Credit rating agencies were complicit in the economic and financial meltdown, and MEPs want to see a European surveillance authority to keep an eye on them.

Rating the Agencies

https://api.multimedia.europarl.europa.eu/documents/20125/14910589/N001-100608-002-EN.srt

Standard and Poor’s, Moodys, Fitch:   these names continue to pop up recently.

These 3 credit rating agencies makes   it rain or shine on the markets.

Accused of contributing   to speculation against the euro,

they decide a business or nation's   liquidity and their borrowing capacity.

Since June 7th they are   better watched over in the EU.

We will regulate via the   European Securities and Market Authority

the new authority   will be set up across the EU.

This surveillance authority could impose   fines and even strip them of their licence,

when they fail to provide correct   information on how they rate things.

This also allows us to make ethical rules   which will allow us to see

whether the ratings are made in a way   which does not disturb the markets.

This will only enter into force in December   2010, the EU already wants it in place.

This MEP wants   a public credit ratings agency.

We need agencies   that we can really rely on,

which have no hidden interests,   which can rate economies and countries,

Right now, credit rating agencies   are all based in the US.

Michel Barnier,   Internal Market Commissioner

which will increase competition   and watch over information better.