Barnier will look into forming European credit rating agency

Michel Barnier, internal-market commissioner for the EU, told lawmakers that he observed the "rapid deterioration of the [Greek] rating", which prompted him to consider establishing a European credit rating agency. Barnier said existing rating agencies will soon be required to register and enhance transparency about their methodologies, but he questioned whether more should be done. "Will that be enough? I don't know. We'll have to evaluate the situation very quickly," Barnier said.

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