04 May 2009

EU-Japan summit confirmed co-operation in financial services

Leaders reaffirmed their commitment to implement the decisions taken at the G20 Summit in London and to strengthen supervision and regulation. Japan also expressed its support for inclusion of a specific certification regime for smaller non-EU CRAs.

The stabilisation of financial markets and the recovery of the global economy remained top priority, summit leaders from Japan and the EU declared after 18^th meeting in Prague and confirmed their commitment to the ongoing co-operation in the field of financial services.

 

In this respect, they reaffirmed their commitment to continue co-operating closely with one another and with other international partners to implement the decisions taken at the G20 Summit in London.

 

Both sides reaffirmed the need to strengthen supervision and regulation to rebuild trust in the financial system.

 

The EU welcomed Japan's on-going reflections concerning its policy towards adoption of the IFRS. Japan welcomed the EC decision to recognise the equivalence between EU and Japan-adopted accounting standards and expressed its support for inclusion of a specific certification regime for smaller non-EU credit rating agencies (CRAs) in the forthcoming EU regulation on CRAs. Both sides reaffirmed their intention to continue efforts towards mutual reliance on each other’s audit oversight systems.

 

The decisions taken on the G20 Summit in London on 2 April 2009 include:

Ø       undertaking the financial, monetary and fiscal actions necessary to restore growth and jobs, while ensuring long-term fiscal sustainability and price stability;

Ø       strengthening supervision and regulation of the financial system;

Ø       strengthening and reforming the International Financial Institutions, including through a substantial increase in IMF resources;

Ø       combating all forms of protectionism and promoting and facilitating global trade and investment; and

Ø       ensuring a fair and sustainable recovery for all

 

Full summit declaration

 

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