In the ongoing movement toward the convergence of U.S. and international accounting standards, President Bush and German Chancellor Angela Merkel have sealed an agreement that would clear a path toward a unified set of accounting standards by 2009.
The agreement will establish a "Transatlantic Economic Council" to help lower regulatory barriers between the U.S. and the European Union. The council, will co-chaired by White House economic adviser Allan Hubbard and European Commission vice president Guenter Verheugen and will submit annual reports on the progress top both EU and U.S. leaders.
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