Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-514"
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"en.20101214.37.2-514"2
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"Mr President, ladies and gentlemen, thanks to our now tried-and-tested cooperation, we have worked productively with Mr Gauzès on this regulation to ensure some important advances in the rules governing one of the most controversial areas for the stability of the financial markets.
One such improvement is undoubtedly the plan for the newly formed European Securities and Markets Authority (ESMA) to be able to directly penalise credit rating agencies for misconduct. This was a point that I very much insisted on. Parliament is showing in this way that it is fighting for the creation of a strong European supervisory body that is equipped with real powers.
We are also aware that this regulation still does not tackle all the problems in a sector which, in recent years, has been seen to have exacerbated the crisis. The stumbling blocks to be overcome, which are the subject of a parliamentary report already being drafted by Mr Klinz, concern two issues in particular: the evaluation of Member States’ sovereign debt and the general structure of a market characterised by an obvious oligopoly.
The European Union must have a clear objective in relation to these issues, namely, to make finance less dependent on ratings. The references currently contained in the laws and regulations on credit rating agencies must be superseded by alternative creditworthiness standards. The United States and the G20 have already gone in that direction.
At international level we need to have the courage and the ambition to change the rules underpinning Basel II, by which I mean the obligation to use ratings – a mechanism that has actually led the banking sector, in the past and still today, to completely give up on supervision, the consequences of which are plain to see.
I shall conclude with a brief reference to the issue of sovereign debt rating: this should no longer be the responsibility of credit rating agencies, because too often they have exasperated market sentiment with their ratings, fuelling speculation. We should give thought instead to the possibility of a European institution – perhaps an existing institution, such as the European Court of Auditors – playing a role in this area.
I really do hope that my suggestions will be endorsed by my fellow Members and will receive the full, authoritative support of Commissioner Barnier, for whom I wish to reiterate my high regard."@en1
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