Deven Sharma: Policymakers must reduce reliance on credit ratings

Deven Sharma: Policymakers must reduce reliance on credit ratings What is the appropriate role of independent credit ratings in the financial system? That is the question raised by recent events in the eurozone and one that has prompted a flurry of suggestions from European policymakers, from intervening in ratings methodologies to suspending certain sovereign ratings.

Eurozone governments are making strenuous efforts to tackle the very serious challenges facing the bloc and to secure near term liquidity support for those most affected. But moves to limit the independence of credit ratings would be counterproductive.
http://link.ft.com/r/A1TNOO/FKDIQS/FXWIVG/3OB84U/2O6LUH/E4/h?a1=2011&a2=7&a3=25