Calls for these firms, long the whipping boy in many politicians’ eyes for the capital market’s problems over the last year, to be regulated have been growing in Europe for some time. Both Germany’s Angela Merkel and France’s Nicolas Sarkozy have supported the idea, and in recent weeks EU financial services commissioner, Charlie McCreevy has signaled the Commission’s intention to end self-regulation by the rating agencies. He is known to be solidly behind these proposals.
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