Economy World

Berlin advocates the creation of a European rating agency

Europe must create its own credit rating agencies, said the German Foreign Minister Guido Westerwelle in Athens on Sunday.

“It’s important for us to create independent agencies in Europe, as we now know what kind of situation can occur: the market has not had time to regain its breath “said the head of German diplomacy.

On the night of Friday to Saturday, the rating agency Standard & Poor’s lowered the credit ratings of nine states in the euro area, depriving France and Austria to their triple A. Germany is now the only country in the euro area that retains AAA rating coupled with a stable outlook.

Experts estimate that the loss of the triple-A by France and Austria may hinder the financing of European Financial Stability Fund (EFSF), approved by the 27 EU member in May and to provide financial assistance to States in the euro area in economic difficulties.

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