It is my hope that by 2009, we will jointly be in a position to recognise the equivalence of accounting standards between the EU and US. This will reduce costs and make it easier for companies to list themselves wherever they see fit.

It is my hope the EU and the US will quickly reach a point where we can rely on each other's auditing oversights' systems and avoid burdensome and costly duplicative work and even conflicts of law.

It is my hope that we will be able to look closely at how we regulate securities' markets in the EU and the US. We share the same goals: adequate investor protection and market integrity. If we find that these goals are effectively met on both sides of the Atlantic, we should reflect on the conditions that could allow the mutual recognition of our rules.

• Firstly, concerning the governance structure of the IASCF/IASB, the Commission believes that further amendments would improve the accountability of the Board and of the Trustees to their constituents, in particular those jurisdictions which apply IFRS.
• Secondly, as regards the IASB's due process with stakeholders, strengthened consultation procedures are necessary, in particular for IFRIC. In particular, the IASB should explain, preferably in writing, the reasons for not taking into account comments made by stakeholders. In addition, the credibility of standards would be further enhanced by impact assessment and field testing procedures.... [Also] the IASB could usefully intensify its informal liaison relationships with national standards setters and preparers....
• Thirdly, on the issue of adequate representation of stakeholders in governing bodies of the IASCF/IASB, the composition of these bodies should ensure adequate representation and experience from countries and regions committed to use of IFRS.