Rating Agencies, Pagano (Radicals/ERA): Good on Minister Schaube for breaking the Anglo-american oligopoly in the EU

Posted on in ERA News 4 view

[fimg=left]https://www.eraonlus.it/4/Schaeuble.jpg[/fimg]Rating Agencies, Pagano (Radicals/ERA): Good on Minister Schaube for breaking the Anglo-american oligopoly in the EU.

Statement by Giorgio Pagano – Radicals/ERA
"Good on Minister Schauble, the Anglo-american oligopoly in the EU must be broken." This was the statement made by Giorgio Pagano, Secretary of the "Esperanto" Radical Association.

"The German minister of finance is right: Moody’s downgrade in Portugal proves just how necessary it is to break the oligopoly that currently exists in the American rating agencies and how their influence must be limited, and to work towards a European ratings agency. We are facing a harsh contradiction: countries which have rating agencies where the coin is in direct competition with the Euro are the only countries valuing the Euro countries," Pagano continued.

"Unfortunately this contradiction isn’t isolated only to the economic sphere. Look at Lukàcs’ statistics. We can see how the anglo-american linguistic oligopoly contributes a great wealth to the United Kingdom, about 350 billion euros a year, at the expense of non-English-speaking European countries, where the costs are divided between direct expenses and travelling for linguistic opportunities. The political urgency to form the United States of Europe has been echoed by the econoomic need for a balanced, independent European market, without the competitive spheres of influence which always unfairly damage the free market," Pagano concluded.

Rome, July 06 2011




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