UN General Assembly
2011

economy, to be able to generate employment, products and services. Unfortunately, we continue to find ourselves in the same situation, because other than the changes that I would describe as purely cosmetic, we have gone no further with the necessary regulation. Moreover, the credit ratings agencies — which bear a great deal of the responsibility for much of what has happened — rate Argentina, for example, as a marginal economy. Until very recently, they categorized economies on the brink of default higher than that of Argentina. Therefore, transparent regulation of the ratings agencies is needed, as they bear a great responsibility for the crisis we are currently seeing in various regions — which will, of course, have an impact on all countries. 11-50692 26 It is regrettable that we have been asking for the reform, reorganization and modification of the multilateral credit bodies for so long now. Indeed, we believe that this task should already have been begun, already formulated, in order to avoid precisely what we are experiencing now. For some people it is just a