A fine example of shooting (or replacing) the messenger

The Times reports that:

'The big three credit ratings agencies were threatened yesterday with fines and the creation of a new state-backed competitor, only weeks after European leaders attacked them for exacerbating Greece’s problems with downgrades.

The agencies will be subject to a new European supervisory body with the power to hand out fines and suspensions under plans unveiled in Brussels.

Work on a rival centralised European credit agency is also being carried out by the European Commission, José Manuel Barroso, its President, said.'

Is there any area of life that Eurocrats don't think they could run better than private companies or individuals? The EU is heading closer and closer to a SuperState in the mould of the old USSR.