Aus dem Eurointelligence News Briefing heute:
"It looks like Juncker does not understand how rating agencies work. If Europe had its own independent credit rating agency, chances are that it would probably come to very similar conclusions as S&P, Moody’s and Fitch if it operated under a similar business model. Or does Juncker want the eurogroup to control the rating agency directly? In that case, the eurogroup or the ECB might as well produce their own ratings. But this is precisely what they have avoided in the past for political reasons. The European position on rating agencies has always been duplicitous. Also, the purpose of ratings is to signal a default probability to investors, not to reward government reform efforts. The rating agencies have simply lost confidence in the political process. So have other observers, like us."
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