The Financial Stability Forum is pleased to have been a strong supporter of this initiative, and I am happy to see that the PIOB is represented at this roundtable today together with the leaders of IFAC and many Monitoring Group representatives. The Financial Stability Forum has taken a close interest in national and international efforts to strengthen confidence in financial reporting frameworks.
To my mind, however, there is another reason why the euro area is crucially relevant to the global economy. It comes from the fact that European integration is by far the most advanced experiment in managing issues that cut across borders, through a combination of international and supranational arrangements.