Brussels calls for European ratings supervisor

Brussels on Wednesday proposed the creation of a new continent-wide supervisor to oversee the activities of credit rating agencies, which have been blamed for exacerbating the sovereign debt crisis in the single currency zone.

José Manuel Barroso, the president of the European Commission, said Brussels wished to go further, and assess the idea of an independent European credit rating agency, in the full set of proposals to be released in September. He refuted a reporter's suggestion that this