Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-23-Speech-4-260"
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"en.20090423.58.4-260"2
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"I support without hesitation Mr Gauzès’s report. He has again shown his qualities as a negotiator. It is fortunate that a compromise could be reached quickly on this text.
By providing itself with a regulatory framework for rating agencies, Europe is in the forefront and showing the way, whilst the United States has still not reacted practically in this area. Part of the credibility of and the confidence in the capital markets relies on the ratings produced and published by these agencies.
The regulatory framework that we are establishing today should be able to improve the conditions in which these ratings are prepared, provided they are used in a supervisory framework for regulated activities.
However, it was important for the compromise not to take the form of solutions that merely aimed at prohibiting any reference to ratings in any context whatsoever, where the latter had not been established in the framework of this regulation. Besides it being somewhat detrimental to the major freedoms, such as freedom of expression and of trade, such an approach would probably have favoured non-European markets, to the detriment of those domiciled in Europe, and would probably also have favoured private and confidential financial transactions, to the detriment of public transactions subject to rules on transparency. The chosen solution, therefore, has my full approval."@en1
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