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Credit Rating for Euro Area Member States and European supranational institutions

29-05-2020

This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.

This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.

Aufsichtsanforderungen an Kreditinstitute und Wertpapierfirmen

23-10-2017

Der neue Rahmen für eine einfache, transparente und standardisierte Verbriefung umfasst allgemeine Rahmenbedingungen für Kreditinstitute und Wertpapierfirmen. Die Kommission schlägt vor, die derzeit geltende Eigenmittelverordnung (CRR) entsprechend zu ändern, um die Risikoselbstbehaltsprofile so anzupassen, dass sie den spezifischen Eigenschaften einer einfachen, transparenten und standardisierten Verbriefung entsprechen. Das Parlament soll auf der Oktober II Plenartagung über diesen Vorschlag abstimmen ...

Der neue Rahmen für eine einfache, transparente und standardisierte Verbriefung umfasst allgemeine Rahmenbedingungen für Kreditinstitute und Wertpapierfirmen. Die Kommission schlägt vor, die derzeit geltende Eigenmittelverordnung (CRR) entsprechend zu ändern, um die Risikoselbstbehaltsprofile so anzupassen, dass sie den spezifischen Eigenschaften einer einfachen, transparenten und standardisierten Verbriefung entsprechen. Das Parlament soll auf der Oktober II Plenartagung über diesen Vorschlag abstimmen.

Implications of Brexit on EU Financial Services

15-06-2017

This study addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a ‘hard Brexit’ without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of ‘hard Brexit’, which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on ‘equivalence ...

This study addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a ‘hard Brexit’ without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of ‘hard Brexit’, which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on ‘equivalence’ on the basis of decisions by the European Commission or national authorities. The study presents these regimes and the extent to which they were already used in the past. The economic analysis looks at three variations of ‘hard Brexit’ (one, in which the access to the single market is closed, one with partial access based on equivalence and one, in which the City of London is transformed into an ‘offshore financial centre’) and at the scenario, in which the UK joins the EEA. The economic assessment is based on the current state of affairs in relation to the interwovenness of financial services in the EU28 including a closer look at the importance of UK-based clearing of Euro denominated trades.

Externe Autor

European Research Centre for Economic and Financial Governance (EURO-CEFG), Prof. Casper De Vries et al.

The case for a European public credit rating agency

21-10-2016

The 'Big Three' credit rating agencies – Standard & Poor's, Moody's, and Fitch – enjoy an oligopolistic position on the market for the rating of private and public debt. In the run-up to the financial crisis, we now know, they were over-optimistic with their ratings, but once the crisis hit, their ratings went into a very fast downward spiral. This is considered to have contributed to the severity of the crisis. A similar pattern could be observed when the sovereign debt crisis started in the European ...

The 'Big Three' credit rating agencies – Standard & Poor's, Moody's, and Fitch – enjoy an oligopolistic position on the market for the rating of private and public debt. In the run-up to the financial crisis, we now know, they were over-optimistic with their ratings, but once the crisis hit, their ratings went into a very fast downward spiral. This is considered to have contributed to the severity of the crisis. A similar pattern could be observed when the sovereign debt crisis started in the European Union. In both the USA and in Europe, legislation was enacted to rein in the agencies’ power as well as to prevent possible conflicts of interest which might lead to biased ratings. The backward-looking character of the ratings, which were based more on past performance than on a thorough analysis of likely future evolution, came under scrutiny. Calls were made to create new credit rating agencies, which could, if necessary, be public ones. After some initial enthusiasm, these ideas – and at least one serious attempt – stalled. The main problems were possible accusations of market manipulation, insufficient credibility, and the lack of financing. The European Commission has recently said a new European rating agency would add little to investors' information. It is unclear whether new attempts will be made to create an alternative rating agency, but there are still ways to reduce the hold of the 'Big Three' on the ratings market, including by putting more weight on internal ratings, as well as by relying on third-party assessment.

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