Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-305-500"
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"en.20110608.20.3-305-500"2
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"The recent financial crisis has demonstrated the need to regulate credit rating agencies (CRAs). Indeed, recent events have opened up the possibility of identifying the failures of their action and of re-examining their status as certifiers of the subjects of their analysis: companies, the public sector, and structured finance instruments. As such, it has become clear that they play an important role in reducing the asymmetries in information that could be detected between investors. On the other hand, however, it has been noted that there is too much confidence in the ratings assigned by CRAs, which surely contributed significantly to exacerbating the financial crisis. There is, therefore, an urgent need for a new regulatory model that will reduce dependence on CRA ratings. The solution involves measures such as limiting the dependence of the European Central Bank (ECB) on data provided by outside agencies, reinforcing the competences of regulators and supervisors, launching the debate on creating a European Credit Rating Foundation, increasing the range of information available to investors – thereby decreasing the CRAs’ power – and also, for example, strengthening mechanisms for civil accountability."@en1
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