Bloomberg News

ECB’s Nowotny Sees Problem of Rating Agencies’ Political Role

December 06, 2011

Dec. 5 (Bloomberg) -- European Central Bank Governing Council member Ewald Nowotny said that Standard & Poor’s move to put all 17 euro nations on review for possible downgrade shows the problem of rating companies’ increasingly political position. “This step highlights the problem that rating agencies increasingly are assuming a political role,” Nowotny, who also heads Austria’s central bank, said today in an interview in Vienna. “Nevertheless, the necessity remains that Austria pursues a policy of long-term budget consolidation.”

--Editor: Jeff Black

To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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