Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-299-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-06-08"^^xsd:date2
dcterms:Is Part Of	lp_eu:Explanations of vote2
dcterms:Language	"fr"^^xsd:language2
lpv:document identification number	"en.20110608.20.3-299-000"2
lpv:hasSubsequent	lp_eu:2011-06-08-Speech-3-299-5002
lpv:speaker	lp:Bruno Gollnisch2
lpv:spokenAs	unknown; Front national (2009-07-14--2014-06-30)3 member; NA (2009-07-14--2014-06-30)3 substitute; BUDG (2009-07-16--2012-01-18)3 member; Delegation for relations with Japan (2009-09-16--2014-06-30)3 member; TRAN (2009-07-16--2012-01-18)3
lpv:translated text	"Almost the entire market for credit ratings, which are sometimes made compulsory for regulatory purposes, is controlled by three large US agencies. Opening up this industry to competition, or creating a European public agency, will not change the perversity of the system. It is now madder than ever. No one knows which market or which agency directs the reactions of the other; whether one country’s poor rating triggers panic over sovereign debt, or whether cynical speculation leads to a poor rating; whether a good rating has an impact on certain assets being held onto or whether, because they are good and one wants to hold onto them, the assets are rated favourably. Monitoring the activity of agencies more closely offers only a minimum service and obviously does not go far enough. Despite the repeated criticisms they have received in Europe and the US, the reputation of agencies has not really suffered. There is no doubt that holding them legally and even financially accountable for the consequences of their mistakes and their irresponsible evaluations would have an impact. Yet again, nothing will be resolved without fundamentally changing the system instead of trying to patch it up to guarantee its survival."@en1

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