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Jean-Claude Trichet Calls for Ending Oligopoly of Credit Ratings Agencies

13.07.2010 16:51

Jean-Claude Trichet Calls for Ending Oligopoly of Credit Ratings Agencies

YEREVAN, July 13, /ARKA/. European Central Bank President Jean-Claude Trichet said today the world needs more than three major credit ratings agencies because their actions exacerbate market swings.

According to the French daily Liberation, Trichet said the three major credit ratings agencies- Fitch, Standard & Poor`s and  Moody's, in general tend to amplify rises and falls in financial markets. “You can see it still today very visibly. That goes against financial stability," he said in an interview with the French daily.

It is probably appropriate not to continue to have a worldwide oligopoly of three agencies. But the underlying issue is to attenuate or cancel out this amplification to which the rating agencies contribute," he said.

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