Michael Fuchs, the Christian Democratic Union’s deputy leader in Germany’s parliament, and Rainer Bruederle, parliamentary leader of Germany’s Free Democratic Party, want Europe to create an independent European debt-rating company, Passauer Neue Presse reported, citing interviews.
Fuchs said the existing ratings companies appear to be “making policy” and “that is not their job,” according to the newspaper.
Both Fuchs and Bruederle suggested a European ratings body could operate in the same way as a foundation, the newspaper said in an e-mailed preview of articles to appear in today’s newspaper.
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