Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-09-Speech-1-056"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2004-02-09"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit rating agencies2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20040209.4.1-056"2
lpv:hasSubsequent	lp_eu:2004-02-09-Speech-1-0572
lpv:speaker	lp:Harald Ettl2
lpv:spokenAs	member; EMPL (2002-01-17--2004-07-19)3 vice-chair; Delegation to the EU-Slovenia Joint Parliamentary Committee (2002-02-07--2004-04-30)3 member; PES (1999-07-20--2004-07-19)3 unknown; Sozialdemokratische Partei Österreichs (1999-07-20--2004-07-19)3 substitute; ECON (2002-01-17--2004-07-19)3
lpv:translated text	"Mr President, I can tell Mrs Villiers that we should not, at any rate, be saying that we do not know what we are asking for or what we want. It is unfortunate that the work done by the Committee on Economic and Monetary Affairs has left us with little of the original draft report – little, that is, that would demand greater transparency of the rating agencies, and require that they be monitored more closely. Now, in the aftermath of global financial scandals ranging from WorldCom to Parmalat is surely the time for rating agencies to be registered and their practices monitored. In view of Basel II’s recognition of external rating, and of the consequences resulting from it, the message we are giving now to the Commission is not a matter for indifference. This report takes a tolerant view of an oligopoly that is almost impossible to monitor, one that is quite contrary to all the practices of the internal market. Of the hundred largest enterprises in the European Union, 80 are monitored by only three agencies, which should, therefore, be able to do a better job of rating them. The information used to produce an assessment is also important when deciding where to invest. This is where we cannot lag behind current developments in the USA, where, only recently, serious problems resulted in the existing system of rating agency supervision, which is in the hands of the Securities and Exchange Commission, being substantially tightened up. I am sorry to have to tell Mr Katiforis that the signal this own-initiative report sends to the Commission is too moderate and gives us too little cause to hope that we will end up with a trustworthy instrument. I will nonetheless conclude by endorsing his appeal that, in view of the many current uncertainties, we should explore every avenue whereby a European Registration Authority may be established."@en1

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