EU Commissioner for Internal Market and Services Michel Barnier has today appointed Philippe Maystadt, former President of the European Investment Bank, as Special Adviser. Capitalising on his expertise in the financial sector, Mr Maystadt’s role as Special Adviser will be to reinforce the EU’s contribution to International Financial Reporting Standards (IFRS), and to improve the governance of the institutions developing these standards.
Commissioner Barnier said: „The harmonisation of financial reporting rules at global level is essential to allow our companies to compete abroad, raise capital, and provide accurate financial information to investors. It is also an important element of global prudential rules for banks and insurance companies. The EU has always been a strong advocate of high quality, global accounting standards. Accounting policy choices have an impact on the public interest, and so our choices in this area need to be carefully thought through. To do this, the EU needs a sound framework for the development of high quality standards, and I am confident that Mr Maystadt’s experience in this field will be of great benefit.”