Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-15-Speech-2-505-000"
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"en.20130115.29.2-505-000"2
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"Moody’s is the only credit rating agency to put Ireland at ‘junk’ status and the Chief Executive of the Irish National Treasury Management Agency has said this rating is part of the reason it costs Ireland 300 basis points more than Germany to raise money on the bond markets. The revised Credit Rating Agencies Regulation is an overdue and important step in liberating Member States from their dependence on rating agencies and in bringing agencies under greater democratic supervision and control. Under the revised rules, credit rating agencies would be obliged to apply clear criteria and methodology when assessing sovereigns, there would be a ban on political prescriptions within sovereign ratings and agencies would no longer be able to interfere in the political agenda by announcing downgrades on the eve of European summits. I welcome in particular the clear road map towards the creation of a European Public Rating Agency to ensure sovereign debt ratings for Member States. Sovereign debt rating should not be the responsibility of credit rating agencies because too often agencies have exasperated market sentiment with their ratings, fuelling speculation. The Commission must now quickly move towards legislative proposals for a European Public Rating Agency."@en1
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