The European Commission has appointed Philippe Maystadt, former president of the European Investment Bank, as its special adviser.

In his new role, Maystadt will focus on a review of the governance of the European Financial Reporting Advisory Group (EFRAG) and the Accounting Regulatory Committee, which aims to strengthen the EU’s contribution to advocating global and high-quality accounting standards.

He will also advise the Commission as it endorses new International Financial Reporting Standards.

As part of that, Maystadt will recommend improvements to the current system, in particular how to integrate different views. He will hold a series of interviews and public consultations before presenting his final recommendations at the ECOFIN Council meeting of November 2013.

EU Commissioner for Internal Market and Services Michel Barnier said: “The harmonisation of financial reporting rules at global level is essential to allow our companies to compete abroad, raise capital, and provide accurate financial information to investors. It is also an important element of global prudential rules for banks and insurance companies. The EU has always been a strong advocate of high quality, global accounting standards. Accounting policy choices have an impact on the public interest, and so our choices in this area need to be carefully thought through. To do this, the EU needs a sound framework for the development of high quality standards, and I am confident that Mr Maystadt’s experience in this field will be of great benefit.”

Maystadt joins the European Commission following a long-standing career in finance. He previously served in the Belgian government as minister for economic affairs, minister of finance, and deputy prime minister. He was president of the European Investment Bank from 2000-2011.

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