But the consistent implementation of the new rules remains  2  BIS Review 41/2004  an important area to watch. Close co-operation between supervisors will be of utmost importance to achieve effective convergence, both within the EU and on a world-wide basis. I now turn to the current endeavours in developing an internationally harmonised accounting framework.
This reform is especially important for the EU because of its contribution to financial integration. I recall that from 1 January 2005 onwards, all listed companies in the EU will be required to publish their consolidated accounts in accordance with international accounting standards.