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Merkel calls for stronger market influence for Europe

German Chancellor Angela Merkel said in an interview that Europe needed its own ratings agency and that the bloc should strive for more influence over financial market rules.

She told the Financial Times that Europe had achieved a certain economic independence with its internal market and the euro but that financial market rules were “Anglo-Saxon dominated.”

“I think that in the medium term Europe will need a working ratings agency because the robust currency system of the euro has not yet secured sufficient influence over the rules governing financial markets,” she was quoted as saying.

She also said clear principles on the European Central Bank's independence were needed to avoid a situation where confidence in the euro was shaken. (Reuters)