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Daily Press Summary EU member states back bankers’ bonuses cap despite UK oppositionReuters reports that ambassadors from the 27 EU member states have backed new rules establishing that bankers’ bonuses cannot exceed their fixed salaries, as demanded by the European Parliament. Bonuses could only be doubled with the approval of a simple majority of shareholders at a meeting where two-thirds of shares are represented – a hard threshold to reach. The new rules would form part of the CRD IV package currently being negotiated. An EU official is quoted saying, “There was broad consensus in favour of the Irish [EU rotating] Presidency’s approach, with the notable exception of Britain.” Negotiators from the member states and the European Parliament will resume talks next Tuesday. Reuters Mats Persson: Dismal eurozone growth figures hide future Franco-German tensionsCommenting on the latest eurozone growth figures, Open Europe Director Mats Persson writes on hisTelegraph blog, “France could well be on course to breaching the EU’s various deficit rules and targets laid out for it, including those enshrined in the much-hyped ‘Fiscal Treaty’”, but looks unlikely to face sanctions from the European Commission. He goes on to argue, “Viewed from Berlin and Frankfurt…this sounds an awful a lot like the Stability and Growth Pact all over again – which Germany and France were themselves first to break a decade ago.” Mats concludes that the figures “hide a world of potential tension between Berlin and Paris, as the two will be locked into a catch-22: one wants cash (‘solidarity’) first, supervision / discipline second, the other the exact opposite.” Telegraph blogs: Persson EU Commission opposes Cameron’s migrant benefit vow; Sir John Major: EU referendum can be “cathartic” for the UK and EuropeEU Justice Commissioner Viviane Reding has rejected the possibility of the UK imposing additional restrictions on the ability of migrants from Bulgaria and Romania from working and settling in the UK, for example by having to register for residency permits, telling the BBC that “It is necessary to have the same rights for the citizens all over Europe”. Campaigning in Eastleigh yesterday, Prime Minister David Cameron said that “There’s a lot more to do to make sure that we are not a soft touch”. The Times features an extract of Sir John Major’s speech to Chatham House yesterday, in which he argued Mr Cameron’s EU strategy “is a gamble — for the country and the Conservative Party — but it is time to resolve the matter.” He added, “Some see the referendum as merely a piece of party management — but it is so much more than that. It can be cathartic. It can end 40 years of political squabbles. It can help reform the EU, and for the better.” In an interview with the Guardian, Shadow Foreign Secretary Douglas Alexander argues that “in the broader picture, we are clear and unequivocal that we see Britain's national interest as being served by being part of a reformed European Union”, although he added that “My judgment is the central, defining issue of the next election is not going to be Europe… It is going to be the economy. Times Times: Major Express Guardian Guardian: Alexander interview Telegraph Irish Times Telegraph 2Sun Mail Rzeczpospolita Governments and finance industry could challenge global reach of Commission’s FTTThe European Commission yesterday tabled its proposal for a financial transaction tax among eleven EU member states under enhanced cooperation. Controversially, the proposal includes the “issuance principle,” which means that a trade in a German bond, for example, can be taxed even if neither buyer nor seller are based in one of the 11 FTT countries. The FT quotes an industry source as saying, “This remains a pipe dream…Whatever emerges will look nothing like this.” Collecting revenues, for instance, would rely on global co-operation from governments and financial groups outside the tax zone. Washington has said it objects to a tax that “harms US investors in the US”, big banks are preparing lawsuits and the UK and Luxembourg are warning that the plan may breach EU treaties, the paper reports. FAZ quotes German Finance Minister Wolfgang Schäuble adding that “it is essential that negative implications of the tax on retirement provisions, small investors, as well as on the real economy are prevented.” WSJ: Review & Outlook FT City AM City AM: Heath Times Express EUobserver Schäuble urges Italians not to vote for BerlusconiIn an interview with Italian magazine L’Espresso, German Finance Minister Wolfgang Schäuble said, “My suggestion to Italians is not to make the same mistake again, and not to keep voting for [Silvio Berlusconi].” Separately, Mario Monti said in a TV interview this morning that he was offered the Italian Presidency and “other top positions” in the new government in return for not running in the upcoming elections. Corriere della Sera Il Sole 24 Ore La Stampa Repubblica L’Espresso: Schäuble FT FT 2 Economist: Leader The Guardian quotes EU Justice Commissioner Vivienne Reding as arguing that the Government’s plan to opt-out of EU police and justice laws “doesn't make sense.”Open Europe research Guardian Dutch Foreign Minister Frans Timmermans has announced that Dutch Prime Minister Mark Rutte will today set out the Dutch government's annual statement on the EU, and that Rutte will be making more statements on the EU from now on.Volkskrant NOS German ECB Board Member Jörg Asmussen has reminded France that “it is very important that France keeps its deficit below three percent”, reports DPA.Reuters In an interview with Bloomberg, Bundesbank President Jens Weidmann said that “the ECB will not manipulate the exchange rate or adjust the monetary policy directly to the exchange rates”, adding that the strength of the euro “is one factor among many in determining future inflation rates.”Bloomberg FAZ Finland’s national broadcasting company YLE reports that Finland and Brussels are at odds over the Finish annual contribution to the 2014-2020 EU Budget. Due to different calculation method, the Finnish Government put the sum at €520m while the European Commission put it at €595m.YLE Following a complaint by several pro-transparency groups, the EU ombudsman yesterday launched an inquiry into the alleged failure of the European Commission to prevent conflicts of interest. The inquiry requires the Commission to reveal all so-called ‘revolving door’ cases for the past three-years.EU Oberserver Standaard European Ombudsman Press Release In the interview with Polskie Radio, Polish President Bronislaw Komorowski argued that Ukraine was capable of fulfilling the requirements for signing an Association Agreement with the EU by the end of the year.Money.pl