German Chancellor Angela Merkel and French President Nicolas Sarkozy urged EU officials to look into whether the major credit rating agencies worsened the debt crisis in Greece. The situation renewed calls for a European rating agency, but industry insiders questioned the idea. "They should be focusing on getting stability back to the market, and a European ratings agency is not going to do that," said Mark Austen, acting CEO of AFME. "We are unclear how a publicly controlled ratings agency would be independent to rate what is effectively its own debt so that the market has confidence in it."
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