An independent review of European banking reform is due out today. It’s expected to call for changes to pay incentives and suggests more clearly separating trading activities to protect consumers. One of the more controversial suggestions is to link bonuses more clearly to the success and failure of banks by paying them in debt. In this way, bankers wouldn’t get bonuses if banks failed. Called the Liikanen commission, it’s an independent review led by Finland Governor Erkki Liikanen and aided by academics and experts.