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On Wednesday 2 June, the European Commission announced that it wants credit rating agencies to be regulated by the new European Securities and Markets Authority (ESMA) launched in 2009, reports Le Soir. The Brussels daily notes that the agencies, including the industry leaders — US-based Moody’s and Standard & Poor’s, and the Anglo-American Fitch — "have come under fire since December for their role in the eurozone crisis." The new authority "will have exclusive supervisory power over ratings agencies registered in the EU" and that includes subsidiaries of non-European agencies. It will also have a mandate "to demand information, open investigations and conduct on-site inspections." The European Commissioner for Internal Market and Services Michel Barnier, "who aims to go further," is "campaigning for the creation of a European ratings agency, which would counterbalance the 'Anglo-Saxon' monopoly in the sector," adds Le Soir. The Commission's proposals will be debated at the next European Council meeting on 17 June.
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