Authors: Paul De Grauwe, Gunther Tichy, Karel Lannoo, Owain ap Gwilym, Rasha Alsakka, Donato Masciandaro and Bartholomew Paudyn

Editorial: The Eurozone as a Morality Play

by Paul De Grauwe

Forum: Credit Rating Agencies: Part of the Solution or Part of the Problem?

by Gunther Tichy, Karel Lannoo, Owain ap Gwilym, Rasha Alsakka, Donato Masciandaro and Bartholomew Paudyn

Credit rating agencies have come under increased scrutiny since the financial crisis. Their
failure to recognise the threats to the financial system prior to the crisis coupled with their
steady downgrading of European sovereign debt has led to much criticism, especially from
European politicians and economists. This Forum examines the major agencies’ influence,
independence and performance and explores whether a publicly funded European agency
would improve the situation.