The UK, French and German Governments send a joint letter to the Presidency of the EU calling on the European G20 members to give a strong joint message at the G20 Heads of State meeting in Pittsburgh in late September. They stress:

  • financial institutions must not be allowed to return to former practices, so a strong international regulatory framework is crucial;
  • remuneration, bonuses and other forms of compensation are critical, so G20 must push forward improved governance and transparency and policies that encourage risk awareness;
  • G20 must address the moral hazards of systemically important institutions; and
  • G20 should agree countermeasures against non-cooperative tax jurisdictions.