Charlie McCreevy, the European Union internal market commissioner, has called for the big four accounting firms to be shielded from potentially ruinous lawsuits, indicating that he may propose a cap on their liability.

In an interview with the Financial Times, Mr McCreevy said he was concerned that a large accounting firm might collapse in the wake of a corporate meltdown and the resulting litigation. "The market is restricted to the big four firms. There were six not so long ago," he said.