By Martha Moss - 25th September 2009
As discussions continue over measures to curb bankers' bonuses, commission president José Manuel Barroso has stressed the need for a new framework of supervision.
Meeting in Pittsburgh for the G20 summit, world leaders have been debating how to prevent a repeat of the financial crisis.
Speaking ahead of the G20, Barroso said, "Europeans are horrified by banks, some reliant on taxpayers' money, once again paying exorbitant bonuses."
He also called for a "new supervisory architecture" to prevent risk-taking in the financial sector.
"We need to press on with action to ensure a healthy and successful financial sector in the future," Barroso said.
"That must include a strong push for coordinated and decisive international action on remuneration."
He later told journalists, "This is not a witch-hunt against bankers. More effective regulation is in the interests of any responsible financial sector and prudent financial institutions must not be at the mercy of their competitors' recklessness."
Meanwhile, Swedish prime minister Fredrik Reinfeldt, whose country currently holds the rotating EU presidency, pledged to be "very clear" on the need to increase transparency in the banking sector.
There would also be a "specific discussion" on bonuses, including the issue of individual caps and bonuses linked to achievement, he said.
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