Ecofin Press Conference

One early report is here, disappointingly it does not mention an interesting reference by French Finance Minister Christine Lagarde to an instruction to the EU Commission to change the requirements on "mark to market" to bring EU rules into line with the US for differences in reporting for the trading and banking arms of banks. The aim is apparently to get this into effect for third quarter financial reporting. I will post a better link here when found. Otherwise the linked press release sums up another sorry meeting. In the UK bank stocks are today taking a hammering with Royal Bank of Scotland the worst with HBOS not far behind. Lloyds and Barclays are suffering too, perhaps Gordon Brown is mindful to force one of the latter to absorb the RBS!