Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-295-000"
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"en.20110608.20.3-295-000"2
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"Ever since the economic and financial crisis began, there has been talk of nothing but credit rating agencies (CRAs). However, what are our thoughts on their now key role? The European Parliament has addressed this issue. Although CRA ratings fulfil several useful purposes (for example, they aggregate information about the credit quality of issuers, which is particularly helpful in our global environment), developments in the regulatory framework have turned these ‘information intermediaries’ into de facto ‘regulatory licensors’, a mistake that we must not make!
The financial crisis has highlighted that there are three key problems in the industry: lack of competition, over-reliance on external ratings in the regulatory framework and no liability for ratings by CRAs."@en1
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