'The meltdown in the markets is simply not an American contagion,' Christopher Cox said, according to WebCPA, the business newswire. 'There are real estate bubbles all over the world. Last year Spain built more houses than Britain, France and Germany combined.'

Cox, speaking at a Financial Executives International Conference in New York, also called for company financial reporting to become more transparent. He said that the move to international financial reporting standards and web-based interactive data tagging of information in company accounts would help investors compare the performance of companies.

'With transparency, investors can more easily compare and weigh investment opportunities,' he said. 'Two-thirds of American investors own foreign securities.'

He added that accounting rules should be made in the interests of investors. 'International accounting standards must promote clarity and comparability,' he said.

Further reading:

Cox Spreads Blame for Financial Crisis