Europe wants to limit role of rating agencies

STRASBOURG/ BRUSSELS / ANKARA

British PM Cameron calls for fundamental financial reforms for Europe amid debt crisis. AFP PHoto

The European Parliament pushed ahead yesterday with new regulations to tighten rules on ratings agencies and to crack down on debtrelated derivatives at the heart of the eurozone crisis (Cameron hits hard on EU rules). The bloc’s financial services chief Michel Barnier was to unveil a measure to inject competition into the credit ratings sector dominated by three firms. (Europe approves law allowing short-selling.) The move comes as the EU announced quarterly growth of a modest 0.2 percent. (Eurozone growth slows in 3rd quarter, signalling recession)

In Ankara, Turkish Prime Minister Recep Tayyip Erdoğan said the crisis was due to eurozone leaders who have been too concerned about personal interests. (Turkish Prime Minister criticizes European leaders)