While individual countries have addressed--or are addressing--the issue of transparency and accountability, the lack of unity on the subject may hamper investors' interest in cross-border trading, some panelists noted. Throughout the discussion, the debate seemed to reflect many of the issues raised a few years ago in the US, when Sarbanes-Oxley became the law of the land.

"It's better that we do it ourselves," said Elizabeth Peace, chief executive of the British Property Federation. "We don't want government poking its nose in our business."

But does Sarbanes-Oxley, despite its government origins, offer a model for Europe? Not at those prices, Peace said. "It's jolly expensive, and that's one reason so many REITs have gone private."