European Parliament backs Euro rating agency

17 Mar 2011

The European Parliament backed German MEP Wolf Klinz’s proposals for a European Credit Rating Agency on Wednesday and asked the European Commission to conduct a viability study as part of its reform of rating agency regulation.

The EC published a consultation paper on rating agency regulation in December, which generated at lot of responses, including those of the UK and Swedish governments, mostly rejecting the idea of a European public credit rating agency.

A Standard & Poor’s spokesman said it welcomed free and fair competition, ...

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