In this context, I attach great importance to the reform of the International Accounting Standards (IAS) and the key role of these standards in advancing the European single market. The IAS, which will apply to all listed companies in the EU, are expected to have a major impact on the European banking system.
The banking sector will particularly be affected through the proposed valuation rules for financial instruments and through the rules on disclosure. The ECB has a strong interest in this debate mainly from its focus on contributing to the maintenance of financial stability.