Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-100-000"
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"en.20111215.5.4-100-000"2
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"Madam President, the European Union’s competition policy has clearly led over the years to eliminating the numerous obstacles preventing the free movement of goods, services and persons, and has enabled European consumers’ interests to be protected. However, I believe that the relevant regulation can be improved.
I am going to mention here a single topic among those dealt with in this report, which is the regulation of credit rating agencies. Typical features of this oligopoly sector include barriers preventing market access, lack of transparency and conflicts of interest.
Unfortunately, the assessments published by these agencies are not simple opinions. They affect the well-being of all European citizens by pushing up interest rates and increasing price volatility. However, we lack strict regulations on transparency and on making the agencies accountable for the errors they have made. The European executive must step up its efforts to increase competition in this sector. This is why I welcome its recent proposal on this matter, while emphasising that the option of setting up a public European credit rating agency needs to be considered. The aim of making such an institution independent from the private sector would be to increase competition and eliminate conflicts of interest."@en1
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