MEPs stand firm on bank bonuses

MEPs say they will fight proposals from EU Financial Services Commissioner Michel Barnier that would water down legislation capping banker bonuses.

European Parliament members have until the end of the week to respond to Barnier’s compromises, which would weaken a ban they approved in May on bonuses larger than bankers’ fixed pay, said Sharon Bowles, chairwoman of the assembly’s economic and monetary affairs committee.

“I’m not expecting there has been a big change of views” on the need for the curbs, she said. Philippe Lamberts, the MEP leading the work on the measures for the parliament’s Green group, said on Monday that he would be “amazed” if the assembly backed down.