Brussels (Jan. 23, 2004) -- With the European Union still reeling from the effects of Parmalat, Addeco and the like, a top EU official said that while tougher accounting rules are needed, hasty legislation could worsen regulatory problems.

"Immediately [after] the Enron affair came to light, the commission stated that Europe should not be complacent and that scandals of a similar scale could also occur in Europe. But now that a case of similar magnitude or worse has unfortunately occurred in Europe, the commission's view remains that hasty and ill-considered legislation could add to rather than solve regulatory problems highlighted by high-profile cases such as Enron and Parmalat," said European Union internal market commissioner Frits Bolkestein. Bolkestein’s remarks were made after a briefing with finance ministers earlier this week.

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