Forum. In France and Germany, the question of european economic governance is back on the negotiating table. This is to be welcomed. Since the debt crisis, the regulatory frameworks have been strengthened with the creation in 2012 of the european stability Mechanism. But much remains to be done. This is the message that Emmanuel Macron wished to bring in his recent speech, 26 September, at the Sorbonne.
Future discussions promise to be, however arduous. Several French initiatives, such as the creation of a eurozone budget, continue to arouse strong opposition from Berlin. To weigh fully in the negotiations that lie ahead, Emmanuel Macron would be the other hand to integrate into the French position some avenues for reform from beyond the Rhine.
One of them concerns the creation of a european rating agency. This initiative, proposed in 2011 by the consulting firm of the German Roland Berger was to insert more diversity into the industry of the financial rating today dominated by the “big three” : Moody’s, Standard & Poor’s and Fitch.
The lessons of the crisis been forgotten
In 2012, the Bertelsmann Foundation, a powerful German think-tank, proposed the creation of a rating agency non-profit. These two promising projects, initiated and discussed beyond the Rhine, there were, unfortunately, not been successful, and this in spite of many signs of support in the european banking sector and the support of several members of the liberal party (FDP) and the CDU.
In these debates, the France has, to date, been conspicuous by its absence. In anticipation of the upcoming discussions with our european partners, Emmanuel Macron would be well inspired to bring the full support of France in these German proposals.
To create a european rating agency non-profit is today more relevant than ever. Ten years after the crisis,…