Correspondent, Brussels
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Feb 19, 2013

EU talks to cap bankers’ bonuses stall

BRUSSELS (Reuters) – Negotiations to introduce a cap on bankers’ bonuses in the European Union stalled on Tuesday, after EU countries and the bloc’s parliament clashed over how far to go in curbing pay for the industry’s top earners.

The talks, described as tense by one person present, with some in the room “doing a lot of yelling”, resume next week.

Feb 19, 2013

Bankers could pocket more pay from EU bonus cap

BRUSSELS, Feb 19 (Reuters) – European Union lawmakers and
member states are close to agreeing the world’s toughest curbs
on bank bonuses on Tuesday, in the face of warnings from bankers
that the crackdown would backfire and land them bigger basic pay
packets.

Representatives from European Union states and the European
Parliament are set to push ahead with their plans to cap
bankers’ bonuses at no more than their annual salary after
Britain, home to the region’s biggest financial hub, failed to
block the proposal after months of wrangling.

Feb 11, 2013

EU countries consider reforms to cap banker bonuses

BRUSSELS, Feb 11 (Reuters) – Bankers’ bonuses could be
capped under plans examined by EU countries this week, as
politicians attempt to placate public anger and tighten controls
over an industry blamed for its role in a global financial
crisis.

The proposals, part of a drive to implement so-called Basel
III rules aimed at preventing a repeat of the 2007-09 crisis,
would cap banker bonuses at the level of their salaries to stop
huge payouts from encouraging excessive risk-taking.

Feb 8, 2013

Cracks appear in European banking union scheme

BRUSSELS/ FRANKFURT (Reuters) – It was billed as a reform that would tighten policing of Europe’s banks and end their ability to suck states into crisis. Now fears are growing that a central element of banking union will be scaled back, undermining the whole scheme.

When it takes the role of watchdog for euro zone banks in March next year, the European Central Bank will be confronted with a financial system that is still limping. In some countries, such as Cyprus and Spain, it is in critical condition.

Feb 5, 2013

EU considers tougher penalties to stamp out euro forgery

BRUSSELS, Feb 5 (Reuters) – The European Commission stepped
up its fight against counterfeiting of euro notes and coins on
Tuesday, proposing a minimum six months in jail for serious
offences and steps to take fakes rapidly out of circulation.

“We must make sure that crime doesn’t pay,” said Algirdas
Semeta, the European commissioner in charge of fighting fraud.

Feb 1, 2013

EU’s Barnier warns Britain against Europe a la carte

LONDON (Reuters) – A senior European Union official has cautioned Britain against seeking an “a la carte” membership of the European Union, warning that London should not dismantle what has already been signed up to.

Michel Barnier, the European commissioner in charge of overseeing the EU’s single market, told Reuters that while it was possible for countries to opt out of certain EU projects, it could not pick and choose from existing agreements.

Jan 31, 2013

EU may speed law to push bank losses on bondholders

BRUSSELS, Jan 31 (Reuters) – Bondholders who lend to
European banks that get into trouble could face losing their
money from 2015, three years earlier than planned, euro zone
officials said.

Under a German proposal, the EU would bring forward a plan
to shield taxpayers from bail-out costs by handing losses to
some bondholders if needed and keep failing banks going.

Jan 31, 2013

Analysis: Small island, big problem: how Cyprus troubles the euro zone

BRUSSELS (Reuters) – Just when European leaders thought they were getting to grips with three years of economic turmoil, along came Cyprus, a seemingly small problem but one that cannot be ignored.

While the Cypriot economy may be worth only 18 billion euros, making it the third smallest in the euro zone, the problems it poses are among the most complex Europe has faced, combining elements of Greece, Spain and Ireland.

Jan 31, 2013

Small island, big problem: how Cyprus troubles the euro zone

BRUSSELS, Jan 31 (Reuters) – Just when European leaders
thought they were getting to grips with three years of economic
turmoil, along came Cyprus, a seemingly small problem but one
that cannot be ignored.

While the Cypriot economy may be worth only 18 billion
euros, making it the third smallest in the euro zone, the
problems it poses are among the most complex Europe has faced,
combining elements of Greece, Spain and Ireland.

Jan 30, 2013

Hungary ready to go it alone as IMF refuses credit line

BRUSSELS (Reuters) – Hungary is preparing to go it alone by borrowing on global financial markets after the IMF turned down its bid for a flexible loan deal, the country’s prime minister said on Wednesday.

“Hungary asked for a flexible credit line and finally the International Monetary Fund said ‘no’,” Viktor Orban said at a seminar at Brussels think tank Bruegel, adding that his country would borrow on international markets in the coming weeks.

    • 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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