Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-463"
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"en.20100615.28.2-463"2
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"Mr President, the incomprehensible decision by Moody yesterday clearly shows the dominance and power of rating agencies and the lack of transparency surrounding decision making. Every rating agency must be registered and their activities and the bases for their decisions scrutinised. We have to guarantee the independence of rating agencies and this means that we must not allow rating agencies to be financed by those whose credit worthiness is being checked.
The incompatibilities and conflicts of interest must be eliminated: we cannot have credit agencies both providing consultancy to companies and rating them at the same time. Transparency is necessary, which means that models and the basis for valuation must be disclosed. We must counter monopolistic dominance with a second opinion and increased competition, which is why we also need agencies that are based in Europe. The foundation model has been proposed, but the limited company model could provide another alternative. In the autumn, the Kangaroo Group will be able to present the Commission’s proposal together with Mr Klinz."@en1
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