Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-465"
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"en.20100615.28.2-465"2
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"Mr President, Commissioner, we all know that it is downright absurd that two private US firms and one from the UK should be making decisions about the bankruptcies of EU Member States. In my opinion, this oligopoly of rating agencies is highly volatile. Another astounding thing is the times at which these agencies become active. The euro has scarcely begun to recover before someone is downgraded. All the talk about the awareness among these agencies of their responsibilities can be put into perspective when you consider the fact that the loans of unemployed US citizens packaged as securities were often awarded the triple A rating and were thus declared completely safe.
On closer inspection, the apparent non-partisan position of the awarders of ratings has been exposed as fallacy, because they are getting paid by issuers of securities. The quality of the rating valuations is also doubtful. After all, before the international financial crisis, they gave the banks which would subsequently collapse the highest ratings.
It is therefore high time that rating agencies were kept in check. However, the enhanced supervision of rating agencies should not be limited to the EU level alone."@en1
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