Need to establish a regulatory framework for European credit rating agencies
18.1.2011
Question for written answer E-000395/2011
to the Commission
Rule 117
Nikolaos Salavrakos (EFD)
According to reports in the international press last week, and after prior warning, Greece's credit rating has been downgraded by one notch and the outlook is negative.
Let us remember that, last April, Greece's credit rating had been downgraded by two notches, to the lowest level.
In announcing this downgrading, the credit rating agency recognises that Greece's fiscal performance has exceeded all expectations, underlining the extraordinary fiscal adjustment achieved by Greece in 2010‑6 GDP percentage points, despite the recession — and the Greek Government's determination to continue its structural reform plan.
Given the published budget plan and its consistency, the reforms that have been implemented and those which have yet to be implemented, in addition to the extension of the EUR 110 billion loan repayment deadline, it is clear that the decision to downgrade Greece's credit rating cannot be justified on the basis of the real, objective data concerning the country.
Can the Commission therefore answer the following question:
- —What measures does it intend to take in the immediate future in order to establish a new regulatory framework for European credit rating agencies, enabling EU Member States to be assessed more honestly and fairly so that, in the midst of the current economic crisis, the economic problems of EU Member States are not exacerbated?
OJ C 286 E, 30/09/2011