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May 10, 2010

EU getting impatient about convergence: Barnier

It is important for the EU and the US to unite and lead the way forward on accounting standards convergence, European Commissioner for Internal Market and Services Michel Barnier has said.

Barnier was speaking on his first official visit to the US, where he is working on co-operation between the two economies.

Barnier said 2010 is the year for decisions on convergence, while 2011 needs to be a year of implementation.

“I appreciate that the US authorities have made progress towards convergence. But in the EU, we are getting impatient.” said Barnier.

Barnier said a decision must be made soon as the longer the wait, the more difficult it will be to reach an agreement.

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