Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-180-000"
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"en.20110608.20.3-180-000"2
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"Mr President, ladies and gentlemen, it is an incontrovertible fact that the rating agencies have now amassed huge and unchecked power. Their initial function was to provide valuable information to investors, but over time, they have morphed into supreme and uncontrollable arbiters of the international financial markets.
In my view, it is unacceptable that businesses and even Member States are subject to the judgments of three large American companies, whose ratings have not always been correct and indeed have, at times, led to astonishing blunders, as in the Lehman Brothers affair.
Greater controls are therefore to be welcomed and I hope that the new European authority will manage to operate at optimum capacity, with real powers to intervene and even to issue penalties where necessary. I also believe that it is a fine idea to introduce the principle of civil liability in situations of obvious negligence. Greater competition is required in the sector and we must break up this historic oligopoly and try to bring in new, independent and possibly European organisations, which would therefore have a proper awareness of the economic context and reality of our continent, which is entirely different from the way of thinking in the United States.
For all these reasons, I voted in favour of the report in question."@en1
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