If bak accounts are to change bring in country-by-country reporting

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German banking regulators are saying that there are good reasons for changing the rules of international banking in the light of the credit crunch, and they'll go it alone if need be, according to the FT. I especially agree with the sentiment that:

Berlin also wants tougher accounting rules that would prevent banks from shifting certain categories of assets off their balance sheet and into structured investment vehicles or conduits.

Country by country reporting would be good.