Credit rating agencies and sovereign debt

08 June 2011

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;

Further information

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