The Finance Ministers of the European Union have reached a basic agreement to rein in bankers’ bonus, leaving Britain isolated as the only member-nation refusing to sign up.
The Ministers, who held a one-day meeting in Brussels on Tuesday, endorsed a deal struck last week between representatives of the European Parliament, the European Commission and the EU council of ministers to cap bonuses to a banker’s annual basic salary and to double that amount if a majority of the bank’s shareholders approve.However, they postponed a final decision to clear some “technical questions” with the British Government in the coming weeks so that the UK too can be taken on board, German Finance Minister Wolfgang Schaeuble said after the meeting.Further discussions are needed to decide whether the new regulations can take effect on January 1, 2014, and to what extent exceptions to the envisaged bonus cap can be allowed, he said.

Source - http://www.thehindubusinessline.com