Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-02-Speech-2-672-000"
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"en.20130702.53.2-672-000"2
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"Mr President, bonuses awarded in the fund management sector are certainly high. It is difficult to justify them morally and it is always tempting to want to do something about them. I am certainly tempted to do so.
But we have got to look at this rationally. A restriction on bonuses would inevitably lead to compensatory increases in basic income. That would be worse because, of course, basic salaries – unlike bonuses – cannot easily be reduced to reflect poor performance.
Should we then restrict incomes in basic salaries? Well we could, but then we should logically say that perhaps we ought to limit all people’s salaries. Do we really want the EU – or even Member States for that matter – to have that kind of power?
The real problem which needs to be addressed is the high level of expense ratios of investment funds – the amount paid by investors to the funds. In the United States, equity funds charge an average of 0.64%; in Europe most funds charge over 1%."@en1
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