European Union finance ministers, meeting in Brussels, have been discussing when the region’s fiscal stimulus packages should be withdrawn.
The gathering was to work out policy ahead of a meeting of finance ministers from the group of 20 industrialised and emerging nations in London this week. The EU’s top money man, Joaquín Almunia said timing is crucial and they must not be too hasty: “I think the exit strategy from this crisis should be coordinated, first of all at the European level, and of course at the global level. We will discuss this at the G20 meeting in London.” The EU ministers also discussed French proposals on limiting bankers’ remuneration. The French Finance Minister Christine Lagarde said they want to bring order to bonuses and salaries which she called a problem. France will propose caps and taxes on bonuses at the summit of G20 leaders in Pittsburgh in three weeks time. But the feeling at the Brussels meeting was that it would be a challenge to persuade Britain to sign up to strict limits.