Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-525"
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"en.20101214.37.2-525"2
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"Mr President, ladies and gentlemen, first of all, if we wish to be honest, we must unfortunately declare that credit rating agencies are essentially subsidiaries of the international plutocracy. Through the agencies, they put pressure on countries in an attempt to influence their decisions. The greatest problem with ratings is that they are almost entirely subjective and do not offer an accurate picture of the economic condition of the countries concerned at a given moment in time. These ratings, which are a far cry from reality, clearly hinder countries in recovering from the crisis.
Meanwhile, there are, of course, objective indicators, such as the general government deficit or external and internal indebtedness. On the other hand, the establishment of an organisation, a supervisory body, which essentially provides quality control for these institutions, and thereby prevents them from giving often erroneous ratings, is a big step towards a solution. However, I would, at any rate, like to address a question to Mr Barnier regarding the ESMA: we have talked much about how it would impose various sanctions, but when will we know what these sanctions will be, what their extent will be and when they can be introduced? I thank you in advance for your reply."@en1
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