Barnier's plan to rotate rating agencies faces opposition

Michel Barnier, the EU's internal-market commissioner, faces significant backlash against his proposal to bolster regulation of credit rating agencies and implement agency rotation. Barnier appears close to abandoning the plan, experts said. "It looks as if the [European] Commission and [the Economic and Financial Affairs Council of the EU Council] is moving away from rotation to something that is more relaxed," said Sharon Bowles, chairwoman of the European Parliament Economic and Monetary Affairs Committee.

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