But it seems to me that giving up national sovereignty in fiscal matters does not enjoy a majority in Europe at this juncture – neither among politicians nor among the general public in the member states.
Market participants must ensure that they do not make valuation decisions based solely on excessive reliance on external ratings or evaluations, but that they also undertake their own assessment. And I would suggest that the value of independent due diligence on the part of market participants is especially high for newer and more-complex products.