EU proposes measures to tighten control of ratings agencies (AFP)

BRUSSELS (AFP) - The European Commission proposed new measures Thursday for supervising credit rating agencies, which have been blamed for contributing to world financial turmoil. The EU's executive arm said it wanted to introduce rules that would oblige the agencies to deal with conflicts of interest, have sound rating methodologies and increase transparency in their activities. The measures, the commission said, were aimed at ensuring that ratings remain reliable and accurate pieces of information that investors can use. "The crisis has shown that self-regulation has not worked," said EU Internal Market Commissioner Charlie McCreevy. "I am convinced, like others in Europe, of the need to legislate in this area at EU level." Leading rating agencies Moody's, Standard and Poor's and Fitch have come under fire recently for... [read full story]