European leaders hit at rating agencies

The world’s credit ratings agencies came under attack from Germany and France in May 2010 over their role in Europe’s debt crisis, with the US joining calls for tough measures to curb their influence over markets.

In a joint letter issued on the eve of special eurozone summit in Brussels on the 7 May 2010, Angela Merkel, German Chancellor, and Nicolas Sarkozy, French President, demanded a review of how the agencies evaluate government debt and publicise their decisions.

European Council: Meeting of Heads of State or Government of the Euro area, Brussels, Friday 7 May 2010 http://www.european-council.europa.eu/the-president/meeting-of-heads-of-state-or-government-of-the-euro-area-.aspx

ESO: Background information: Barnier considers EU rating agency http://www.europeansources.info/record/barnier-considers-eu-rating-agency/

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