Guarded welcome for Commission's CRA climb-down
Posted, November 15, 2011 @ 17:00
Conservatives have given a cautious welcome to the European Commission's announcement today (Tuesday) that it will put off any move to stop credit ratings agencies reporting on troubled economies.
Ashley Fox MEP, who has consistently opposed attempts to stifle the agencies, said: "It is a relief that the Commission has not gone ahead with its threat effectively to ban CRAs from operating at certain times.
"We will need to see the detail of proposed transparency measures before knowing how useful or otherwise they will be, but at least the Commission has stepped back from a position that could have created yet more mistrust in the markets.
""You don't improve the weather by switching off the forecast."