Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-948"
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"en.20101215.23.3-948"2
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"I voted in favour of this report because the world financial crisis, to which the credit rating agencies contributed in part, has demonstrated the need to introduce a mechanism for the classification and supervision of credit rating agencies. I agree with this report in its encouragement of the creation, at a European level, of a system for the registration and supervision of credit rating agencies that issue ratings used within the EU, and its consideration of conditions for the use within the EU of ratings issued by agencies in third countries. The agreement reached on the European supervisory architecture, which will come into force on 1 January 2011, now makes the effective application of supervision to these agencies possible. It is essential that, from its inception, the European Securities and Markets Authority (ESMA) is in a position to exercise its powers so as to ensure the vigorous supervision of credit rating agencies active within the EU, as well as those from third countries whose ratings are authorised within the EU, in full cooperation with their national authorities. I also welcome the fact that the US has also decided to draw up stricter supervision rules in this area, given that the Commission is also considering working towards further international harmonisation."@en1
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