The Group of 20 finance ministers meet in London tomorrow ahead of a Pittsburgh summit later in the month. Calls to limit bank bonuses as part of tighter financial market rules are topping the agenda.
French President Nicolas Sarkozy, British Prime Minister Gordon Brown and German Chancellor Angela Merkel called for the September 24-25 summit to build on the G20's commitment last year to reform global finance, with rules on linking bankers' pay to longer-term financial performance.
They have sent a letter on the subject to Swedish Prime Minister Fredrik Reinfeldt, who holds the six-month EU presidency.
The European leaders called for banks to defer payment of 'a major part' of any large bonus for 'an appropriate period' and for it to be cancelled in case of a negative performance of the bank. They said guaranteed bonuses should be avoided.
