Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-14-Speech-2-745"
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"en.20101214.37.2-745"2
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"The European Union has already implemented rules, which will come into force at the end of the year. The rules for credit rating agencies that wish to operate in the EU and thus obtain a licence include, among other things, the obligation to register themselves and to comply with specific transparency and ‘good behaviour’ rules. I do not believe that these rules are strict enough, and I welcome the further measure that we are discussing within the Committee on Economic and Monetary Affairs. These agencies currently have a great deal of power; they can plunge a State and/or even a system (downgrading countries and causing a chain reaction of fear on the world markets) into crisis with one of their ratings. Their work is important in terms of guaranteeing reliability and stability, but there are doubts as to the rules and the criteria on which their ratings are based. Mr Gauzès’s report, which proposes bringing credit rating agencies under the supervision of the European Securities and Markets Authority, is therefore along the right lines."@en1
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