I want to know the answer to the following question:
What said that agencies had to start using Moody's and S&P to assess financial institutions?
All the background I'm provided with is that "In essence, they forced European banks, and, more importantly, the European Central Bank itself e.g. when gauging the solvency of financial institutions, to rely more than ever on standardised assessments of credit risk marketed by two non-European private agencies: Moody's and S&P.". Is that enough to answer the question?
Answer: no