Europe needs its own rating agency

In view of the threat by the US rating agency Standard & Poor's to downgrade the credit status of 15 Eurozone countries, the right-wing conservative daily Magyar Hírlap calls for a European rating agency: "The fact that one of the three biggest US rating agencies is considering downgrading the states of the Eurozone is a matter of global concern. Because it will influence not just the affected countries but the entire global economy. If Europe and the euro are so vulnerable, it's not least because there is still no European rating agency today. ... It's simply absurd that the strong, less strong and weak economies of the EU can be sent to heaven or hell by the US rating agencies Fitch, Moody's and Standard & Poor's. ... It is an impossible state of affairs for Europe to be seen and appraised by the world through American eyes. Not to mention that the hegemony of the US rating agencies paves the way for abuse and speculation."

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