Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-204"
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"en.20070905.21.3-204"2
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"Mr President, as Europeans, our share of investment in the market we are discussing today is nearly 10%, or approximately EUR 300 billion. We do not know what exact proportion of this EUR 300 billion consists of bad risks, but EUR 300 billion is no trifling sum: it represents nearly three times the EU’s annual budget, and the impact of the current crisis can already be felt. In my home country, Germany, the largest economy in the European Union, our expectations of future business conditions have been revised downwards. Three-month funds have become significantly more expensive, which means that enterprises that are healthy but require intermediate financing can expect difficulties.
I should like to know what lessons we have learnt from this. Almost all the speakers in this debate have mentioned credit rating agencies. As a citizen interested in the state of affairs in this discussion, I found the following on the Internet, referring to a speech given by Commissioner McCreevy in Dublin on 5 April 2005:
Commissioner, when will the observation phase come to an end, when will we be ready to act; when will we be in a position to cast some light into the black box of credit rating agencies, so that we are able to draw up a public scoreboard of their performance and errors? Our system is self-referential, ineffectual and clearly a legacy of previous times. I should like an honest answer. We cannot appear before the public at the next elections in 2009 and say: we did have a Commission; it spent five years doing a great job of observing where the problem lay."@en1
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"“Credit rating agencies will not be subject to EU regulation for the present, said Internal Market Commissioner Charlie McCreevy in a speech in Dublin on 5 April 2005. Commissioner McCreevy said he did not intend to issue specific regulation for credit ratings agencies (CRAs) but the possibility would be kept under "continual review". He warned that he was putting the industry "on watch".”"1
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