Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after … rating processes including an overview of the market for sovereign ratings, information on operational issues regarding … sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA’s supervisory experience. …

One of the objectives of the CRA Regulation is to increase competition in the markets for credit ratings by encouraging … issuers to use smaller credit rating agencies. To this end, Article 8d(1) of the CRA Regulation states that where issuers or … evaluation, Article 8d(2) of the CRA Regulation requires ESMA to publish a list of CRAs registered in the European Union (EU) on …

In this paper we assess the importance given in capital markets to the credibility of the European fiscal framework. We …