The recent crisis has shown that a well-functioning EMU needs not only a strong institutional set-up for monetary policy at the centre, but also one for economic policies. Ensuring competitiveness of all euro area countries should be seen as a common responsibility.
The G-20 Working Group on Enhancing Sound Regulation and Strengthening Transparency recommended that the accounting standards setters and prudential supervisors should work together to identify solutions that are consistent with the complementary objectives of promoting the stability of the financial sector and improving the transparency of results in the financial reports. Accordingly, the IASB has initiated appropriate modifications to the relevant accounting standards.