The problem is of course that such ignorant Frenchmen actually have some power over us as well:
Michel Barnier, the EU markets commissioner, said he wanted to ban credit rating agencies from rating bonds from bailed-out countries. He told French radio that the agencies could lose the \”right to rate certain countries for a certain time that are receiving an international support programme from the IMF or European Union.\” But few could see how the ban could be imposed.
The ignorance is of course that the agencies don\’t cause the bond prices.
Plus there\’s that little liberty and freedom thing: what do you mean someone cannot give their opinion on whether someone is going to pay off their borrowings or not? It\’s an opinion: free speech \’n\’all that.
But even leaving all that aside: what he\’s really complaining about is that markets have a mind of their own, do not do what politicians tell them to do. Something for which we\’re all profoundly grateful but I do understand why a French politician wouldn\’t feel that way.