit to be a “hard slog”.

“I know well the American mentality,” she said, adding that a global agreement on bonuses would be a “big victory for the European Union and France.”

“We have to find an agreement with the US so that the same rules apply to everyone,” she concluded.

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