The global recession may have found its floor, but efforts to ensure that the crisis does not repeat itself continue to be frustrated. That was the message from last weekend’s meeting of Group of 20 finance ministers and central bankers. There is consensus on the need to stop the obscene payments to financiers and end a remuneration scheme that appears to have no relationship to performance.
But agreement on specific measures concerning this matter remains elusive, as is a plan to ensure that banks have adequate capital to protect them against losses. There is great danger that economic recovery will remove pressure for systemic reform: That cannot be allowed to happen.
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