S&D Euro MPs Step Up Pressure For a European Rating Agency

S&D Euro MPs will this week push for the creation of an independent EU rating agency. The MEPs will present their demand during a vote in Brussels on the future of the agencies.

Said S&D negotiator Gianni Pittella: “The impact on financial markets of credit agencies continues to raise many concerns, especially when it comes to their assessments of sovereign debt risks.

“These are the agencies that failed to foresee the financial crisis of 2008 but that exercise worrying influence over the markets as we attempt to exit the crisis.

“For example, the decision of Moody’s to downgrade Spanish debt, right before the government announced plans to recapitalise Spanish saving banks, is troubling. Moody’s also downgraded Greece on the eve of a crucial European summit, while the government was negotiating new measures for its austerity programme.

Said S&D spokesman on economic and monetary affairs Udo Bullmann: “These events confirm that the EU needs new rules. We can’t leave these agencies to do what they want without control. The S&D group will fight to strengthen the independence of the rating system including through a public European rating agency.”

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