Brussels, 16/06/2008 (Agence Europe) - A change of course. Early in 2006 and 2007, the European Commission's position was that European legislation specifically governing the activities of financial ratings agencies was unnecessary (see EUROPE 9106, 9341). However, the international financial crisis initiated by the American sub prime mortgage market crisis means that there is now no way round it. The ratings agencies have been criticised for allegedly failing to alert investors early enough...