Observers could be forgiven for feeling the recent history of accounting and regulation in a European context has been a disaster. Sagas of international financial reporting standards caught in old internecine national rivalries have been to the fore.
But the reverberations of these battles have tended to drown out the positive vibes emerging in recent months. The cultural effect of having Charlie McCreevy as EU internal market commissioner is changing much. Even so, for every positive there is still a downside.
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