Washington (June 24, 2004) -- Convergence in accounting standards between the U.S. and the European Union is the most important issue facing capital markets in both regions, according to financial experts who recently testified before a House panel.

During a hearing before the House Financial Services subcommittee on domestic and international monetary policy, trade and technology, issues discussed included market integration, regulatory interaction between the two regions, interaction between the U.S. Congress and European parliaments, and other securities market-related topics. But convergence in international accounting standards and surrounding issues were the most pressing topics.

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