Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-299-500"
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"en.20110608.20.3-299-500"2
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"By approving Mr Klinz’s report appealing for effective regulation of rating agencies, Parliament is taking another step towards greater transparency in the financial markets. It is important to overcome the current problems that characterise the sector: the lack of competition, the regulatory over-dependence on ratings, and the low reliability of notes.
In this vein, Parliament’s request for the Commission to consider creating an independent European agency that could also be responsible for sovereign debt ratings is significant. Since the irresponsible behaviour of credit rating agencies (CRAs) has often been the initial cause of speculation that primarily harms European taxpayers, it is hugely important to review their role in sovereign debt ratings as part of the ongoing reform process, which will be completed in the autumn."@en1
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