No Europe-wide supervision of banks, says Gordon Brown

No Europe-wide supervision of banks, says Gordon Brown Paris - Despite errors by banks that provoked the global finance and economic crisis, authorities in individual nations must retain control of supervision of their banks, British Prime Minister Gordon Brown was quoted on Tuesday as saying.

"We are agreed with (having common regulations across Europe). But as for the individual supervision of banks, national authorities retain the supervision and I think it should remain like that," Brown said in an interview published in the French daily La Tribune.

Questioned primarily about the G20 summit to be held April 2 in London, Brown said its goal was to "come to an agreement on coordinated policies to confront the financial instability and the absence of growth, trade and employment that is striking every continent."

Among the issues that are to be discussed in London, Brown named tax havens, aid to countries that lack the means to clean up their banking systems and salaries and bonus payments to executives.

"We want agreement on principles that define the remuneration (of bank executives)," Brown said. "The aim is that risks are to be taken into account in pay, that the people are paid for hard work, but not for excesses." (dpa)

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