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EU's McCreevy: will follow changes in fair value

Wed Oct 1, 2008 7:33am EDT

BRUSSELS, Oct 1 (Reuters) - The European Union will change its rules on fair-value accounting if other parts of the world do so, EU Internal Market Commissioner Charlie McCreevy said on Wednesday.

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"We are conscious that if other parts of the globe are going to change this particular area, then we will not be found wanting in Europe as our banks would be at a competitive disadvantage," he said.

U.S. regulators decided on Tuesday to ease application of their fair-value accounting rules. (Reporting by Huw Jones, writing by Dale Hudson)

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