Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-311-000"
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"en.20110608.20.3-311-000"2
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"Credit rating agencies (CRAs) are information middlemen that promote liquidity and transparency in the market by reducing asymmetries in information in the capital markets and facilitating access to the global market, and by reducing the cost of information and making use of the potential of creditors and investors.
However, these agencies present certain problems, in particular, concerning their lack of competition, their oligopolistic structures, the excessive trust placed in them, and their lack of transparency and accountability. Such issues are becoming more important at the present time, not least as regards Member States that, because of their economic and financial difficulties, are seeing the ratings of various national institutions fluctuating inconsistently and cyclically.
While the importance of CRAs cannot be denied, it would be advisable to limit their role in the future. I therefore voted for the proposal tabled by Parliament to call on the Commission to carry out an impact study, and an analysis of the costs, benefits and governance structure of a European Credit Rating Foundation competent in the various areas of ratings: the public sector, companies and finance instruments."@en1
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