By Chris Jones - 10th July 2006
The monthly meeting of EU finance ministers on Tuesday will be the first to be televised live under new transparency plans agreed by European leaders in June.
Deliberations at the Ecofin council will be broadcast via the internet, allowing public access to key EU decision-making for the first time.
But the public is unlikely to be hanging off every word, with a less-than-scintillating line-up planned for the first televised meeting.
Top of the agenda will be Slovenia’s bid to join the euro in 2007 – ministers will give the green light to a deal that has already been agreed by the European commission and parliament.
Ministers will then discuss the progress of Cyprus and Portugal towards reducing their public deficits, in line with the EU’s single currency criteria – again agreeing that sufficient process has been made.
The showpiece debate will centre on proposed changes to the funding of the international accounting standards board, and in particular calls for it to be less dependent on major accounting firms.
While this is a subject that is hardly likely to set the viewing public’s pulse racing, the issue is an important one, with the current donation-based system seen as unsustainable and potentially open to manipulation.
The top four global accounting firms currently contribute 35 per cent of the IASB’s annual budget.
Ministers will propose that a voluntary scheme open to all accountancy firms – and not just the leading global players – would help the IASB reach its target of €23.5bn in 2008, as well as reducing the possibility of conflicts of interest.
But they will also suggest that public funding could be used if the voluntary scheme proves unpopular.
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