Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-294-000"
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"en.20110608.20.3-294-000"2
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"I voted in favour of this report because it sets out the situation relating to credit rating agencies (CRAs) clearly and objectively. I, too, believe that CRAs play a necessary and extremely useful role in distilling and simplifying the torrent of information about the financial markets, both in terms of the solvency and reliability of debt issuers as well as in terms of individual financial instruments. However, as Mr Klinz rightly points out, this business model risks drawing attention away from protecting investors and towards protecting debt issuers, unless suitable corrective measures are taken. I do not think that competition can be improved, since the proliferation of agencies could undermine the credibility of ratings. However, I think that greater responsibility could translate into greater objectivity and more thorough work, which would protect not just the affairs of the few but help reduce information imbalances, which amounts to safeguarding the functioning of the markets and also the general interest."@en1
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