On the 5th November the Commission launched a broad consultation on credit-rating agencies (CRAs). Recent developments during the euro debt crisis have shown that there may be a need to re-examine certain aspects of the current regulatory framework. There are concerns that financial institutions and institutional investors may be relying too much on external ratings and do not carry out sufficient internal credit-risk assessment which may lead to instability of the financial system. This consultation is designed to open a wider debate and get input from all stakeholders so as to calibrate the scope and ambition of any possible future legislative initiative in the field of credit rating agencies. The consultation runs to 7th January 2011.