Shortly before the G20 summit, the UK has decided to go along with the reform proposals put forward by Germany and France on salaries and bonuses in global finance. The business paper Les Echos comments: "In plain language, Europeans will be unanimously demanding strict regulations for calculating and allocating bonuses for traders at the G20 summit in Pittsburgh. Of course this is excellent news, because the inflationary rise of bonuses was one factor that pushed the financial industry to take excessive risks in the last few years. This undeniable success of the French-German tandem also comes as a big surprise. But it is still somewhat early for rejoicing. First of all because even if bonuses are capped, that alone won't guarantee that finance is permanently back on the path of virtue. ... Now the US will have to be convinced of the wisdom of the move, failing which it will have to be scrapped. The reason is simple: it is impossible to impose restrictive rules ... on the European finance sector if its American counterpart will have nothing of them." (04/09/2009)

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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Financial Markets, » Banks, » France, » Europe, » Global
All available articles from » François Vidal

The key issue for the finance ministers to address in preparing for the G20 summit is the controversial bonus question, writes the liberal daily NRC Handelsblad: "Clearly, international agreement on bonuses will put the same requirements on everyone and allay fears that activities will migrate to countries with slacker rules. Putting these requirements into place will take time, however, and that can take its toll on the impetus behind them. A financial sector that has recovered and won new self-assurance has more chance of influencing this process. Pressure on the bonus dossier can mean that the search for speedy international consensus may lead to minimal regulation. And that would set an unfavourable precedent for other measures that could prevent a recurrence of the crisis. ... There is still much to be done. The bonus question will be the litmus test for the international community's capacity to act in this area." (04/09/2009)

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More from the press review on the subject » Fiscal Policy, » Global

The daily Le Temps would like to see Europeans take to heart the lessons of the past at the G20 summit in Pittsburgh: "The central problem is getting worse: ... the bankruptcy of Lehman Brothers almost a year ago set in motion a shift towards consolidation that has produced bigger and more independent banks. The series of bank rescue operations aimed at keeping the financial world going has made a fiction of the bankruptcy. History gives us clues for how to reform the financial system. Why not do what was done in 1933 when the United States banned a number of bank activities deemed responsible for causing the crisis, … bank activities which were allowed again in 1999? The banks, profitable and powerful once more, are digging in their heels against any type of far-reaching reform. … The G20 must prove their courage at their next summit at the end of September and assume their 'historical' responsibility." (04/09/2009)

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More from the press review on the subject » Fiscal Policy, » Economic Policy, » Financial Markets, » Banks, » Switzerland, » Europe, » Global
All available articles from » Frédéric Lelièvre

As the G20 finance ministers meet today, Friday, in London, the liberal daily The Independent comments that vast bonuses for bankers are unwarranted: "On bankers' remuneration and regulation, the robust attitude of most European nations, however, makes more sense than our own Government's more timid stance. While the investment banking arms of several banks are turning a profit, this is in large part because extraordinary help from the authorities has driven down the cost of their capital. This assistance is necessary for the good of the wider economy, but there is no justification for investment banks paying vast bonuses to their staff while they receive this special help, especially while non-financial sectors of the economy are still suffering. Moreover, France and Germany are right that there needs to be a fundamental shift away from the reckless model of lightly-regulated high finance, which did so much to generate the crisis. And, since flows of capital and bank employees are global, there needs to be global co-ordination to deliver this." (04/09/2009)

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More from the press review on the subject » Fiscal Policy, » Financial Markets, » Banks, » Global

Italy plans to build gas terminals in the Bay of Trieste on the border with Slovenia. The Slovenian government has now joined in the criticism of environmentalists who say the terminals could cause major environmental damage in the sea. The daily Delo comments: "Next week when Italy's Prime Minister Silvio Berlusconi comes to Ljubljana relations could be less excellent and exemplary than the [Slovenian] foreign ministry describes them as being. … So the main question is whether Slovenia will give in again or whether it will argue with calm authority that the gas terminals don't belong in the Bay of Trieste. The fear that Italy won't be so easily persuaded and that it may have to be sued [before the European Court of Justice] is palpable. Money and also Europe's energy policy are on the other side." (04/09/2009)

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More from the press review on the subject » International Relations, » Environmental Policy, » Energy, » Italy, » Slovenia
All available articles from » Borut Tavcar

The Republic of Cyprus has postponed indefinitely negotiations planned for Thursday of this week over a reunification with the Island's Turkish population, citing the refusal of the Turkish Cypriots to allow a pilgrimage of Greek Cypriots to the Turkish-controlled part of the island. The liberal daily Phileleftheros welcomes the break-off in negotiations: "The Turkish side often negotiates with a logic that is not conducive to mutual understanding. And such negotiations - regardless of whether they are on small details or large issues - hit the core of the Cyprus problem. ... The question is not whether the Turkish side apologises retroactively. Because the Turks have done what they wanted to. But if they've already reneged on their promises over minor issues how can we trust them regarding the major ones?" (03/09/2009)

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More from the press review on the subject » International Relations, » Security Policy / Crises / War, » Domestic Policy, » Greece, » Cyprus, » Turkey

The European Parliament has reacted critically to José Manuel Barroso's plans to serve a second term in office as President of the EU Commission. But postponing his nomination any longer "can only weaken the European Union", writes the business paper De Tijd: "The Parliament supports a strong European Commission. But at the same time it is demanding that the man who the 27 member states have unanimously proposed for the job should grovel before it. But the the paradoxical result of this attitude is to weaken Barroso's person, and consequently the image of Europe in the world. In addition the European Parliament has tackled the wrong foe. Not Barroso, but the member states are the ones gnawing away at Europe's strength by playing the national card. If the Parliament and the Commission fail to act in unison against the small-minded behaviour and the 'our industry first' attitude of Paris, Berlin and London, the pendulum will not fail to swing in the wrong direction, that of less Europe." (04/09/2009)

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More from the press review on the subject » EU Policy, » Europe
All available articles from » Kris Van Haver

Heribert Donnerbauer, justice spokesman for the conservative Austrian People's Party (ÖVP), has caused an uproar with his remark: "Desertion is still an offence". He wants to postpone the rehabilitation of soldiers who deserted the German Wehrmacht. The daily Die Presse doesn't approve: "Penal provisions are above all meant to serve as a deterrent; they are supposed to prevent the perpetrator from repeating his crime and others from copying him. Therefore the sentences from the Nazi period can be rescinded. A danger that the number of desertions in the Austrian armed forces increases or that the morale of the troops deteriorates (even more) does not exist. General rehabilitation for the deserters according to the German model is a gesture that would be morally justified and unproblematic in terms of judicial policy. Nothing speaks against it and everything for it." (04/01/1970)

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More from the press review on the subject » Domestic Policy, » History, » Remembrance culture, » Austria
All available articles from » Rainer Nowak

In the leftist weekly Der Freitag Georg Seeßlen writes about the weather: "Talking about the weather was once a matter of survival. People had to warn each other, protect each other, organise the hunts and fields according to the weather. Weather is a basic system for expressions and perceptions in every culture. Cold and warm, wind and calm, thunder and lightning, rain and snow, clouds that don't bode well. Desire and danger. We don't just talk about weather; it teaches us to talk. And it generates the language of love ('storm of passion'), the economy ('a low on the de-icer market') and politics ('a thaw'). Talking about the weather went from being a matter of survival to everyday language usage. A conventional and affable remark between neighbours (Lousy weather isn't it, Frau Meier?), a more or less conflict-free piece of communication about nothing special but something undoubtedly real. People who can't even talk about the weather with each other are in a bad way. And even more pitiable are people who feel the need to scorn people who talk about the weather." (03/09/2009)

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All available articles from » Georg Seeßlen

In Gondola, the conservative news portal critical of the government, Lénárt Sándor writes that political corruption must not come under the statute of limitations: "A court in Munich recently gave the 90-year-old former Nazi officer Josef Scheungraber a life sentence for the part he played in the murder of 14 Italian civilians. Many will shake their heads and say: 'Why prosecute a 90-year-old man? These things all belong to the past.' ... But they are wrong. The concept of a limitation period is extremely problematic and misleading. Is the death of 14 people over and done with? ... No The consequences of the offence remain. ... In the same way political corruption is not washed clean after a certain lapse of time. ... Because [corrupt politicians] abuse the faith ... of those who voted for them when they make decisions and pass laws. ... The elementary need for self-defence commands every society to bring corrupt politicians to trial at the first opportunity. Both the politicians and the community must have a sense that the rule of law is not an empty phrase." (04/09/2009)

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More from the press review on the subject » Domestic Policy, » Hungary, » Global
All available articles from » Sándor Lénárt

It now seems unlikely that US company General Motors (GM) will sell German carmaker Opel. This means that the future of Opel jobs in Germany remains uncertain, writes the left-liberal daily Süddeutsche Zeitung: "No one can blame Opel employees for being angry. The parent company General Motors has concluded its insolvency proceedings, yet the future of jobs at Opel is more uncertain than ever. Or in other words: Opel employees are now facing the prospect that the sale of the company to Canadian-Austrian car parts supplier Magna and its Russian partner won't go through. Opel will probably remain exactly what it is: a big GM subsidiary. At least that's what the most recent reports in the US media say, according to which GM plans to invest a billion euros of its own money in Opel and go begging for another billion in London, Madrid and Warsaw. All this is yet to be confirmed, but similar rumours from the US have mostly turned out to be true in recent times." (04/09/2009)

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More from the press review on the subject » Corporations, » Economic Policy, » Germany, » U.S.
All available articles from » Nikolaus Piper

Russian head of government Vladimir Putin has called on the Bulgarian government to decide as quickly as possible whether it wants to participate in Russia's planned South Stream pipeline project, saying that Russia can go ahead with its energy policy without Bulgaria if need be. The daily Klassa believes Putin is bluffing: "It's obvious that Russia is only cranking up the pressure because it actually needs Bulgaria for a farsighted energy policy. From a geostrategic point of view Bulgaria has reaffirmed its role in the Euro-Asian energy axis. The Balkans play a key role in oil and gas transit from central Asia and Russia. This key geographical position provides us with a good opportunity to renegotiate the terms that are disadvantageous for us in the major Burgas-Alexandroupolis [the planned Bulgarian-Greek oil pipeline between the Black Sea and the Mediterranean] and Belene nuclear power plant energy projects, and in such a way that Bulgarian interests are protected." (04/09/2009)

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More from the press review on the subject » International Relations, » Energy, » Economic Policy, » Russia, » Bulgaria
All available articles from » Nina Dulgerova

The leftist daily Pravda comments on the poor reputation of Slovakian universities: "Our universities put us at the bottom of the European league. Evidence for this is not hard to find. No foreign students are attracted to come here, and Slovak students - our potential elite - study elsewhere. The worst thing is that the large majority of them don't come back home after their studies. Thanks to our special relations and linguistic affinities with the Czechs, up to 25,000 student emigrants enjoy the benefits of what is without doubt the better education system of our neighbour to the west. ... Certainly, we have known about the problem for a long time, but we do nothing to solve it. ... All we do is concoct absurd regulations. For example that foreign teachers who want to teach at Slovakian universities must furnish proof that they can speak our language." (04/09/2009)

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More from the press review on the subject » Science / Research, » Slovakia
All available articles from » Adam Parišek

Estonia is planning a law under which at least one percent of the construction budget for public buildings would have to be spent on art for the building in question. The daily Postimees points out that such a policy already exists in numerous Western European countries: "But precisely because of this we should take account of the criticism in these countries. Such a law can have the effect of creating an obligation that produces mediocre art ill-suited to the place in question instead of promoting a greater appreciation of art. … If the bill becomes a law the public hopefully won't have to bear the strenuous debates it has had to put up with so far: people have nothing against art - just against what is done with it. The goal of the law is to create opportunities for young artists to step into the limelight, so the artists' associations should make it their task to ensure that the new generation actually uses this opportunity and takes part in the competitions." (04/09/2009)

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More from the press review on the subject » Public Culture, » Cultural Policy, » Estonia

Dino Boffo, a staunch critic of Italian Prime Minister Silvio Berlusconi, has resigned as editor in chief of the Italian daily Avvenire after Berlusconi's newspaper Il Giornale accused him of homosexuality and of harassing his lover's wife. The left-liberal paper La Repubblica writes: "This lie has not the slightest thing to do with journalism ... and far more to do with the Soviet technique of disinformation that turns journalism into nothing more than backbiting and slander. Dino Boffo has been publicly murdered. The Anglo-Saxon world has a word for what happened to the chief editor of Avvenire yesterday: character assassination. ... Now that there is a corpse, a shiver runs down one's spine to think that in Berlusconi's unfortunate country the highest price must be paid for so much as cautious criticism or thoughtful disapproval: the end of one's moral and professional life. ... Anyone in Italy who prefers to see nothing and to close their eyes is guilty of complicity with the murderers, and with those who commissioned this character assassination." (04/09/2009)

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More from the press review on the subject » Press freedom, » Italy
All available articles from » Giuseppe d'Avanzo