BRUSSELS, May 10 (Reuters) - The European Union’s economic policy chief criticised international rating agencies on Monday, saying slow action exacerbated sovereign debt woes in Europe.
“Credit rating agencies, in the context of sovereign debt, were behind the curve and reinforced the curve. It is not the main task of credit rating agencies,” Olli Rehn said during a World Economic Forum conference in Brussels.
Rehn also said the EU’s executive Commission was pondering an idea of creating a European rating agency, but a recommendation should be from Internal Market Commissioner Michel Barnier, he said.
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