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Regulation of rating agencies is no panacea

The Financial Times has reported that the European Union is about to embark on its own version of rating agency regulation. Charlie McCreevy, the internal market commissioner, in cahoots with the French and other governments, is preparing a proposal that is likely to involve securities regulators registering and directly overseeing the work of ratings agencies in Europe – and he seems intent on fast-tracking the idea through the European parliament and member states in the autumn.

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