Brussels, 08/07/2008 (Agence Europe) - On Tuesday 8 July, European finance ministers gave their support for reform underway within the International Accounting Standards Board (IASB) in force in the EU with a view to stepping up its responsibility towards the relevant authorities responsible for general interest. The Ecofin Council agreement on the composition of the IASB surveillance council will promote the entry of the financial civil society as well as better representativeness of the EU within this financial standardisation body, said Christine Lagarde, French Finance Minister. According to conclusions adopted by the Ecofin Council, the surveillance council should be composed of relevant authorities responsible for the general interest for the adoption and approval of accounting standards, including the world body representing authorities responsible for financial stability or main authorities that intervene in financial stability. Banking supervisors will be represented through the Basel Committee, one diplomat welcomed. An important element in the context of the current debate on the impact of IFRS on the financial crisis. The Ecofin Council stresses it is urgent to allow the EU to contribute more, in good time and in a coherent manner, to the debate on international accounting. During the Ecofin Council, the European Central Bank intervened in order to ensure its participation at the surveillance council. (M.B./transl.jl)