EU calls for single regulator for credit rating agencies

The European Commission proposed that a regional body be created to investigate and penalise credit rating agencies. Meanwhile, politicians are calling for the creation of a European credit rating agency to bolster competition. "The changes to rules on credit rating agencies will mean better supervision and increased transparency in this crucial sector," said Michel Barnier, internal-market commissioner for the EU. "But they are only a first step. We are looking at this market in more detail."

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