Jose Manuel Barroso wants the EU commission to put a clamp on credit rating agencies.
Heiner Flassbeck, director of the UN Office for World Trade and Development, wants the agencies "dissolved" or at least banned from rating countries.
What utter idiots. I've got a piece of advice: before you do this, try something less harmful. Like fire all of the Meteorological Office staff when there is bad weather.
I it is really quite scary to see that the commissioners are so removed from reality. The project for federal government for Europe is going to the heads of our political leaders and, increasingly, the civil servants who hold way too much power. When they hear messages they don't like, they start silencing the messengers, when in reality, they should listen, and try to understand, and act according to wisdom.
Well, while I agree with your basic statement and logic and see your point, I still find it 'interesting' (read: disturbing) that the same US agencies do not even consider lowering the rating of the US... We would really need at least one European rating agency, just like with the antitrust authorities, to keep a healthier balance in conflict of interest. Of course this is not as easy as with antitrust since this is not about about law and legislation, but more about lobbyist-like FUD, blackmailing, and self-realizing prophecies. Still, a more (geo-)politically balanced setup would be much needed...
VastaaPoistaBTW, they actually, *did* lower the US rating.
VastaaPoista