The daily Sega comments on the failure of the German-French initiative to limit bankers' bonuses: "Top-ranking politicians of the two largest European economies couldn't even get their European partners to agree on the regulation package, which is actually meant for the entire G20. ... According to John Lipsky, number two at the IMF and the real ideologue behind the restrictions, they would hardly have any effect at all if they were only adopted by France and Germany, or even by the entire EU. For him the only way to tame the beasts of prey of global finance is to set a global limit on the absurdly high bonuses for top bankers. Otherwise banks ... would find ways to elude the upper limits. What is banned in France would be paid out by their subsidiaries in India and Indonesia." (07/09/2009)

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More from the press review on the subject » EU Policy, » Fiscal Policy, » Europe
All available articles from » Emil Harsev

The G20 is a "unique platform for carrying out badly needed reforms in the world of finance", writes the business paper De Tijd. Nevertheless it has proved unable to agree on capping bankers' bonuses: "The financial crisis of the last year has shown how fragile the financial system is. But it now seems that the urgency is evaporating with the crisis. That is unfortunate. The supervisors at the Financial Stability Board must now work out a compromise text, which promises to be no easy task. All of its members agree something must be done about the bonus culture and the capital demands on banks. But that doesn't mean everyone has the same solution in mind. The world's leading politicians have just three weeks to reach an agreement and give financial market reform a conclusive form. Doubts are growing over whether they will succeed." (07/09/2009)

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More from the press review on the subject » Fiscal Policy, » Global
All available articles from » Jean Vanempten

The conservative daily The Times welcomes the decision of the G20 finance ministers not to put a limit on bonuses: "The summit resisted pressure from the governments of France and Germany to impose a cap on bankers' pay. That proposal has powerful populist appeal and minimal economic logic. Governments can reduce income inequalities through the tax system, if that is what voters want. But they have no insight into what a particular job in the marketplace is worth and whether it is 'socially useful'. It makes sense for banks to tie employees' pay to risk-adjusted measures of profitability, and to be able to claw back bonuses from traders who take risks that turn sour. ... But statutory caps on bankers' pay give a message that only underachievers need apply. The G20 has so far maintained the right balance." (07/09/2009)

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More from the press review on the subject » Banks, » Global

Beyond the discussion about bankers' bonuses, Sweden's environmental minister Andreas Carlgren laments in the daily Sydsvenska Dagbladet that the G20 meeting in London failed to produce any progress on climate financing, but voices hope for the summit in Pittsburgh: "We have waited long enough for the US. … Judging by his speech yesterday [Finance Minister] Anders Borg is full of hope that the Americans will move ahead. 'With the new government they now have the will to move ahead'. That should be enough. Just take a look at the meeting in London: the G20 countries surprisingly managed to take a major step forwards regarding bankers' bonuses. If there's a similar breakthrough on climate issues in Pittsburgh it will bode well for the climate conference in Copenhagen [in December]. Really? Well many things are possible when the political will is strong enough." (07/09/2009)

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More from the press review on the subject » International Relations, » Environmental Policy, » Global

The conservative daily Magyar Nemzet criticises a letter from EU Commission President José Manuel Barroso to the Members of the European Parliament in which he seeks to justify his renomination: "[In the letter] Barroso sketches his idea of the future of the EU. ... Among Hungarian observers the document awakens memories of communist times, when innumerable five-year plans promised the moon. ... What we can gather from Barroso's sweet-sounding but nebulous formulations is basically the dismantling of the social state in Europe. ... In addition Barroso avoids addressing the economic problems of many EU countries. The history of actually existing socialism teaches us however that those systems which ignore their obvious problems - and which are consequently not in a position to renew themselves - sooner or later collapse. Does such a fate await the EU? In a few years we will know the answer." (07/09/2009)

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More from the press review on the subject » EU Policy, » Hungary, » Europe
All available articles from » Károly Lóránt

According to various sources more than 125 people were killed in Afghanistan on Friday of last week in an air strike ordered by Germany on two fuel trucks. Bernd Zeller comments in the authors' blog Die Achse des Guten on the German discussion over the legitimacy of the attack: "The major objection against the war in Afghanistan is that you can't export or decree democracy and freedom. That's true, it didn't work here either. The Germans, hooked on subordination as they are, submitted to the dictates of democracy and acted as if the Third Reich were awfully embarrassing for them only as long as the occupation forces controlled the system and watched over the de-Nazification processes. ... If you have to be attacked before you can take action it's not really a war at all. Unfortunately that's the problem we're dealing with. The armies must go through a de-Talibanisation process. But oh no, that won't work because you couldn't tell it apart from de-Islamisation, and what a fuss that would cause! But frankly, are we defending freedom in the Hindu Kush or not?" (06/09/2009)

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More from the press review on the subject » Security Policy / Crises / War, » Weltanschauung, » Germany, » Afghanistan
All available articles from » Bernd Zeller

Two weeks ahead of Germany's federal elections the daily Le Temps comments on what it sees as a boring election campaign: "'We have the power', a nationwide poster campaign [launched by the conservative CDU] has been hammering into our heads for a week now. … Since Barack Obama's 'yes we can' the marketing bosses have stopped bothering to really make an effort. Germany has plunged into a strange, fuzzy, boring election campaign that lacks a genuine theme. Who has the power to do what? Neither the poster nor the chairman of the Christian Democratic Union (CDU), Angela Merkel, deemed it necessary to be more precise. … Basically, and the chancellor appears to have realised this, the Germans have no desire for a political confrontation. Why should they fight over minimum wages, the reform of the health insurance companies, the simplification of the tax system or economic policy if the conservative chancellor has been implementing social democratic policies for four years now?" (07/09/2009)

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More from the press review on the subject » Domestic Policy, » Elections, » Germany

An opinion poll in Ireland on Friday registered a clear decline in support for the Treaty of Lisbon. Diarmuid Doyle writes in The Sunday Tribune that supporters of the Treaty must get their act together before the referendum on October 2: "The Yes campaign needs an enthusiast, somebody who tingles with excitement at the very mention of Brussels, and can convey that passion to a sullen electorate (which needs a very good reason to change its mind, having already spoken on this issue). The minister for Europe Dick Roche fits that bill. ... A month of non-stop Dick would be too much for anyone, but a two-week burst of Euro enthusiasm from the Wicklow TD [Member of Parliament] near the end of the campaign might persuade people that there is still something to this whole EU thing. Whatever the Yes campaign decides, it has to do better than pathetic posters from pointless pressure groups. Friday's opinion poll confirms that." (07/09/2009)

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More from the press review on the subject » EU Constitution, » Ireland, » Europe
All available articles from » Diarmuid Doyle

Sari Vanninen writes in her column for the daily Karjalainen about the discrepancy between the American dream and US reality: "The American dream is a dream of a better, richer and happier life. It's the 'dishwasher to millionaire story', the opportunity for everyone who works hard enough and has ideas to get rich. The chance to become rich is enshrined in American democracy. The dream of a fulfilled life was what attracted the 1,500 people who went down with the Titanic in 1912. They planned a future in the land of dreams, whose Statue of Liberty is the symbol of a world of new possibilities. But in today's perception the American dream generally remains just that - a dream. For millions in America who live in a spiral of poverty and misery it is unattainable. … Nowadays [however] there's a mini-version of the American dream that promises a luxurious life thanks to state aid. Well-known examples are [TV] competitions like American Idol and Big Brother. The express route to the stars is fast, but the price can be fearfully high." (06/09/2009)

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More from the press review on the subject » Public Culture, » Social affairs, » Labour, » U.S.
All available articles from » Sari Vanninen

In the Polish news magazine Wprost Krzysztof Skiba reflects on ownership as a value: "The role of ownership in today's social models is growing more and more important. Some possess unusual skills, others have a fat wife without a job. In a world that couldn't be more materialistic what a person owns becomes the most important measure of their value. For the majority of people the state of their assets is what can give them a heart attack. There is a certain problem with assets. Many people don't reveal what they actually own. This is the case with certain politicians and entrepreneurs. Despite possessing considerable assets they pretend they're modest individuals who possess nothing aside from a disease of the liver. When the wealthiest man from a certain small town is summoned in a trial on white-collar crime it turns out that he doesn't actually own anything because everything has been transferred to the town's pensioners - despite his having a villa with a swimming pool, a few factories, brothels, discos, clubs, businesses and a Mercedes." (07/09/2009)

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More from the press review on the subject » Philosophy, » Poland
All available articles from » Krzysztof Skiba

The Spanish telecommunications company Telefónica and the Chinese group China Unicom have agreed to form a strategic partnership and exchange shares to the tune of a billion dollars. The liberal daily La Vanguardia comments: "Alliances like that between Telefónica and China Unicom are imperative for companies seeking multinational dominance who want access to the best markets on the planet. But in the case in hand, the presence of Telefónica in China is also crucial for all other Spanish companies both because it sets an example for internationalisation and because it can open doors for new partnerships and deals with a country that is de facto already the world's second most powerful economy." (07/09/2009)

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More from the press review on the subject » International Relations, » Corporations, » Spain, » China

The City of Amsterdam wants to change Dutch shop closing laws and extend weekend opening times. The Christian-conservative government parties are against this. At the moment only businesses in tourism-oriented regions are allowed to open their doors on Sundays. The liberal daily NRC Handelsblad supports the City of Amsterdam's proposal: "The cabinet doesn't trust the local authorities, the local councils, to pass judgement on shop closing times. This is embarrassing, for what could be more logical than that the local authorities decide for themselves. Taking into account local opinion and the local culture the municipal authorities could make their own decision about what takes priority: Sunday peace or freedom of enterprise for [business people] to decide for themselves when to open their shop doors. … Unlimited shopping on Sundays is unlikely to become a reality in the Netherlands in 2010. For the denominational parties any Sunday on which the shops are open is a Sunday too many. … Consumers are left empty-handed." (07/09/2009)

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More from the press review on the subject » Trade, » Netherlands

After an Estonian doctor threw away the identity card of a Russian-speaking patient because the latter lacked adequate Estonian language skills, thus allegedly breaching the Estonian language law, the debate about the wisdom of this law has reignited. The daily Postimees comments: "A new translation technology can help to solve many of the current problems. Instead of wasting energy on debates about which signs can be written in foreign languages, in future it will be possible to show people any announcement or advertising in the language of their choice. Today's language barriers will no doubt be easier to overcome in the future and perhaps even cease to exist. … There are no major doubts that in the course of the next 10 to 20 year everyone will be able to choose the language he or she prefers when making a foreign telephone call or Skype call, while the person at the other end talks in their native language." (07/09/2009)

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More from the press review on the subject » Minorities, » Science / Research, » Languages, » Estonia, » Global
All available articles from » Argo Ideon

Susan Rubin Suleiman, a writer and professor of French Civilisation at the University of Harvard, comments on the indifference of US readers to contemporary French literature: "What French literature is read in America? Not much. ... Certainly, the US attitude to literary translations puts it far behind countries like France. But I think this is more a symptom than a cause. ... Nevertheless there are three important exceptions, French bestsellers published in the last five years which have made a huge splash in the US: Suite française by Irène Némirovsky, Les Bienveillantes by Jonathan Littell and L'Elégance du hérisson von Muriel Barbery. ... Each of these three novels has a voice that speaks to us in a completely unexpected, incredible and captivating way." (05/09/2009)

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More from the press review on the subject » Literature, » Languages, » France, » U.S.

In Austria there are around 300,000 functionally illiterate persons, in other words people who can recognise letters and write short words but are unable to understand a longer text. On the occasion of Unesco's Literacy Day on September 8 the daily Die Presse expresses concern about this figure: "A school system that focuses only on high-performance groups and continuously higher qualification … overlooks the fact that a solid basic education is the top priority for a not so small section of the population. The upper stratum, namely the highly gifted, barely receives support, and nor does the lower stratum. … This doesn't help functionally illiterate persons who can't understand the meaning of a text. They are at a disadvantage both at work and in the private sphere (for example in driving tests), and they are the first victims on the labour market. The labour market data confirms this, not just in developing countries but also in highly industrialised Europe. Austria is no exception in this respect." (07/09/2009)

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More from the press review on the subject » Domestic Policy, » Austria
All available articles from » Erich Witzmann