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By David A. Clarke Jr.
Blame Washington's intelligence failure, not lack of police
Topic - Michel Barnier
European officials proposed Wednesday a new system of financial regulations that aims to keep bank failures from costing taxpayers billions and bankrupting governments.
Members of the European Parliament voted 625-28 in favor of the rules which will cap bankers' short-term cash bonuses from next year, a move that European leaders hope other parts of the world will follow.
"If we're going to avoid in the future banking crises, each member state has to be equipped with the appropriate tools to take action in time, not when it's too late," Barnier said.
"We're going to break the link between banking crises and public budgets," said Michel Barnier, the European commissioner responsible for the internal market, as he outlined the measures in Brussels. "We don't want taxpayers to have to pay."