Lord Mandelson spoke to the ABI on the actions the UK has already taken to address the credit crunch and the agreed actions for the future. He commented on the UK’s reaction to the G20 and de Larosiere recommendations. He stressed the need for a global approach to accounting standards and financial market rules. He confirmed the UK’s support for EU-wide measures although the Government believes they should be policed locally. He highlighted the problems of policing cross-border banks.