The majority of regulators (including Germany) favour such accounting only for instruments traded on financial markets. For traded instruments we can easily calculate “fair values” whereas this is much more difficult for assets and liabilities of the banking book. The European Commission has taken up this issue with the aim of arriving at a common standard for IAS and the European accounting legislation.
IV With regard to the regulatory framework for e-money the US and Europe take a different approach. In Europe, the issuance of e-money will probably be regulated (although the relevant EU directive has not yet passed the European legislative process).