Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-054"
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"en.20090422.4.3-054"2
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"I do not wish to discuss here the importance of rating agencies. Everyone knows that they are crucial in providing a sound basis for investment decisions, whether in relation to the financial products or the issuers (meaning therefore that they provide much more than simple opinions). However, I do want to emphasise the importance of setting up a European agency.
During a period of deep economic crisis like the one we are just going through at the moment, rating agencies should remain, regardless of the economic conditions, transparent and credible instruments, providing support as Europe steers through these troubled times. We cannot disguise the fact that the current crisis is also down to rating agencies as they have analysed in a totally confused manner conventional instruments along with other hybrid instruments, all against the backdrop of accusations of a lack of transparency and conflict of interests.
We need new organisations in this sector, which will generate competition in providing objective ratings. We must think about protection for the investors and their confidence in rating agencies. The EU must guarantee that rating agencies operate according to clear regulations. What better way then to fulfil these conditions than to set up a European rating agency which operates according to Community regulations."@en1
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