Europe has the sovereign right to guard its interests even when doing it stupidly.

Sir Paul J. Davies and Nikki Tait report “Concern over Brussels rating agencies plan”, December 1. What can one say? If a Hugo Chávez feels he needs a Banco del Sur to make a difference in this world why should not Europe want to have their Credit Rating Agency de Europa? And, with respect to that ´This introduces an extra-territorial approach and will be seen as protectionism” why should Europe also not have the right to try their best to see that the next subprime swampland where the credit rating agencies will surely take us again, sooner or later, lies not in California but in old Europe?

If Europe accepts the possibility that the credit rating agencies do introduce a bias is that in itself not a prime reason for asking the Basel Committee to eliminate completely the role of the credit rating agencies in setting the minimum capital requirements for the banks?