Friday, February 10, 2006
McCreevy Speech Regarding EU Capital Market Objectives
Charlie McCreevy, EU Commissioner for Internal Market and Services, gave a speech this week at the US Chamber of Commerce. He noted that the Euro bond market is functioning well, that IPOs are strong, and that companies have a wide range of financing options in the EU.
To develop a strong transatlantic capital maarket between the US and the EU, the EU's 4 objectives are:
1. Eliminating requirements that US GAAP and IFRS be reconciled;
2. Simplying deregistration of foreign issuers;
3. Implementing the Basel Accord by 2008; and
4. Adopting up-to-date rules regarding reinsurance.