Tax on bonuses not enough

France wants to follow the UK's example and introduce a special tax on bonus payments. The business paper Les Echos praises the plan and calls for additional protection mechanisms for the financial sector: "Of course this measure makes sense from a moral and political standpoint. But the tax on bonuses is also an admission of failure. Safeguards have still not been put into place to protect against further catastrophes. Neither the strengthening of regulations nor the tightening of personal equity standards decided at the G20 summits in London and Pittsburgh have been introduced. Yet these steps are a matter of utmost urgency, because one thing is certain: if the banks get into trouble once again the taxpayers are not going to bail them out a second time."

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