Trichet: credit agencies essential
In response to a written question criticising rating agencies for the sovereign debt problems in Greece, Jean-Claude Trichet, the president of the European Central Bank, defended the role credit rating agencies play in uncovering risks in the global economy as their contribution is essential to an efficiently functioning market.
The eruption of financial market turmoil in August 2007 revealed that there were several shortcomings in the rating activity carried out by credit rating agencies that
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