The increase in expenditure under discussion resulting from the state of emergency is less than one percent of GDP, with the main support being provided by tax cuts-some of that temporary due to concern about a rise in long-term interest and the depressing effect this would have on growth.
The PWG also recommended that the Financial Accounting Standards Board (FASB) evaluate the need for further modifications to accounting standards related to consolidation and securitization, and that FASB and the International Accounting Standards Board achieve more rapid international convergence of accounting standards in this area.