Brussels, 10/11/2008 (Agence Europe) - On Wednesday 12 November, the European Commission will present a draft proposal to introduce a European system for approving financial rating agencies. Dominated by the US Moody's, Standard & Poor and Fitch, these agencies have been criticised because they did not warn investors early enough about the risks contained in certain complex financial products endorsed in the notorious “subprime” loans responsible for the financial crisis. The legislative...