European Union lawmakers voted to scrap most of a proposal to force businesses to rotate the credit-ratings company they hire to assess their debt, while backing tighter restrictions on sovereign-debt ratings.
The European Union is poised to scrap most parts of a proposal that would force businesses to rotate the credit-ratings company they hire to assess their debt.
The European Parliament may allow member countries to refuse reviews by credit-ratings agencies, Die Welt reported, citing a draft of a proposed resolution.
"If the ratings agencies had not made glaring errors and covered up for rather doubtful market practices, we would not have needed this initiative."
- Leonardo Domenici on Jan 16, 2013