Furthermore, the ECB is also a member of the newly-created Financial Crisis Advisory Group whose primary role is to advise the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) about the standardsetting implications of the global financial crisis and the potential changes to the global regulatory environment.
While the aforementioned measures significantly improved the information available to markets, investors and competent authorities, the failure of Lehman Brothers last September generated an unprecedented deterioration in the degree of confidence in the banking sector triggering the coordinated action of governments.