Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-456"
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"en.20100615.28.2-456"2
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"Mr President, Commissioner, ladies and gentlemen, the harm caused by credit rating agencies is now plain to see. The sovereign debt crisis has just confirmed their pro-cyclical nature. Blind as they were before the fire started, credit rating agencies are acting like real arsonists, fanning the flames of the crisis. The Commission regulation of September 2009 has, as ever, gone unheeded. Due to their inherent lack of foresight, the European bodies are being forced, once again, to take urgent action.
The proposals being submitted to us range from maintaining the law of the market, which is perverted by obvious conflicts of interest, to the Soviet-style excessive regulation beloved of the European Commission. We are jumping out of the frying pan into the fire. The desire recently expressed by Mr Barroso to place credit rating agencies under the supervision of the European Central Bank and of the Commission is simply unrealistic, especially after the astounding statement made by Mr Trichet in February 2010, and I quote: ‘The efforts to consolidate bank balance sheets require a high degree of confidentiality’. In other words, they require obscurity and secrecy.
It is clear that we are tackling the effects of the problem and not the causes. Knowing whether it is investors or issuers that have to pay the agencies, and whether the latter have to be private or public, independent or supervised, solves nothing. As Maurice Allais says, until such time as it is no longer possible to use credit
to buy without having and to sell without owning, capitalism will go from boom to bust, with increasingly devastating consequences for nations and economies.
Above all, then, we need to ban the creation of any money or bonds without real and tangible compensation. In so doing, we will put an end to the wild and irrational speculation of the markets, which means that there will no longer be a need for credit rating agencies."@en1
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