Frankfurt looks at creating rating agency

Article reports that German business and political leaders were looking dur8ing the summer of 2011 at whether the country’s financial centre could host a European credit rating agency to rival US groups such as Moody’s or Standard & Poor’s.

The role of ratings agencies during the economic crises of since 2008 had been widely criticised by Europe’s politicians.

The European Parliament had separately called for more action to overhaul credit rating agencies in the spring of 2011 and asked the European Commission Brussels to look at the possibility of establishing a new, independent 'European rating foundation' or network of smaller European rating agencies, in an effort to bring more competition to the sector.

ESO: Background information: Europe aims to set the credit rating rules http://www.europeansources.info/record/europe-aims-to-set-the-credit-rating-rules/

ESO: Background information: European leaders hit at rating agencies http://www.europeansources.info/record/european-leaders-hit-at-rating-agencies/

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