The nation's most popular newspaper by circulation, The USA TODAY, features an article on the highly charged political environment in Europe surrounding excessive, American-style CEO pay:

Luxembourg Prime Minister Jean-Claude Juncker, who chairs meetings of eurozone finance ministers, has called rising corporate pay a "social scourge" and wants higher taxes on what he calls "golden goodbyes." Fifteen nations use the euro as their currency.

French President Nicolas Sarkozy is urging debate on European-wide pay limits when France takes over the European Union's rotating executive presidency Tuesday.

Behind the threats is growing public and shareholder ire with multimillion-dollar compensation packages that are starting to rival American CEO pay at the same time European economies and financial markets are sagging.

CEOs in Europe have traditionally earned less than their U.S. counterparts, says Vicente Cuñat, who analyzes CEO compensation at the London School of Economics. But in the past 15 years, he says, "Europe is catching up."

As in the USA, Guay says, CEO pay becomes a hot-button issue when the economy isn't doing well. It cools when times get better. Over time, he says, public outcries have rarely had a big effect on either side of the Atlantic. "It really hasn't altered the path of pay over the last 15 years," Guay says. "We still see pay rising. I think it will continue."