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Credit Rating Agencies: Scapegoat or free-riders? CEPS ECMI Commentaries No. 20, 9 October 2008

Lannoo, Karel. (2008) Credit Rating Agencies: Scapegoat or free-riders? CEPS ECMI Commentaries No. 20, 9 October 2008. [Policy Paper]

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    Abstract

    This Commentary by CEPS Chief Executive Karel Lannoo examines the draft directive issued for consultation by Commissioner Charlie McCreevy in July 2008, which proposes very detailed and prescriptive regulation of the activities of rating agencies in the EU. While acknowledging that policy-makers had no choice but to take action, Lannoo asserts that the draft raises fundamental questions about the form of the regulation and its impact on the industry and the markets. Namely: 1) Confronted with a globally concentrated industry, can the EU act alone? 2) Considering the fragmentation of the EU market, how will the regulation be applied? 3) Is functional regulation, as proposed by the European Commission, appropriate, or is more objective-based regulation needed? 4) What side effects may be caused by statutory regulation of CRAs?

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > regulations/regulatory policies
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 20 Apr 2009
    Page Range: p. 3
    Last Modified: 08 Apr 2014 12:27
    URI: http://aei.pitt.edu/id/eprint/9408

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