Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-469"
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"en.20100615.28.2-469"2
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"Mr President, Commissioner, yesterday’s downgrading of Greece’s credit rating by Moody’s does indeed raise numerous questions, as other members have said.
At this point, I should like to add an element, so that we can try to understand if the operating framework for these agencies is ultimately clean, if it is transparent and if it is formalised. Most action taken by private individuals against these specific agencies in the United States of America is unfounded, due to a 1933 law which stipulates that rating agencies are not liable for money lost as a result of erroneous ratings.
Action by these specific agencies therefore tends to be uncontrolled. The game of speculation has no limits, it has no borders and the lack of a European legislative framework causes major ructions in the European Union and every country.
We must understand that a free economy does not mean the law of the jungle, it does not mean unaccountability. Where this is not understood, we need to respond with our legislation; we need to impose it by law. You spoke, Mr President, of more competitive, more numerous agencies. We expect a great deal of the Commission in the immediate future."@en1
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