EU will push US to cap bonuses for bankers

THE EU will push the US hard to cap the amount of money banks can pay in bonuses and to make greater efforts on climate change when they meet at next week’ G20 in Pittsburgh.

Over dinner the heads of state and government agreed to unite behind a comprehensive set of demands on the economy, financial institutions and climate change.

Taoiseach Brian Cowen emphasised the need for every country to agree to regulate banks to ensure there was no place from which rogue banks could operate. During the meeting, he briefed several of his colleagues about the progress of the Lisbon Treaty campaign. On his way into the summit he told journalists: “The trend so far has been helpful but there is two weeks to go and anything could happen.” The EU leaders agreed to push the G20 to agree to binding rules on extra payments and that any financial institutions breaking the rules would face sanctions.