19-point plan emerges from EU G8 heads of state summit
Oct 07, 2008
The heads of state of the four EU G8 member states (France, Britain, Germany and Italy) met on 4 October 2008 at the Elysee Palace in Paris in a 'mini-summit' on global financial problems.
9. We will ensure that European financial institutions are not disadvantaged vis-à-vis their international competitors in terms of accounting rules and of their interpretation. In this regard, European financial institutions should be given the same rules to reclassify financial instruments from the trading book to the banking book including those already held or issued. We urge the IASB and the FASB to work quickly together on this issue in accordance with their recent announcement. We also welcome the readiness of the Commission to bring forward appropriate measures as soon as possible. This issue must be resolved by the end of the month.