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| Igor Ivanov, formerRussian Foreign Minister, takes exclusive interview with Xinhuanet at the World Credit Rating Forum in Beijing. (Xinhuanet/Wang Yanlong) |
BEIJING, July 4 (Xinhuanet) -- The current international credit rating system must have a profound reform if the world wants to achieve further development and prevent crisis effectively, former Russian Foreign Minister Igor Ivanov said during an exclusive interview with Xinhuanet lately at the World Credit Rating Forum.
The 2008 financial crisis reminds people the credit rating system formed after the WWII does no fit the current demand of the world, Ivanov said.
If the world wants to achieve further development, every country should unite to avoid crisis happening again. And if the credit rating agencies want to serve the economic development better, then the reform is imperative, he said.
Universal Credit Rating Group (UCRG), one of the sponsors of this forum, put forward a great point, that is, the world needs a brand new credit rating system, he added.
Ivanov named the old credit rating agencies “conservative”, foreseeing that points to be proposed by the newly created agencies would certainly be rejected, especially by those three most authoritative agencies: standard & Poor’s, Moody’s Investors Service and Fitch.
Universal Credit Rating Group does not plan to wipe out the old agencies, but hopes to cooperate with them to achieve profound system reform and to adapt to the demand of modern economic development, Ivanov stressed.
We will make the progress if we are moving forward in this direction. It’s hard to say how long it is going to take, but we must act immediately, Ivanov noted.
