Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-301-500"
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"en.20110608.20.3-301-500"2
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"The recent financial crisis has highlighted the three main problems involving credit rating agencies: lack of competition, due to the scarce importance of rating agencies in global capital markets, as well as the inability to compete, particularly in terms of regulatory standards; over-reliance on external ratings in the regulatory framework for formulating standards, laws and regulations (for example, their increasingly frequent use in determining capital requirements) as well as Central Bank reliance on external credit ratings; and, lastly, the absence of liability for credit rating agencies in relation to the ratings they provide, in which regard the report also proposes to foster the establishment of a European network of credit rating agencies. We agree, in this vein, with the importance of more widespread information for investors and that market participants should only be authorised to invest in derivative financial instruments if they can prove to have an understanding and ability to assess the credit risk that the product carries. Lastly, we support the idea of establishing a fully-independent, non-public European Credit Rating Foundation (ECRF)."@en1
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