February 9, 2012
Published: 18 Sep 09 07:34 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/22152/20090918/
Swedish Prime Minister Fredrik Reinfeldt succeeded during a summit in Brussels on Thursday in convincing European leaders to agree to push for limits on bonuses for bankers and for faster movement on climate negotiations.
External link: EU leaders' agreed language ahead of the G20 »
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Specifically, EU leaders agreed that bonuses should be "set at an appropriate level" relative to fixed compensation and make them dependent on the performance of the company or business unit.
There is enough wriggle room in that statement to ensure that things can continue exactly as before. Essentially meaningless. There is no active regulation or intervention proposed anywhere in that statement.
Now turning attention to the second topic which was regulating emissions and controlling climate change. I am not clear what the following statement means:-
"We need increased effort and we need to discuss financing" of contributions towards developing countries' share, both towards 2020 levels and also in the run up to the expiry of the current Kyoto protocol, which expires in 2012.
Is this a plan to pay countries to control their emissions and if so how do we get value for money and how is to be policed. Given that countries like China and India are massively increasing emissions as their economies expand we would effectively have to pay them a handout equivalent to their projected GDP increases to stop this from happening - assuming they didn't just take the money and run. Utter madness.