Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-468"
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"en.20100615.28.2-468"2
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"Mr President, Commissioner, ladies and gentlemen, thank you once again for giving me the opportunity to speak in this debate, which comes days after yet another downgrading of the Greek debt by a credit rating agency.
The issues linked to the nature and the governance of these agencies, which have now become almost institutionalised on account of their importance in our economic system, are currently dominating political debate due to their role in the global financial crisis and in the current crisis in the euro area.
An economic system such as ours cannot function without independent bodies analysing public accounts and the accounts of private companies. The challenge lies in ensuring that these credit rating agencies carry out their activities transparently and in accordance with common standards, because an error on their part could actually cause a company to go bankrupt or could be a significant factor in the onset of a new crisis.
I believe that we absolutely must not nationalise credit rating agencies but rather seek to strike a balance between their independence and the need to guarantee an adequate level of accountability towards governments. Finding a balanced solution is therefore, in my view, the right way to ensure a better future, including in Europe."@en1
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