Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-460"
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"en.20100615.28.2-460"2
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"Mr President, ladies and gentlemen, I am convinced that credit rating agencies should be made more transparent and accountable, but I do not agree with all those who would like to limit their scope and functions. The failings of credit rating agencies in terms of forecasting risks and of warning the market about them are simply a reflection of the far more pronounced failings of the existing public financial institutions and authorities and of the banking system as a whole.
I believe in the free market and I believe that a greater degree of openness and competition is desirable in the credit rating sector too. However, the creation of a European public rating agency would be an oxymoron, a disgraceful, authoritarian venture designed to extend public control over the market.
In short, it would be overly simplistic to restrict our analysis to the issue of credit rating agencies’ responsibility for the current financial crisis when the crisis is, above all, an economic one. The data and the policies adopted demonstrate how, in Europe and in many countries, there was a belief that we could substitute the real economy with finance, thus, in effect, abandoning the entire manufacturing sector."@en1
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