Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-294-375"
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"en.20110608.20.3-294-375"2
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"I support this report on the future of credit rating agencies (CRAs). The recent financial crisis has highlighted that there are major problems with this business, such as over-reliance on external ratings in the regulatory framework and no liability for ratings by CRAs. Indeed, CRAs played a significant role in the build-up to the financial crisis through the assignment of faulty ratings to structured finance instruments. This report, in advance of the legislative proposal the Commission is preparing for the autumn, addresses these issues, calling for: a review of whether and how Member States use ratings for regulatory purposes in order to reduce the general over-reliance on them of the financial regulatory system; a detailed impact assessment and viability study on the costs, benefits and potential governance structure of a fully independent European Credit Rating Foundation; the exploration of establishing a truly independent European Credit Rating Agency; the establishment of a European Rating Index which incorporates all ratings of registered CRAs that are available on the market."@en1
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