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The 'Big Three' credit rating agencies – Standard & Poor's, Moody's, and Fitch – enjoy an oligopolistic position on the market for the rating of private and public debt. In the run-up to the financial crisis, we now know, they were over-optimistic with their ratings, but once the crisis hit, their ratings went into a very fast downward spiral. This is considered to have contributed to the severity of the crisis. A similar pattern could be observed when the sovereign debt crisis started in the European ...

The purpose of this briefing is to try to answer to the question, whether the high concentration of the activity of accountancy and rating activities in the hands of a very small number of companies can influence competition among the audited and/or rated companies in the international market.