Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-04-20-Speech-2-291"
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"en.20100420.12.2-291"2
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"Mr Obermayr, Mr Papastamkos asked me about the opportunity, which he supports, of creating a European credit rating agency. This agency, if I have understood his idea properly, should be public.
I have not taken up a position on this subject. This is not, I might add, the direction in which the Commission was heading, since its proposal focused – through the regulation that this House adopted – on the reform of the current system of agencies, which are private, and on the very rigorous consolidation of the transparency requirements to avoid conflicts of interest, of honesty in their credit rating work. This is the stage we are at. This regulation is now on the table, it will enter into force as soon as possible, without delay – I mention this in passing – and we will then complete this plan by entrusting a supervisory role to the European Securities and Markets Authority.
As regards this new agency that Mr Papastamkos so very much wants, I am not ruling it out. Nevertheless, we really need time to evaluate the change in business model which the idea of a European credit rating agency entails. It is an idea that I find interesting, but it must be carefully evaluated. I am not, therefore, going to say who would be part of it or how it would work, because I do not know. There would also be the question of the public authorities interfering in the work of such an agency. The strict conditions applied to private credit rating agencies should also apply to a European public agency, in particular, the rules on conflicts of interest.
These issues would arise if we moved towards the creation of a new European public agency. Frankly, in order to work on this matter seriously, without improvising, we would need, firstly, to take the time and the decisions necessary to implement the reformed system that you have adopted through this regulation, and, secondly, to take the time to seriously address every issue and, in particular, those that I have just mentioned."@en1
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