The UK launched a legal challenge to EU rules capping bank bonuses on Wednesday (25 September), claiming that limits on pay would do nothing to make the financial sector safer.
The rules, which are set to be introduced next year and would apply to over 8,000 banks across the EU, would limit bankers' bonuses to the equivalent of their salary.
Payments worth up to two times salary could be permitted on the basis of a vote by shareholders.
UK chancellor George Osborne was is...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.