Jean-Claude Trichet: It is true that rating agencies have a great deal of influence. It is not ideal to have a global oligopoly of just three agencies. That said, artificial creations must always be avoided. We are closely monitoring this issue. Le Point: And the creation of a European monetary fund (EMF)?
By contrast, today’s pandemic seems to have focused the public’s attention on extreme global risks and the value of resilience. In financial markets, global issuance of environmental, social and governance (ESG) bonds has exploded in recent years and has not missed a beat so far through the pandemic.