Correspondent, Brussels
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Mar 20, 2013

EU lawmakers to close deal on banker bonus clampdown

BRUSSELS (Reuters) – European Union lawmakers are expected to agree on Wednesday to bar bankers in Europe from getting bonuses bigger than their salary, introducing the first cap of its kind globally.

One of the most ambitious reforms of the financial crisis, the cap is designed to address public anger at a bonus-driven culture many European politicians believe encouraged the risk-taking that pulled down banks and governments.

Mar 19, 2013

ECB wins watchdog role under cloud over Cyprus deposit levy

BRUSSELS (Reuters) – The European Union agreed on Tuesday to let the ECB police euro zone banks, taking its first step towards a banking union just as a levy imposed on Cypriot savers showed that the bloc will struggle to respond in a united way to bank problems.

The European Parliament and member states’ representatives sealed an accord reached late last year to give the European Central Bank (ECB) powers to supervise euro zone banks from the middle of next year.

Mar 19, 2013

European Union grants ECB bank watchdog role

BRUSSELS, March 19 (Reuters) – EU lawmakers agreed on
Tuesday to allow the ECB to police euro zone banks, but a levy
imposed on Cypriot savers shows they will struggle to unify
Europe’s response to bank problems.

The deal between the European Parliament and member states
finalises an accord agreed late last year to give the European
Central Bank powers to supervise euro zone banks from mid-2014,
a first step to a banking union across the 17-member bloc.

Mar 19, 2013

Fund managers should face bonus cap like bankers, says MEP

BRUSSELS (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 19, 2013

Cyprus overshadows banking union as ECB prepares for watchdog role

BRUSSELS (Reuters) – EU lawmakers are set to empower the ECB this week to supervise banks from mid-2014, but they will struggle to reinstate a vision of wider banking union, shaken by a levy imposed on Cypriot savers.

Last year’s agreement among countries to give the European Central Bank new powers to supervise euro zone banks from 2014 was initially applauded as a first step towards closer integration to help underpin the euro.

Mar 18, 2013

Insight: How Europe stumbled into scheme to punish Cyprus savers

BERLIN/BRUSSELS (Reuters) – Just three weeks after being elected president of Cyprus, Nicos Anastasiades traveled 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

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.

    • 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."
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