Brussels, 16/10/2008 (Agence Europe) - The European Council and the European Commission believe that a root and branch review of “fair value” (aka “market value”) in the application of international accountancy rules is necessary (see EUROPE 9761) to see how best to mitigate the “pro-cyclical” impact of fair value. When there are sharp falls in the stock market, “fair value” accounting of assets tends to make things worse for financial institutions, forcing them to resort to...