IREF Europe - Institute for Research in Economic and Fiscal issues

Fiscal competition
and economic freedom


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Fiscal competition and economic freedom
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The European Commission is promoting centralized supervision of credit rating agencies

The Commission’s proposal, which amends Regulation 1060/2009, will now pass to the EU Council of Ministers and the European Parliament for consideration. If adopted, the new rules would be expected to come into force during 2011. The Commission has already compelled CRAs that would like their credit ratings to be used in the EU to apply for registration.

Brussels is pretending that such a regulation will bring more competition between CRAs and improve their performance. As far as we know, competition is defined as the absence of market barriers. Therefore, the request to have official authorization to enter the market is definitely not a step forward competition. Neither is the pretention to make all agencies have access to the same information and to control their methodology, internal models and key rating assumptions.

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