Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-336"
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"en.20101215.23.3-336"2
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"The regulation covers both the supervision of credit rating agencies by the European Securities and Markets Authority and supervision of the use of credit ratings by individual entities supervised at national level. The national supervisory authorities will remain responsible for supervising the use of credit ratings by these individual entities. However, the national authorities will not have powers to take supervisory measures against credit rating agencies in breach of the regulation. This is the very point on which the proposal is being examined in terms of compliance with the principle of proportionality. The proposal creates a control system but, within the context of the current neoliberal environment, there is no provision for real, essential application of it; it is merely a psychologically novel action directly mainly at the public at large.
It is not designed to replace a previous system; it is designed to introduce a new control system which has not previously existed, even in this form, which is what allowed the credit rating agencies to steam ahead regardless in the first place. In this sense, it is perhaps better to have this system than none at all."@en1
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