Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-06-15-Speech-2-464"
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"en.20100615.28.2-464"2
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"The issue is that the activities of credit rating agencies not only led to the current financial crisis, but have also helped make it worse. The regulation of the European Parliament and of the Council on Credit Rating Agencies introduced in 2009 was devised as a response for regulating their activities. This regulation has introduced compulsory registration for all credit rating agencies doing business within the European Union and is focused on three main aspects: supervision, transparency and conflicts of interest.
However, we are far from resolving the issue of transparency and that concerning the oligopolistic structure of the credit rating agency market. It is not normal for Member States’ economies and, by extension, their companies, to rely on the rating from just three agencies. Speculation about a country’s rating can push states which are somehow in a critical situation towards bankruptcy. In these circumstances, I think that an exclusive European credit rating agency needs to be created, which will provide real competition and an alternative instrument for existing companies."@en1
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