Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-11-16-Speech-3-078-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20111116.5.3-078-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spokenAs | |
| lpv:translated text |
"It is unacceptable for global economic processes and the reputations of the economies of individual countries to be at the whims of credit rating agencies who are responsible for the outbreak and intensification of the economic crisis through the series of erroneous and sometimes self-serving ratings they have given in the past few years. It is high time for Europe to step up in unison against the wrong and damaging practices of credit rating agencies. In this regard the announcement made yesterday by Michel Barnier, European Commissioner for Internal Market and Services, stating that the European Commission will initiate a stricter regulation of credit rating agencies in several respects, and that in certain cases the agencies will be held legally accountable, is welcome. However, it is disappointing that the Commission has, for the time being, postponed the decision on the temporary suspension of ratings and the establishment of a European credit rating agency. It is in the common interest of Europe that the European Commission decide as soon as possible on these matters as well. The Hungarian delegation of the Group of the European People’s Party supports all efforts by the European Commission that include the further harmonisation and tightening of the rules on the operation of credit rating agencies. Until then, however, the opinions of credit rating agencies should be treated with ample reservations, because, as revealed unfortunately over the past few years, there is often serious doubt as to their soundness. Increasing the uncertainty on the financial markets, unfounded and unjustified downgrades only serve to further deepen the crisis, and may plunge European countries already struggling with difficulties into further recession. In the most severe crisis in the history of the European Union this is unacceptable irresponsibility."@en1
|
Named graphs describing this resource:
The resource appears as object in 2 triples