In this week's talk program, three citizens from Brussels have asked questions about credit ratings, and Thierry Philipponat, director of the Watch Financial Institute, has answered their questions.

Arnood: My question to EU officials is to what extent can credentials be left to impose European stock exchanges, and can we possibly stop these speculative consultations?

Thierry Philipponat: That's a good question. We cannot allow this kind of imposition by the accreditation agencies to continue and there is a simple solution to this. Allowing investors to follow the views and opinions of the credit institutions without any obligation. But today we are faced with a system where we have to obey it when a theory is presented by an accreditation body. Why? Because the accreditations are included in the financial regulations. Therefore, we should remove all ratings references from the financial regulations so that investors only follow the news. They are free if they want to follow the opinions and recommendations of the accreditation bodies. But they do not have to, and this aspect is very important.

Sebastian: What are the EU's orientations towards credit institutions?

Thierry Philipponat: The Solution, Replacing Investors Instead of Lenders as Providers of Accreditation Costs. At this point, there are investors who pay for credit ratings. The potential conflict of interest is not the same but it can be real. The key is to make sure that the whole system is not dependent on the opinions of an organization. The important thing about having a system that is not deteriorating is that when a theory is presented, it can only be regarded as a comment, not a complete truth. For this reason, the European Commission's proposals, which contribute to the creation of a European index for accreditation institutions and operate within the framework and organization of European financial markets, are a very good proposal. Because this index is derived from data from different institutions, we are less dependent on the opinions of only one institution.

Michelle: I would like to know when we start a European Credit Institution in connection with the purchase of bonds?

Thierry Philipponat: We will increase competition. We will create a European accreditation body, but that is not enough. You should also consider other measures, including the European Index of Accreditation, the elimination of accreditation clauses in the Financial Regulation with the aim of ensuring that the analysis provided can not be regarded as a warrant. .

Feel free to ask your questions to European Union officials and officials on the euronews website.

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