Should bankers breathe a sigh of relief over the deadlock in EU talks last night on introducing a bonus cap?
The British are certainly happy to have a bit more time to achieve the improbable and turn opinion in Brussels against strict limits on bonuses that are double or triple fixed pay.
At the same time, the omens from parliament are looking no better for the City’s finest. Just look at the tone of this statement the MEPs spearheading the talks put out today:
We are ready to give the Council one more week for internal discussions. If – after ten months of negotiations – a viable compromise cannot be found on 27 February, we do not see any other possibility than to ask the plenary of the European Parliament to vote on its position.
The threat of a vote is mainly symbolic. But there is no sign of backing down. Indeed parliament is upping the ante. They are pressuring the EU member states — who are represented by the Irish presidency — to override the hold-outs to a deal. It is, in other words, a challenge to force the Brits into line or outvote them within the week. High stakes. Read more