An informal meeting of European Economic and Finance Ministers exchanged views with representatives of credit rating agencies (CRAs) on continuing efforts to deal with the risks of over-reliance on credit ratings, the pro-cyclical nature of CRA assessments, and conflicts of interest within CRAs stemming from their remuneration models. Michel Barnier also commented on recent US developments in financial regulation and also moves from other G20 countries. The Belgian finance minister asked Mr Barnier to ensure the new EU supervisory architecture is operational from the start of 2011. The meeting also urged the Commission to think carefully about the Basel III rules in terms of calibration of standards as well as the transitional period.