Barroso backs dropping fair value

Jose Manuel Barroso has hinted that he would be behind dropping fair value
accounting standards.

The President of the European Commission gave his support to the move in the
wake of French proposals to make fair value accounting standards more flexible.

Barroso is now working with French President Nicolas Sarkozy and the European
Central Bank to present proposals to Britain, France, Germany and Italy at a
summit meeting in Paris at the weekend.

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