Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-302-250"
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"en.20110608.20.3-302-250"2
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"Credit rating agencies (CRAs) fulfil several useful purposes: they aggregate information on the credit quality of issuers, enabling issuers to access global and domestic markets, reducing information costs and widening the potential pool of investors, thus providing markets with liquidity. However, the recent 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. We must pay attention to the potential measures to be taken. These should undergo the necessary impact assessments and scrutiny, and should not be a shot from the hip, which could be counterproductive, increasing the barriers to entry into the markets and the risk of more conservative ratings, with subsequent effects on the real economy and lending. We must view this industry from a global perspective, as it is a true worldwide industry with an underlying global capital market. We must therefore stay up-to-date with developments in the United States."@en1
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