Correspondent, Brussels
John's Feed
Mar 18, 2013

How Europe stumbled into scheme to punish Cyprus savers

BERLIN/BRUSSELS, March 18 (Reuters) – Just three weeks after
being elected president of Cyprus, Nicos Anastasiades travelled
to Brussels for his European debut last Thursday. His fellow
leaders were all friendly enough.

Hours before he was due to attend his first European summit,
he met Germany’s Chancellor Angela Merkel and other new
colleagues at a cocktail reception.

Mar 18, 2013

Fund managers should face bonus cap like bankers, says EU lawmaker

BRUSSELS, March 18 (Reuters) – Fund managers’ bonuses must
be capped in a similar way to bankers’ payouts, said an
influential EU lawmaker who will play a central role in
negotiating changes to the bloc’s rules.

Sven Giegold, a German member of the European Parliament,
will seek to rally cross-party backing this week for tougher
rules that would extend the clampdown on pay in finance, before
a vote in the assembly on Thursday.

Mar 16, 2013

Savers forced to bear costs in Cyprus bailout

BRUSSELS (Reuters) – The euro zone struck a deal on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run.

Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region’s debt crisis.

Mar 8, 2013

EU’s Almunia criticises failure to tackle bank-state “doom loop”

BRUSSELS (Reuters) – European leaders have failed to deliver on a pledge to break the link that can drag banks and governments down together, a top EU official said on Friday, in unusually strong criticism of the region’s governments.

Euro zone leaders made the promise at a summit last year at the height of financial market fears that they were losing control of the bloc’s debt crisis, which looked likely to suck in bigger economies such as Spain and Italy.

Mar 6, 2013

Europe moves towards Swiss-style executive pay curbs

BRUSSELS/LONDON, March 6 (Reuters) – European officials,
emboldened by a victory over banker bonuses, will propose
legislation this year giving shareholders voting rights to
challenge executive pay at public companies.

Corporate largesse is under attack across Europe with
Switzerland last week voting to impose some of the world’s
strictest controls on executive remuneration amid public anger
at Wall Street-style excess in the country’s boardrooms.

Mar 6, 2013

Isolated Britain fails to avert EU bank bonus cap

BRUSSELS (Reuters) – Britain was left isolated in Europe on Tuesday after it failed to secure backing to water down new EU rules limiting bankers’ bonuses, a measure that could threaten London’s dominance as a financial centre.

The rules, which would limit bankers’ bonuses to the equivalent of their salary, or two times their salary if shareholders agree, are set to be introduced next year and would represent the toughest bonus regime anywhere in the world.

Mar 5, 2013

Britain’s Osborne set for lonely fight on EU bank bonus cap

BRUSSELS, March 5 (Reuters) – Britain’s finance minister
will have a first chance to challenge plans in Brussels to cap
bankers’ bonuses at a meeting on Tuesday, but he is unlikely to
find enough support from fellow EU ministers to block a measure
popular with voters.

European Union diplomats and the bloc’s parliament agreed
new rules last week that would prevent bankers from receiving
bonuses bigger than their base salaries from next year. The
bonus cap can rise to twice the size of the salary if
shareholders agree.

Mar 5, 2013

Osborne set for lonely fight on EU bank bonus cap

BRUSSELS (Reuters) – Britain’s finance minister will have a first chance to challenge plans in Brussels to cap bankers’ bonuses at a meeting on Tuesday, but he is unlikely to find enough support from fellow EU ministers to block a measure popular with voters.

European Union diplomats and the bloc’s parliament agreed new rules last week that would prevent bankers from receiving bonuses bigger than their base salaries from next year. The bonus cap can rise to twice the size of the salary if shareholders agree.

Mar 4, 2013

UK will find EU bank bonus cap hard to lift

BRUSSELS, March 4 (Reuters) – Some of the lawmakers who
achieved a European Union cap on bank bonuses wanted to
celebrate the deal with champagne, such was the symbolism of
tackling what they see as a root cause of the financial crisis.

In the end there was no toast to mark the agreement in the
early hours of Feb 28, partly out of sensitivity towards London
which sees in the new measures a threat to its place as a global
financial centre.

Feb 28, 2013

EU’s Barnier: banker bonus curb good for Britain

BRUSSELS (Reuters) – Britain should welcome a cap on bankers’ bonuses agreed by European Union lawmakers on Thursday as a fair response to taxpayers’ anger over the huge cost of rescuing imprudent banks, Europe’s top financial regulator said.

EU Internal Market Commissioner Michel Barnier said he did not believe the curbs would drive banks out of the City of London, Europe’s biggest financial centre, to less regulated markets outside the European Union such as Switzerland or Singapore.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
    • More from John

    • Contact John

      Phone:
      +32 (2) 287 6817
    • Follow John