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The European G8 member’s summit meet together to talk about the current situation in the financial markets as well as talk about the necessary steps to be done to face the challenges. The summit is created to make sure that the banking and financial system is stable. The group will take the required measures to achieve their objective. The European G8 members will work together and will coordinate within European Union and to other international partners. Actions taken by the Bank of England, ECB, and other European central banks are welcome by the team to solve the financial problem. In order to maintain the confidence and stability, the liquidity of the financial system shall be ensured by the authorities.
The commission should continue to move quickly and must do the flexibility needed in State to aid decisions that will continue to uphold the principles of the single market and the state aid regime. European G8 members will make sure that the European financial institution is not a disadvantage with their competitors in terms of accounting rules and their interpretation. The European financial institution must be given the same rules to classify financial instruments in the trading book to the banking book which includes those that is already issued. In line with the recent announcement done by the IASB and the FASB the group is urging them to work immediately on this issue. It is also necessary that the team should ensure that they should take the necessary effect of the financial crisis on the economies.