"Today's vote marks a milestone in our efforts to make the financial system more secure and transparent. It is good news for hundreds of millions of savers in Europe and across the world."
European Parliament President Martin Schulz made the following statement after the house voted by a large margin to give its final approval to new capital requirements for banks and a cap on bonuses:
"Today's vote marks a milestone in our efforts to make the financial system more secure and transparent. It is a good news for hundreds of millions of savers in Europe and across the world.
The new regulation will help to ward off financial crises such as the one that crippled the global economy in 2008. Solid and responsible banks are key for Europe's return to the path of sustainable growth.
The cap on bonuses is needed to change the culture of excessive risk-taking at many banks that endangers people's savings in the pursuit of short-term profit."
Press release
© European Parliament
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