Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-518"
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"en.20101214.37.2-518"2
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"Mr President, Mr Chastel, Mr Barnier, ladies and gentlemen, the last few months since the beginning of this year have shown the damage that credit rating agencies can do. There is therefore an urgent need for action. I, too, therefore welcome the directive, in particular, the fact that the supervision and registration of credit rating agencies will be transferred to ESMA. That is an important and positive step in the right direction.
However, numerous good and progressive proposals fell by the wayside during the negotiations on the report. I would like to mention this once again. Thus, the appointment of ESMA remains the only real and positive change. The proposals for a public database for the issuing of credit ratings have been dropped, as has any reference to the establishment of a public credit rating agency. The consistent and continual examination of issued ratings by the supervisory authorities has also been forgotten about. Moreover, the Commission had proposed the promotion of unsolicited credit ratings in order to deal with the disastrous issuer instructions for the evaluation of financial market products. This, too, has come to nothing.
I hope that these aspects will be taken into consideration in the reports on this matter that are still to come and that were mentioned by Mr Gauzès and by you, Mr Barnier."@en1
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