I note that the European Commission, echoing the views of the European Financial Market Lawyers Group and ISDA, has recently stated that it intends to explore the possibility of further improving the general EU framework for netting. Concerning other relevant ongoing initiatives, I would like to recall the current debate on international accounting standards.
The ECB is contributing to the debate 12 and is aware that accounting standards can have a significant impact on the financial system, in particular via their potential influence on the behaviour of economic agents. The ECB’s opinion is that the introduction of the International Financial Reporting Standards (IFRS), if implemented consistently and reliably, should lead to a substantial increase in comparability and transparency.