European Union finance ministers have agreed to increase oversight of credit rating agencies, in a bid to address one of the perceived causes of the subprime credit crisis.
French Finance Minister Christine Lagarde, whose country currently holds the EU's rotating presidency, said the bloc would develop ideas for registering and monitoring the agencies. Proposals are expected to be put forward in October. European officials have heavily criticised agencies such as Moody's, Standard and Poor's and Fitch for failing to identify the dangers of investing in the US subprime lending market.
(Deutsche Welle)
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