Major US credit agencies have been accused of bias when it comes to assessing non-Western economies
The Eurasian Economic Union (EEU) member states should establish a rating agency to provide adequate assessment tools for the region’s growing economic activity, Russian President Vladimir Putin has said.
The proposal was made during a meeting of the Supreme Eurasian Economic Council in Moscow on Thursday.
Currently, the market for international credit ratings is dominated by three US-based agencies: Moody’s Investor Services, Standard and Poor’s (S&P), and Fitch Group. Countries outside the West have accused them of economic and political bias when it comes to assessing their markets.
“It would be useful to establish the Eurasian rating agency,” Putin stated, adding that principled approaches and strict criteria are needed. “It is important to guarantee that the work is absolutely objective. This is its whole value. If this is not the case,…