More on the G20

As a proof that life does not stand still, When I wrote the article yesterday, it was Germany and France agreeing to reduce the bonuses paid to bankers and planning to impose control on this in the coming Pittsburgh summit of the G20. The United Kingdom did not seem to be on the same wave. Things have changed and Prime Minister Gordon Brown has joined his signature to Sarkozy’s and Merkel’s in a joint letter that says: “We should explore ways to limit total variable remuneration in a bank either to a certain proportion of total compensation or the bank’s revenues and/or profits.” At the same time more support is gathering in the EU with the finance ministers of Sweden -the EU current presidency country-, the Netherlands, Belgium and Luxembourg, backing the austerity measures. Let us keep tuned for September 24.