Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-15-Speech-2-458-000"
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"en.20130115.29.2-458-000"2
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"Mr President, I wish to thank the Commissioner. This is the third piece of legislation we have discussed on credit rating agencies since the crisis. I hope it will be the last for some time, because the Commission is still implementing the first two pieces. I sometimes think we are too ready to pass legislation before we have seen the effect of the legislation we have already passed.
Let us be clear: credit rating agencies have been guilty of bad practice, especially in relation to the US subprime crisis, but they were not responsible for the current euro crisis. That was caused by the poor construction of the euro in the first place and bad and unsound economic policies pursued by Greeks and other governments. I sense in this Chamber a certain sense by which they want to pass the blame for overspending by national governments onto the credit rating agencies and in that regard I think a European credit ratings agency would be a disaster. Funded by the taxpayer, regulated by the Commission – who in the market would believe a word that it ever said?
There are some small measures in this legislation which are useful. The measures to increase competition are good, the measures to reduce over-reliance on ratings are useful and there are also the measures to prevent and deal with conflicts of interests. But I am afraid that an awful lot of this legislation is legislating for the sake of it and it will not correct the harm, which is that too many governments in Europe are spending and borrowing too much."@en1
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