Europe's New Debt Solution: Create Their Own Ratings Agency That Only Gives Friendly Ratings

Now European Union governments are planning to take measures to break the dominance of the main rating agencies, according to a report in the Wednesday edition of the German business daily Handelsblatt. The newspaper reports that euro-zone finance ministers are pushing the European Central Bank (ECB) to set up its own sovereign rating scheme for the 16 members of the euro zone so that it no longer has to rely on private rating agencies, such as Moody's.'

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