Markets chief promotes idea of EU credit rating agency
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The European Commissioner for Internal Market and Services, Michel Barnier, said Friday he is weighing the idea of an independent European credit rating agency as an alternative to leading US companies after their handling of the Greek debt crisis.
Europe may need its own credit rating agency, said Michael Barnier, head of the European Commission’s Internal Market and Services, on Friday amid concerns over a credit rating downgrade by Standard and Poor’s that aggravated Greece’s debt woes.
In interviews with various French media, Barnier advocated for increased transparency among the three leading credit rating agencies, Standard & Poor’s, Moody’s and Fitch, and put forward the possibility of creating a European credit rating agency as an alternative to the US-dominated institutions.