Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-12-15-Speech-3-332"
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"en.20101215.23.3-332"2
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"I abstained in the vote on the report on credit rating agencies. These rating agencies openly serve the interests of international speculators. They have played a negative role since the beginning of the crisis and they continue to do so. Their targeted and arbitrary downgrading of countries’ credit ratings, both inside and outside the EU, send those countries into a vicious circle of speculation and borrowing. The increase in spreads increases countries’ financial problems and enriches the markets at their expense. In the euro area in particular, the role and practices of credit rating agencies also has a negative effect on the stability of the euro. The EU bears serious political responsibility, having granted them the right to rate both companies and the economies of the Member States. I believe that effective measures need to be taken immediately to put an end to the speculative nature of rating agencies and, consequently, to radically amend Regulation (EC) No 1060/2009. The report contains some positive but, unfortunately, weak proposals and only takes timid steps in this direction."@en1
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