EU moves to rein in ratings agencies

EUObserver reported that the European Commission suggested on the 11 July 2011 that it planned to regulate ratings agencies after several run-ins over agency decisions about the credit reliability of ailing eurozone members. A proposed law was to be adopted on the 20 July 2011

• Primary Source

EurActiv, 12.7.11: Brussels to propose curbs on sovereign debt ratings http://www.euractiv.com/en/euro-finance/brussels-propose-curbs-sovereign-debt-ratings-news-506470

ESO: Background information: Europe lashes out over downgrades / Brussels faces rating agency dilemma http://www.europeansources.info/record/europe-lashes-out-over-downgrades-brussels-faces-rating-agency-dilemma/

ESO: Background information: Don’t blame Moody’s for a messy euro crisis http://www.europeansources.info/record/dont-blame-moodys-for-a-messy-euro-crisis/

European Commission: DG Internal Market and Services: Securities: Rating Agencies http://ec.europa.eu/internal_market/securities/agencies/index_en.htm

Spiegell Online International, 16.8.11: The Sinister Power of the Rating Agencies http://www.spiegel.de/international/business/0,1518,780304,00.html

---