"Rating agencies are one of the causes of the crisis, they have not been able to anticipate it, they have not given the right rating to the products, they have made wrong assessments which have had a serious effect”. It is the accusation launched by European Commissioner for the Internal Market, Michel Barnierat a press conference in Brussels.
Barnier it also promises a crackdown: "In November I will present the new chapter of regulation of the rating agencies, which is necessary". The text, he argues, is necessary for "avoid wrong assessments, which have had and have a pro-cyclical effect".
That of the sovereign debt, continues Barnier, is a situation that “can be aggravated with ratings given at random or without fully understanding the methodology used”. There are several hypotheses under study. “We are reflecting on the opportunity to give ratings”. From this point of view, explains the Eurocommissioner, "ratings can be banned or denied for a necessary period", and also "ratings can be suspended for those countries under international solidarity", i.e. those that receive economic aid. And then, continues Barnier, “there are conflicts of interest to be abolished”. But now, he concludes, on the subject "I can't say more now".
