The G20 group of the world’s largest economies has a large menu to work through when it meets Thursday and Friday in Pittsburgh, Pennsylvania in the US, with changes to the banking world heading the list. The debate over limiting bankers’ bonuses continues from their last meeting earlier this year: the group will, according to the Wall Street Journal, decide ” how draconian the restrictions on banker compensation should be.” Brazil will be suggesting that bank regulation should be tightened and that recent changes to bank capitalization should be extended to include derivatives markets, referring to the Basel II agreement that have recently gone into effect, which are designed to help avoid the kind of global banking meltdown seen in 2008. US President Barack Obama faces a second major international test in less than a week, after the UN General Assembly, convincing G20 leaders that the buzz words “sustainable” and “balanced” are the keys to getting the world economy back on track, according to AP/NPR. Financial Times (subscription), Forbes/Reuters, MSNBC news roundup
News story, GenevaLunch, 24 September 2009.
Filed under: World news
Tags: bankers' bonuses, banking regulations, Barack Obama, Basel II, Brazil, compensation, derivatives, G20, Pittsburgh, regulation, UN General Assembly, USA
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