2021 – Participation in Malta Day – Abu Dhabi
01 June 2021
The Malta Embassy in Abu Dhabi will be organising a Malta Day event scheduled on...
At the last Economic and Financial Affairs Council (of 8 July) it was concluded that there is a need for active measures on transparency for banks and other financial institutions and that credit rating agencies must be regulated.
These last years have witnessed how various deficiencies and lax practices in an economic system have caused credit problems across the world, leading to intervention from central banks to keep financial markets afloat. One of the financial sectors which came in for criticism was in fact that of agencies whose work is to determine which financial institutions are reliable and to what extent. It is clear that this system did not work and that the alarm on the crisis, which could have been avoided with greater caution, was not sounded in good time.
The Council is thus giving its support to a regime where credit rating agencies are subject to a European registration system and where international cooperation in this regard is increased.
On the other hand, the Council is encouraging banks and other financial institutions to increase transparency and to abide by a report prepared by the Committee of European Banking Supervisors. If the institutions, quickly and comprehensively, provide information on the difficulties that they are facing, it is more likely that trust in the markets is regained, as operators become more knowledgeable of the situation.
Source: Focus at MEUSAC
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