Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-288-375"
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"en.20110608.20.3-288-375"2
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"I voted in favour of this important document. Rating agencies assess not just private equity companies and their products, but also countries. The conditions under which a country can expect to borrow on international markets depend on the rating it receives. Negative ratings in the face of financial difficulties send a country into a kind of debt spiral, because a falling rating increases the cost of borrowing even more and makes the country’s financial situation even worse. All market participants and their supervisors must know the criteria used to set ratings and be able to check these themselves. The Commission and the G20 countries are asked to establish a new global approach to assessment, which would reduce the likelihood of errors, would regulate the activities of companies involved in ratings and would reduce the risk associated with financial assessment. I welcome and have, on several occasions, repeated the proposal that Europe urgently needs to establish its own credit rating agency, which would produce objective and independent assessments. I welcome the report’s call to establish our own independent rating agency, which, according to the proposals, would initially be called the European Credit Rating Foundation.
The possibilities for all EU Member States to borrow in international markets under the right conditions, as well as the stability of the whole global financial system and the effectiveness of crisis prevention, will depend on how successfully we can reform financial assessment."@en1
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