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Subjects / Resolution and Recovery

Newsletter September 09: G20 finance ministers paper over differences

Simon Turmaine | September 7, 2009

LONDON – Finance ministers of the Group of Twenty (G20) leading economies agreed on strengthening the financial system at their early September meeting in London, but their final communiqué papered over differences on key issues. As GRR went to press, the ministers, meeting ahead of the end-September G20 leaders summit due to be hosted by US President Barack Obama, backed the principle of setting global standards on pay and rewards in the financial sector, including provisions for clawing back bonuses if an employee’s activities eventually prove loss-making.

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