Financial Secretary to the Treasury, Mark Hoban, appeared before the EU Economic and Financial Affairs and International Trade Sub-Committee on Wednesday 8 June at the culmination of its inquiry into credit rating agencies and EU sovereign debt.
The Committee asked questions such as:
- did credit rating agencies exacerbate the euro area crisis?
- what reforms the Financial Secretary proposes. He told the Committee in written evidence that regulatory reforms should "focus on reducing overreliance on CRA ratings"
- the level of competitiveness in the credit rating industry. Would greater competition be a good thing? Should there be an independent EU-based credit rating foundation?
The Committee meeting can be viewed via the following link;
Image: Parliamentary copyright