Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-15-Speech-2-492-000"
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"en.20130115.29.2-492-000"2
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"Mr President, we can only speculate about alternative outcomes had some of the credit rating agencies’ triple-A ratings of toxic financial products not proven to be so spectacularly off the mark. Their defence speaks volumes of the credibility that they deserve. Indeed, they shrugged their shoulders and stated that their evaluations were mere opinions and that market actors should take them at their own risk. Now, given the shortcomings of our economic and monetary union, Member States have found themselves quite dependent upon the findings of these modern-day oracles.
Indeed the premiums and state borrowings from financial markets have been determined by their obscure musings. Some of those resources are used to finance public expenditure, while an increasing share is devoted to servicing debt and paying interest to financial institutions that would now be dead had the states not increased their deficits to save them. I thus wholeheartedly endorse the work done to limit unsolicited sovereign ratings, banning policy prescriptions within ratings in particular, and the proposed road map for the creation of our European credit rating agency in general."@en1
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