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EC President Barroso comments on global financial crisis

  • European Union (old) Image

03 Oct 2008

At a press conference in Brussels on 1 October 2008, European Commission President Jose Manuel Barroso commented on the global financial crisis, including accounting implications: "We must refine the rules on the evaluation of complex assets.

"We must refine the rules on the evaluation of complex assets. This includes adapting our accounting rules to a new situation. In particular if other markets also apply changes, we don't want EU banks in a situation of disadvantage as compared to banks for other markets." He also seemed to support a proposal that has been sent to the European Commission by French President Nicolas Sarkozy to modify or suspend the mark-to-market accounting requirements for some financial assets of banks. Click to:

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