La notation financière : instrument de l’action publique européenne

One outcome of the successive crises that have beleaguered Europe over the last six years ? the financial crisis, the banking crisis, the European sovereign debt crisis ? is that the rating agencies have established themselves as indispensable players on the European political scene. Seen as scapegoats by some and as the true culprits by others, they have crystallized, at the heart of the financial torment, the apprehensions and doubts of a Europe desperate for a solution in the face of a succession of events, the scale of which has never been known before. The virulence of the debate that they have sparked can be understood in the light of the importance acquired by and given to these actors: a real, normative power, which can be measured against the effects it produces. This contribution studies the competences and limitations of this power within the European Union. We endeavour to examine how financial rating has become an indispensible instrument for European public action: in supplying the frame of reference for financial activity, ratings contribute to the regulation of financial activity. Despite the tough criticism they have received in the past, financial ratings remain the perennial instruments for public action. The crisis episodes have in effect contributed to the strengthening of their authority and the communicative role that they play appears to be essential from many angles.