Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-09-Speech-1-054"
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"en.20040209.4.1-054"2
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"Mr President, Commissioner Diamantopoulou, Mr Katiforis, well done on this initiative, well done on the content of this report. I believe that it comes at an important time.
Whenever people try to take on board that ‘macro’ thinking of ours which we defend point by point, in particular in the Committee on Economic and Monetary Affairs, one thing that occasionally strikes them is the gap that sometimes exists – and which I am grateful for your having to some extent highlighted, Commissioner – between, on the one hand, the social model we claim to embody and, on the other hand, the standards we employ and the specific work we are involved in.
If we are to talk about rating agencies and if we are to be delighted with our rapporteur’s initiative, it is because the market is blind and because, in this blindness, rating agencies have obtained, or are obtaining, an altogether essential decision-making power that will have far-reaching consequences for the future of enterprises and, therefore, of jobs.
In view of this, I would like to make three remarks. The first is that what we say here cannot be seen as separate from the global debate on corporate governance. What type of corporate governance do we want for our social model in Europe? What division of roles between capital and labour do we want? What role should redistribution have? These are the questions that we should answer by way of the solutions that we envisage for the operation of these agencies in particular, but not only for these agencies. I remember the debates that we had on the issue of accounting standards, and we are seeing the wayward effects of the so-called autonomy of the IASB. I do not want the same thing to happen to us where rating agencies are concerned.
My second remark is that if, in Europe, we want the improvement in the operation of rating agencies to contribute to protecting our social model, then we cannot leave aside the issue of corporate social responsibility. In this area too, agencies are now coming into being. They are European initiatives. I am thinking, in particular, of Mrs Nicole Notat’s agency in France, Vigeo. These are complementary developments that we should reflect upon.
Finally, my third remark, Commissioner, is an expression of regret at not having heard your opinion on the amendment, proposed by our rapporteur and to be fully supported both by myself and my group, in favour of establishing European registering and regulatory agencies."@en1
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