“They have to understand very clearly that all that we’ve been doing, central banks – in the form of non-standard measures – as well as governments, has not been done for their ‘beaux yeux’, but it has been done to avoid the collapse of the financial system in order to avoid a depression of the real economy.
A lot of taxpayers’ money from the government is at stake, in order to permit the bankers to continue to do their job. Their job is to finance the real economy in the best fashion possible. It’s a clear message. On bonuses, we expect all financial institutions to apply the rules that have been worked out by the Financial Stability Board.