E.U. Officials Vow to Get Tough on Bankers Pay
European Union finance ministers vowed Tuesday to get tough about monitoring new rules governing bankers’ compensation, and they promised that new banking stress tests would be stricter than the ones conducted last year that failed to restore market confidence in the euro.
Speaking at the end of a two-day E.U. finance ministers meeting in Brussels, Michel Barnier, the European Commissioner responsible for banking, appealed to financial institutions to show restraint on pay and be sensitive to the overall economic climate.