Commission President Jose Manuel Barroso said at the press conference that the EU will also come with ideas for reducing reliance on ratings and promote competition and alternative benchmarks in September this year.

"There is an emerging view in Europe and internationally that the deficiency in the current rating processes has not yet sufficiently addresses. The lack of competition is of particular concern," he said.

President of European Commission Jose Manuel Barroso attends a press conference on sustainable growth in Brussels, capital of Belgium, June 2, 2010.

He said that the Commission is examining structural solutions including the need for an independent European credit rating agency or stronger involvement of independent public entities in the issuing of ratings.

Since the Greek debt crisis, EU leaders have accused rating agencies of fueling the debt crisis and called them to act responsibly. There has also been calls to set up European rating agencies.
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