Prime Minister Jan Peter Balkenende wants world leaders to take immediate action against sky-high bonuses for bankers. Next week the prime minister will join the leaders of the world's largest economies at a G20 summit in Pittsburgh in the United States.

Speaking in an exclusive interview with Radio Netherlands Worldwide, Mr Balkenende said it was unconscionable that bankers cash in bonuses worth millions while their banks are being saved with government funds and many people lose their jobs as a result of the economic crisis.
 

Mr Balkenende called on the G20 to take concrete measures, citing as an example the approach adopted in the Netherlands, where banks have agreed a code aimed at curbing bonuses. In addition, the cabinet is preparing legislation that will force banks to reveal all bonuses. The proposal has been welcomed in particular by French President Nicolas Sarkozy.
 

It is, however, far from certain that the G20 will be able to adopt a common strategy in Pittsburgh. The grouping is divided by a number of issues, with the US and the UK reluctant to adopt any far-reaching measures.

(Photo RNW)