Europe in a ratings wonderland
European politicians are still blaming rating agencies for the continent’s debt crisis – obscuring some of the real problems posed by ratings, argues David Rowe
It is a hard time to be a credit rating agency. After being rightly excoriated for the disastrous shortcomings of their analysis in rating structured subprime mortgage securities, they are now being pilloried for their understandable caution about falling behind the curve in the European sovereign debt crisis.
I have previously noted with approval the comment by Roger Bootle, currently managing director of Capital Economics, that risk managers would do well to read less mathematics and more
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