Trichet turns up the heat on rating agencies
The current state of the credit rating industry is "a problem for global finance", said Jean-Claude Trichet, ECB president, in a recent European parliament hearing. "We have only a very few (rating agencies) at the global level, which is a problem," said Trichet. He advocated improvements to "a very complex global system in which you have only a handful of entities that are absolutely key for the functioning of the system". The comments come as focus amongst regulators on both sides of the
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