European Union finance ministers meeting in Brussels will debate the contested issue of whether to legally cap the bonuses bankers can receive, AP reports.

Many EU countries favor the move, but British officials have expressed reservations. Under the proposed legislation, bankers' bonuses would be limited to one year's base salary, and double that if a large majority of a bank's shareholders agreed.

The measure is part of a package of financial laws that would require all banks to hold more capital and liquidity reserves to shield taxpayers from having to pay for more expensive bailouts. It would also lay the groundwork for a single banking supervisory mechanism for the eurozone.

The finance ministers won't hold a formal vote Tuesday, March 5, because technical details of the law package must still be finalized.