Charlie McCreevy, European Commissioner for Internal Market and Services had the following to say at his keynote address at the Annual Association of European Journalists (AEJ) Christmas lunch in Dublin on December 8, 2008.
"the relatively new International Accounting Standards – especially in terms of the rules on provisioning for bad debts and the valuation of assets- are commercially and prudentially flawed. They have had unintended and damaging consequences for banks operating in illiquid markets and for the markets themselves."
In his position, McCreevy would have had significant influence over EU matters relating to IFRS. However he has state that he intends to leave the Commission at the end of his current term.