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Exchange of views with Charlie McCreevy
Commissioner McCreevy set out the Commission’s initiatives for 2008 in the area of company law, accounting and auditing.
He announced to come forward with a recommendation on auditors’ liability before the summer, he said, which will put “some form of cap” on auditors' liability in place. The precise form of such a cap is left to Member States to decide.
The Commission will also come forward with a proposal addressing the rules on domestic mergers and divisions later this year. On accounting standards the Commission will consolidate the standards and interpretations endorsed for use in the EU for listed companies in autumn.
With regard to the Single Market Review the Commission will prepare an initiative in early 2009 to give guidance to Member States on how to improve the practical functioning of the Internal Market.