Call for tougher rules for ratings agencies
MEPs give their backing to new rules but criticise member states for not being ambitious enough.
Appeared in print on 17.01.2013
MEPs are continuing to call for further and tougher legislation to curb the behaviour of credit-rating agencies, even after endorsing a set of new rules yesterday (16 January). The law they voted through will come into force after formal adoption by the Council of Ministers. It aims to increase competition and transparency in the credit-rating sector and to reduce what the European Commission calls “over-reliance” on ratings. But in their debate on the issue, MEPs sharply criticised member states for blocking their attempts to make the new rules more ambitious.