In his speech at the Association of Russian Banks meeting, VTB Bank head Andrey Kostin stressed the need for an international rating agency with founding countries being the shareholders.
Still, he emphasized that at the first stage it is crucial to find due pillars for the international rating system to decrease reliance on the American agencies which is unwished by Europe and China as well. By the way, both are also working upon own rating agencies.
The VTB chief noted that it would be wise to discuss the issue of creating the global rating agency, which would have an international influence and would cooperate with the world’s financial organizations, within the framework of G20. He believes the shareholders should be governmental organizations.