Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-09-Speech-1-058"
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"en.20040209.4.1-058"2
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"Mr President, I too wish to offer my praise for this report. It is an excellent initiative and I, like most Members of this House who have spoken, hope that we will be able, in the course of proceedings, specifically in plenary, to make Mr Katiforis’s original philosophy a reality. As Mr Katiforis stated, the crux of the issue at stake today, regarding this own-initiative report, is whether or not the activities of the rating agencies should be regulated and if so, whether such regulation should take place at national or European level. As the rapporteur suggested in his explanatory statement, this is clearly a political decision, and this debate clearly bears out this view. However, the rapporteur was initially unquestionably in favour of regulation, and regulation at European level, even though voices closely associated with the sector have been raised against such a move.
Representatives of the sector appreciate that their activities form part of the sphere of economic information and that what is at stake, therefore, is to guarantee complete freedom for such economic information. The need for information is obviously not incompatible with the needs and interests of regulation and while it has to be admitted that rating agencies have, by and large, performed respectably under the current system, it is also clear that we face new problems today – and there have been some spectacular examples of these, as Members who spoke before me have already mentioned – that require new solutions and probably a new system.
Moreover, there is no doubt that the rapporteur’s options are in line with the legislative approach adopted by the EU within the framework of financial services. To my mind, it is therefore in the public interest to establish bodies to regulate credit rating, especially because, as we all know, the outcome of this activity already has a decisive impact on the legitimacy and eligibility of certain financial assets for certain types of application used by the general public.
Consequently, I feel that the rapporteur’s first initiative, which was not accepted in its entirety by the Committee on Economic and Monetary Affairs, must be endorsed and supported by plenary. It is extremely bold, yet completely justified."@en1
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