Why European index ETFs have P/E ratios below 13?

[crgarcia]

iShares S&P Europe 350 Index (IEV): 11.44
http://finance.yahoo.com/q?s=IEV

Vanguard European Stock ETF (VGK): 13.22
http://finance.yahoo.com/q?s=VGK

iShares MSCI Germany Index (EWG): 13.79
http://finance.yahoo.com/q?s=EWG

iShares MSCI France Index (EWQ): 12.9
http://finance.yahoo.com/q?s=EWQ

iShares MSCI Italy Index (EWI): 12.85
http://finance.yahoo.com/q?s=EWI

iShares MSCI Spain Index (EWP): 13.86
http://finance.yahoo.com/q?s=EWP

iShares MSCI Austria Index (EWO): 12.65
http://finance.yahoo.com/q?s=EWO

iShares MSCI Belgium Index (EWK): 10.63
http://finance.yahoo.com/q?s=EWK

iShares MSCI Netherlands Index (EWN): 11.39
http://finance.yahoo.com/q?s=EWN

iShares MSCI Switzerland Index (EWL): 16.07
http://finance.yahoo.com/q?s=EWL

iShares MSCI Sweden Index (EWD): 12.21
http://finance.yahoo.com/q?s=EWD

 

[risktaker]

Different accounting rules?

 

[nazzdack]

?.......more conservative accounting guidelines?