Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

David Prosser: Damned if they do, and damned if they don't

Wednesday 29 September 2010 00:00 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Outlook This should be fun. On Friday, the European Union's finance ministers will meet in Brussels in order to interrogate representatives of Standard & Poor's, Moody's and Fitch on how they make creditrating decisions. Also on the agenda is a discussion of how these agencies might in future be penalised for getting ratings of governments wrong.

The idea is fraught with difficulties: not least, who would decide when an upgrade or downgrade had been proved wrong and what would the penalties be? Still, the meeting is a signal that the European Union is not inclined to let the ratings agencies put thefinancial crisis behind them without suffering a backlash.

Understandable, of course. But the irony is that what really seems to have upset many finance ministers is the decision of ratings agencies to downgrade their assessment of Greek sovereign debt earlier this year, which intensified the eurozone crisis at a difficult moment. And while Europe's governments no doubt found such downgrades inconvenient, having been so critical of the agencies'failure to see the credit crisiscoming, they can hardly complain when S&P, Moody's and Fitch behave more proactively.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in