Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-532"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-12-14"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit rating agencies (debate)2
dcterms:Language	"ro"^^xsd:language2
lpv:document identification number	"en.20101214.37.2-532"2
lpv:hasSubsequent	lp_eu:2010-12-14-Speech-2-7452
lpv:speaker	lp:George Sabin Cutaș2
lpv:spokenAs	member; Delegation for relations with the Korean Peninsula (2009-09-16--2014-06-30)3 substitute; Delegation to the Cariforum — EU Parliamentary Committee (2010-09-07--2014-06-30)3 substitute; INTA (2009-07-16--2012-01-18)3 substitute; Delegation for relations with Iran (2009-09-16--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 member; S&D (2009-07-14--2014-06-30)3 unknown; Partidul Social Democrat + Partidul Conservator (2009-07-14--2014-02-25)3
lpv:translated text	"As a result of underestimating the credit risk, credit rating agencies were one of the factors that triggered the global financial crisis. On the other hand, there is no real competition in the credit rating agency sector. This situation increases the danger of conflicts of interest and, by extension, of a lack of transparency and quality in terms of awarding ratings to the various financial instruments. On 1 January 2011, the regulation giving rise to the creation of the European Securities and Markets Authority will come into force. Its main power will be to supervise agencies of this kind. Introducing a mechanism for monitoring and supervising credit rating agencies at EU level is proving to be a necessity. I think that this new authority needs to exercise its mandate as soon as it is created. I would like to point out that the decision made by the United States to introduce tighter supervisory regulations has paved the way for global harmonisation."@en1

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