A European ratings agency is one possible solution to the current system dominated by Standard & Poor's, Moody's and Fitch, collectively known as the "big three" agencies, Michel Barnier, the European commissioner for internal market regulation, said on Tuesday.

Addressing questions from the European parliament's economic and monetary affairs committee, Barnier said the ratings industry was too concentrated, giving too much power to the three established agencies. Chantal Hughes, Barnier's