BRUSSELS AP – The European Union’s executive on Wednesday called for European credit rating agencies to rival the three U.S.-based market leaders and proposed a new regulatory authority to oversee them with the power to impose fines.
EU Commission President Jose Manuel Barroso said the EU was also considering setting up its own rating agency. “Is it normal to have only three” from the same country giving ratings “in such a sensitive issue” he asked, referring to the downgrades of government debt that have shaken confidence in Europe.
