Other available languages: FR
Brussels, 11 November 2011
Statement by Commissioner Michel Barnier following the incorrect rating of France by Standard & Poor's
This is all the more important since we are not talking about just any market player but one of the biggest rating agencies, which, as such, has a particular responsibility.
I do not want to comment on the error itself - which was acknowledged immediately by Standard & Poors. It will be up to ESMA (which is the European Supervisory Authority of rating agencies), in coordination with the AMF (the national) to establish the facts, assess them and draw conclusions .
All this strengthens my conviction that Europe must adopt strict and rigorous rules, including but not limited to the rating agencies. For nearly two years now, this has been my work.
The draft legislation that I will bring forward next week will strengthen the legislation on rating agencies on several levels:
All these points, especially the latter, are relevant in the context of this case.