Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-290-000"
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"en.20110608.20.3-290-000"2
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"The recent financial crisis has drawn attention to three key problems in the area of rating agencies, which are the lack of economic competition, the excessive dependency of the regulatory framework on external rating assessments, and the fact that the rating agencies provide no guarantee for their ratings. I am not sure whether the rapporteur’s proposal to establish a European Rating Agency is a sensible solution. There is no guarantee that the European Rating Agency would acquire a good reputation and would become a genuine new player among rating agencies, that it would be credible, or that it would be able to convince the market of its absolute independence of any public body, whether the Member States, the European Commission or any other public entity.
The rapporteur’s proposal to establish a network of European rating agencies seems more sensible to me, since cooperation between rating agencies active at national level in making use of the available human and financial resources should encourage competition in this area by covering a broad range of activities and different markets, thereby making it possible to achieve the same level as the large rating agencies which have a global scale of operations."@en1
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