The European Commission will present before the end of summer a package of fundamental reforms aimed to better regulate the operation of credit rating agencies.

In a joint statement on Thursday, EU Economic and Monetary Affairs Commissioner Olli Rehn and Internal Market Commissioner Michel Barnier, expressed their confidence over the positive results of actions taken by the Greek government in the framework of a reform program and underlined that Greece has achieved an impressive fiscal adjustment in 2010 and that it was on the right track towards completing all goals of a very ambitious program agreed with the European Union and the International Monetary Fund.

“The last few days highlight how important a more and better regulated environment for credit ratings are,” the two commissioners said, adding that the aim of these reforms would be greater transparency in an over-consolidated sector, reducing over-reliance on ratings, improving ratings over public debt and dealing with remaining conflicts of interest”.

The two commissioners also noted that the European Commission was examining similar measures taken in the US.