Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-448"
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"en.20100615.28.2-448"2
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"Mr President, Commissioner, you come from a country in which ratings always tend to cause a stir – I am talking about the Michelin Guide’s best restaurant ratings. Therefore, we are not going to say that we are against ratings, since, after all, they also make for healthy competition and enable different standards of performance to be rewarded.
Consequently, I fully agree with what Mr Gauzès said just now. It is not a question of demonising rating agencies. It is really about looking at the conditions in which they operate. In the case in point, these are institutions that have really quite considerable powers, and that is why we must look closely at the way in which they work.
Mr Gauzès just pre-empted me by saying that there is a difference between the rating of private businesses and that of sovereign debt. In both cases, however, the problem is the same; in other words, is the methodology right? Are the right criteria being used to assess what a business is doing or how a State is managing its debt? Secondly, are the potential links between the rating agency and the subject of the rating transparent enough?
All of that in fact merits close examination and supervision, and we are grateful to you for forging ahead with the proposals that Parliament itself made during the last parliamentary term, with regard to Mr Gauzès’s report.
In this regard, I believe that it is very important that we continue the work that Parliament has already embarked on. I share the view that a European rating agency is not necessarily the top priority today. What is important is that we ensure that the supervisory work, as it stands today, as it is being performed, is monitored.
On that note, I should like to say a word about ESMA, this authority that is due to be established shortly. I am one of the rapporteurs for the financial supervision package, as is Mr Giegold, who is in this Chamber and who is the rapporteur for ESMA. I should like to launch an appeal to the Member States – the Presidency is not here, but I know how capable you are of transmitting messages to it, Commissioner, and also how appreciative we are of your efforts to make progress on this matter. I believe that the Member States must adopt a serious approach.
One cannot, on the one hand, make fine statements to the media because one is justifiably upset about the consequences of certain decisions taken by the agencies and, on the other, throw a spanner in the works when it comes to the creation of this new authority, ESMA. We really want this authority to be clearly identified, to be equipped with strong powers at European level, and, in particular, to be able to supervise rating agencies. This will be one of its tasks, and an important one at that.
This also reflects our desire to see, for example, market infrastructure and clearing houses supervised by a European authority. There is a lack of transparency on the market that worries us. We are not hostile to competition, far from it. We are not hostile to competition among stakeholders, far from it. To put it simply, the way in which their services are assessed must comply with the rules of transparency and serious conduct, which characterise markets worthy of the name.
Therefore, once again, we encourage you to forge ahead and we call on the States not to hinder the process of getting ESMA off the ground, not to empty the supervision package of all content, because, if vetoes are applied, we could ultimately find ourselves being unable to supervise that which each and every one of us, in this House and in the capitals, wants to subject to more rigorous supervision."@en1
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