Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-458"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2010-06-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit rating agencies (debate)2
dcterms:Language	"de"^^xsd:language2
lpv:document identification number	"en.20100615.28.2-458"2
lpv:hasSubsequent	lp_eu:2010-06-15-Speech-2-4592
lpv:speaker	lp:Wolf Klinz2
lpv:spokenAs	member; Conference of Committee Chairs (2009-10-15--2011-07-31)3 member; Delegation for relations with the countries of Southeast Asia and the Association of Southeast Asian Nations (ASEAN) (2009-09-16--2014-06-30)3 member; ALDE (2009-07-14--2014-06-30)3 substitute; DEVE (2009-07-16--2011-10-25)3 unknown; Freie Demokratische Partei (2009-07-14--2014-06-30)3 member; ECON (2009-07-16--2012-01-18)3 vice-chair; Delegation for relations with Canada (2009-09-29--2014-06-30)3 chair; Special Committee on the Financial, Economic and Social Crisis (2009-10-15--2011-07-31)3
lpv:translated text	"Mr President, Commissioner, rating agencies have played an appalling role in the global financial crisis and in the euro difficulties and are far from deserving of praise. Lack of transparency, conflicts of interest, financing through contracting entities and the publication of ratings at questionable times with a procyclical effect, or shutting the stable door after the horse has bolted, speak for themselves. Rating agencies have been, and continue to be, oblivious to this and do not see these problems. I personally have proposed that the EU should act now and I am pleased that you, too, feel the same. We should establish a European rating agency on the basis of a foundation model. Obviously, this foundation model must be financially independent. It must not be subject to any political interference, either from the European Central Bank, the Commission or any Member States. As an independent foundation, this European agency could become a serious competitor to the oligopoly, or indeed the monopoly, of the three rating agencies we are discussing now. It should be the case that any product offered in Europe and all issuers operating in Europe be required to give two ratings, one of which must come from this European agency. In order to be independent, this foundation must also be financially independent. This means that we need seed-funding that could be provided by the European Investment Bank or perhaps the Commission, and from that point on, this European foundation would have to finance itself. The question of whether such financing should come from contracting authorities or users remains to be clarified. This was raised earlier on by Mr Giegold. We have to reach a decision on this as well. On a general note, we should also consider whether we could restrict our reliance on rating agencies somewhat because it seems to me that we are much too dependent on them at present."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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