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Parliamentary questions
9 February 2012
Question for written answer
to the Commission
Rule 117
Sergio Paolo Frances Silvestris (PPE)

 Subject: European credit rating agency

The Fitch credit rating agency has cut the credit ratings of five Italian banks. According to the agency, the decision was linked to the downgrading of Italy’s sovereign debt and the reduction in GDP, which could reduce the quality of assets.

This vote on Italy's creditworthiness — which in this case represents a defeat — will have a considerable impact on the markets, as has recently been seen in the case of Greece, Spain and Italy itself, all victims of financial speculation.

In light of these facts, can the Commission therefore say:

1. whether it intends to regulate the status of credit rating agencies, which have hitherto not been governed by any international provisions;
2. whether it will set up a European credit rating agency, dependent on and controlled by the EU, to counter the oligarchy of the other credit rating agencies, which have previously committed gross errors of judgment, damaging thousands of small-scale investors?

Original language of question: ITOJ C 197 E, 10/07/2013
Last updated: 27 February 2012Legal notice