conflict of interest-between rating fee and quality of ratings, conflict of interest with shareholders, conflict of interest at rating committee level, separation of business development and rating activities, separation of rating business from other business activities.
The revision process lasts for many years, so it can be a long time before we know with some confidence the sign and magnitude of the output gap at any particular point in time in the past. 7  See World Economic Outlook (2009), “Chapter 3: Lessons for Monetary Policy from Asset Price Fluctuations”, October.