Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-288-500"

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"en.20110608.20.3-288-500"2
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"Credit rating agencies (CRAs) assess countries, institutions and companies, assigning risk ratings regarding their ability to pay their debts on the agreed date. Regulation (EC) No 1060/2009 on CRAs was adopted as a first reaction to the financial crisis. This regulation dealt with the most pressing issues, subjecting CRAs to oversight and regulation. However, it did not solve all the problems. Indeed, the financial crisis has demonstrated that there are three key problems in how these agencies operate: lack of competition, over-reliance on external ratings and no accountability. This report, which I voted for, calls on the European Commission to identify the failings and provide an impact assessment on the possible alternatives, including further legislative proposals. It also calls on the European Commission to assess the costs and benefits of creating a fully independent European Credit Rating Foundation."@en1

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