ECB’s Tumpel-Gugerell defends fair-value accounting

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Gertrude Tumpel-Gugerell, a member of the executive board at the ECB, on April 27 defended the application of fair-value accounting despite its role in the financial crisis.

In her speech Tumpel-Gugerell was clear on the need to maintain fair-value accounting. Fair value was an appropriate measurement for certain financial instruments, she said notably those that are held for trading and for which reliable market prices are readily available, as well as for derivatives. "Indeed, given that many

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