Wednesday, October 01, 2008

No shortage of warnings

Mark Wadsworth draws our attention to the Institute of International Finance, reported in The Financial Times on 4 April 2008.

The IIF then said there was an "urgent need" for policymakers to consider changes to mark-to-market accounting rules to avoid "unintended procyclical consequences which could prolong credit market problems".

It is now 1 October. The US is just beginning to act and the EU is to "look" at the problem on 15 October. That's "urgent" for you!