In the field of credit rating companies and states, the ‘big three’agencies dominate the EU. Standard & Poor's has a market share of 40.42% in the EU, followed by Moody's with 34.67%. Fitch is in the third place with a market share of 16.8%, according to the figures released by the European Securities and Markets Authority (ESMA). The outcry against the rating agencies is phenomenal, with them being accused of causing or, at least, strengthening the economic crisis and the crisis of sovereign debt in particular. In the wake of a series of European countries being downgraded, it is believed that entire countries were left helpless owing to the unreliable data of some private rating agencies.
In view of this:
— Does the Commission consider it necessary to create a European rating agency, which will ensure the reliability and validity of the data which will come and will be processed by Europe itself for purposes of assessment of the Member States and businesses?
— What will its legal framework be? The current one, or should a new one be established?