Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-520"
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"en.20101214.37.2-520"2
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"Mr President, Commissioner, Mr Gauzès, ladies and gentlemen, it is truly a great pleasure for me to note that Mr Gauzès has created such an excellent report. The topic is of extreme importance, and looking at the habits and operation of credit rating agencies, it always has relevance. The rapporteur’s effort to ensure that credit rating agencies and their products are controlled in an integrated way, on the basis of uniform EU standards, deserves support. However, it is important to know what exactly is being rated and how. We must ask these questions, as it is common knowledge that prior to the crisis, these credit rating agencies gave excellent ratings to several thousand billion dollars worth of doubtful or bad securities, thereby unfortunately providing unlimited ground for speculation.
First of all, we must examine the issue of independence, because if it is true that banks and certain investor groups are financing the fees of the evaluations, we might ask the question whether the decisions of credit rating agencies are indeed free of external interests. The second issue is the methodology of ratings. The third issue is that with concerted downgrades and negative rumours, any country can be made insolvent, and in this way, it can be forced to take out new loans and thus remain an increasingly vulnerable client in the debtors’ market. Small, open economies and Member States outside the euro area are particularly vulnerable.
I am therefore convinced that it is incorrect to accept that credit rating agencies are not responsible for the ratings they give. Ladies and gentlemen, let us put ratings in their appropriate place, and rely on them only to the extent of their credibility, and consider them as guidelines when establishing the regulatory framework. The report is more than worthy of support. The global economic crisis has shown that the regulation and EU level supervision of the operations of these institutions are necessary."@en1
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